- DeFi Development Corp has expanded its Solana treasury to over 2.02 million SOL after a $39.76 million purchase, now valued at $412 million.
- The move comes as institutional giants like Galaxy Digital and Pantera Capital prepare billion-dollar bets on Solana, underscoring its growing role as a corporate treasury asset.
DeFi Development Corp (DFDV) has expanded its Solana (SOL) treasury with a fresh acquisition of 196,141 tokens worth nearly $39.76 million. The latest move brings the firm’s total holdings to just over 2.02 million SOL, now valued at approximately $412 million, solidifying its status as the first publicly traded company to build a treasury strategy entirely around Solana.
Doubling Down on Solana Strategy
According to Thursday’s announcement, the company purchased the new batch of SOL at an average price of $202.76 and plans to stake the entire amount to generate yield. This follows a $77 million buy last week, which came on the same day DFDV closed a $125 million equity raise. In less than two months, the company has doubled its holdings from 1 million SOL in July to over 2 million today.
To finance its aggressive accumulation strategy, DFDV is drawing from a $5 billion equity line of credit. Notably, just 0.4% of that facility has been tapped so far, giving the company significant firepower for further purchases.
The firm’s conviction in Solana has made it a standout in 2025, with DFDV posting a 350% year-over-year increase in revenue and a 525% surge in net profit margin in its June quarterly report. Cantor Fitzgerald initiated coverage earlier this year with an “overweight” rating and a $45 price target, underscoring growing institutional recognition.
Market Reaction and Stock Volatility
Despite its expanding Solana war chest, DFDV shares fell 7.59% on Thursday to close at $15.21, before rebounding slightly in after-hours trading. The stock remains up a staggering 1,710% year-to-date but is still down 57% from its all-time high of $35.53 reached in May.
The volatility reflects both enthusiasm for the company’s bold Solana bet and investor caution over its high concentration in a single crypto asset. Still, its strategy mirrors the “Bitcoin treasury playbook” pioneered by MicroStrategy, with Solana positioned as the core reserve asset.
Rising Institutional Bets on Solana
DeFi Development Corp’s expansion comes as institutional players accelerate their exposure to Solana. Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly planning a $1 billion Solana treasury initiative backed by the Solana Foundation, with Cantor Fitzgerald as the lead banker.
Pantera Capital is also preparing to raise up to $1.25 billion to convert a Nasdaq-listed company into “Solana Co.,” a public vehicle dedicated to acquiring SOL.
Meanwhile, Solana itself continues to gain traction. The network reached a $100 billion market cap in under five years faster than Google and Meta achieved similar milestones. According to Coinmarketcap, SOL has surged 26.2% in the past 30 days and 54.5% over the past year, with strong staking yields and corporate interest providing momentum.
With DeFi Development Corp leading the charge and heavyweight institutions lining up behind Solana, the ecosystem’s treasury play is shaping up to be one of the defining crypto stories of 2025.
