On Monday, Nasdaq-listed DeFi Development Corporation announced the purchase of 172,670 Solana (SOL) for an average price of $136.81, totaling approximately $24 million. This acquisition increases the company's total SOL holdings to nearly 600,000, valued at around $105 million at the current price.
According to CEO Joseph Onorati, this marks the company's 10th SOL addition in just over a month, highlighting an aggressive accumulation strategy. Last week, the company also acquired a Solana validator business to stake its SOL holdings and earn native yield.
Since early April, DeFi Development Corp. has focused on crypto, adding $100 million in Solana to its treasury and changing its name and stock ticker. DFDV shares have risen 74% in the last month and over 1,700% year-to-date, with a 19% increase since Monday's open to above $89.
Solana itself is up nearly 22% this week, trading at $175, although it remains 40% below its all-time high from January, according to CoinGecko.
The company plans a 7-for-1 stock split later this month to improve liquidity and accessibility.
This article is based on our author's analysis of materials taken from the following resource: Decrypt.