Solana treasury firm DeFi Development Corp. (ticker DFDV) has purchased $77 million worth of SOL tokens (407,247 SOL), at an average price of $188.98 per token, according to an announcement on Thursday. The company funded the purchases with a recent equity raise, and still holds more than $40 million in net proceeds to make additional purchases.
According to a statement, DeFi Dev Corp's 1,831,011 Solana balance sheet holding represents a 29% increase over its previous stockpile. The company also maintains a "Solana per Share" of 0.086, a metric used to value SOL treasuries based on its exposure to the company’s share price.
“The newly acquired SOL will be held long-term and staked to a variety of validators, including DeFi Dev Corp.’s own Solana validators to generate native yield,” the firm wrote. According to a recent announcement, DeFi Development Corp estimates it earns $63,000 per day in "SOL-denominated revenue" on token holdings.
The first also works with exchanges like Kraken and crypto ecosystems like Dogwithhat to manage their validator operation.
In July, DDC closed a $122.5 million convertible debt raise led by Cantor Fitzgerald.
The company's stock traded higher by 10% at publication time.
