DeFi Development Corp. (DFDV) saw its stock skyrocket 17% on Thursday after disclosing a $2.7 million purchase of Solana (SOL), bringing its total holdings to over 640,585 SOL, worth approximately $98 million. The company acquired 17,760 SOL at an average price of $153.10 as part of its aggressive crypto treasury strategy.
The bullish move fueled investor excitement, with DFDV stock closing at $23.80 and ticking up another 0.8% in after-hours. The two-day rally totals nearly 30% from Wednesday’s low of $18.47, although the stock is still trading 33% below its May high of $35.53. Year-to-date, the stock has exploded over 2,700%.
In a shareholder letter dated July 2, DeFi Development Corp. said it will stake the newly acquired SOL tokens and plans to hold long-term. The company also outlined a $112.5 million capital raise, with $75.6 million earmarked for a prepaid forward stock purchase and the remainder allocated to general corporate needs, including more Solana buys.
Despite reporting a 30% revenue decline and 15.5% drop in profit margin in its last earnings report, the firm is doubling down on Solana. It previously withdrew a proposed $1B SOL investment after regulatory complications, but continues to push forward with new strategies.
Sol Strategies Also Deepens Solana Exposure
Canadian digital asset firm Sol Strategies is following a similar path. With over 420,000 SOL already held, the company is positioning itself as a major institutional player in the Solana ecosystem. Sol Strategies recently filed to list on the Nasdaq Capital Market under the ticker “STKE” and locked in a $500 million convertible note facility to buy and stake more SOL.
The firm also filed a $1 billion shelf prospectus in Canada and plans to maintain governance flexibility by operating as a foreign private issuer. Both companies see Solana’s role in asset tokenization and blockchain infrastructure as pivotal for future growth.
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