Crypto-focused treasury management firm DeFi Development Corp. (DFDV) announced that it has purchased $77 million worth of Solana (SOL).
In its Thursday statement, the company revealed it acquired 407,247 SOL at an average price of $188.98. The move follows its recent $122.5 million equity raise completed last month. The firm still holds over $40 million in cash, which could be allocated to future purchases.
With this acquisition, the company’s total Solana holdings have risen to 1,831,011 SOL, marking a 29% increase from previous levels. DeFi Development Corp. also reported a “Solana per share” ratio of 0.086, a metric reflecting the connection between its SOL holdings and share value.
The company stated that it intends to hold the tokens long-term and generate income through staking, delegating to various validators including its own. This process currently brings in around $63,000 worth of SOL per day. Following the announcement, the firm’s shares surged 10%, while Solana was trading at around $209.57, according to CoinGecko.
