What happened?
DeFi Development Corp has increased its Solana (SOL) holdings by acquiring another 196,141 SOL for nearly $39.76 million. The firm now holds over 2 million SOL, worth approximately $412 million. They bought the tokens at an average price of $202.76 and plan to stake the entire amount to generate yield.
Who does this affect?
This move impacts DeFi Development Corp’s investors and the overall Solana ecosystem. Despite aggressive accumulation, shares of DeFi Development Corp fell by 7.59% to close at $15.21 on Thursday, but have managed a 1,710% increase year-to-date. The firm is the first publicly listed company to build its treasury strategy around Solana.
Why does this matter?
The market impact is significant as this latest investment in Solana by DeFi Development Corp illustrates the continuing interest and confidence in the blockchain. With firms like Galaxy Digital, Jump Crypto, and Multicoin Capital reportedly planning to raise around $1 billion for the largest Solana treasury to date, the Solana ecosystem stands to gain more traction. Furthermore, SOL has seen a growth of 26.2% in the past 30 days and 54.5% year-on-year.