DeFi Development Corp, a Nasdaq-listed firm, is now just one token short of the 1 million Solana (SOL) mark after a massive $198 million purchase last week. The company said it acquired 141,383 SOL between July 14 and July 20, pushing its holdings to 999,999 SOL in total.
The purchase included a mix of spot buys, discounted locked tokens, and 867 SOL obtained through staking rewards and validator revenue, according to the firm’s statement on Monday.
All newly acquired SOL is being staked immediately, earning native yield while helping secure the Solana network, the company said in an X (formerly Twitter) post.
The latest buy appears to be paying off quickly, with Solana rising 12% to over $202 on Monday, according to Nansen. Over the past seven days, SOL has gained more than 25%.
$5 million in reserves may fuel more Solana buys
Month-to-date, DeFi Development Corp reported raising $19.2 million in net proceeds by issuing 740,000 shares of common stock. The company still holds $5 million in cash, which could be used for further Solana purchases. At current prices, that amount could secure approximately 24,752 SOL.
Despite the surge in Solana’s price, DeFi Development Corp’s stock (DEVD) dipped 3.65% on Monday to $23.52, though it recovered slightly in after-hours trading to $24.55.
DeFi Development Corp, formerly known as Janover, pivoted from real estate lending to crypto in April, when it purchased its first batch of 2,858 SOL.
CEO: No plans to diversify crypto treasury
In a June 25 appearance on the Thinking Crypto podcast, CEO Joseph Onorati reaffirmed that the company plans to stick exclusively with Solana for its treasury strategy, at least “for the foreseeable future.
According to Onorati, Solana’s native yield and high volatility make it ideal for treasury-focused firms. He described volatility as the “key ingredient” for monetising opportunities via convertible debt financing, which directly benefits shareholders.
DeFi Development Corp isn’t alone in shifting into Solana. Bitcoin mining firm Bit Mining recently revealed plans to raise up to $300 million to create its own Solana token reserve, announcing the move on July 10.
In another notable move, Hong Kong’s MemeStrategy became the first publicly traded firm in the region to invest in Solana. On June 16, MemeStrategy bought 2,440 SOL and committed to supporting the broader ecosystem, prompting its stock to jump 28.5%.