What happened? DeFi Development bought 86,307 SOL for about $16 million, raising its treasury to 2,195,926 SOL while its SOL-per-share metric fell roughly 25%.
DeFi Development acquired 86,307 SOL at an average price near $110.91, increasing its Solana holdings by about 4.7%. Despite the accumulation, the company’s SOL-per-share dropped from $19.44 to $14.67 because outstanding shares and warrants increased the share count. The newly purchased SOL will be staked, including on the company’s own validators, to generate native yield.
Who does this affect? Shareholders of DeFi Development, institutional Solana holders, and other crypto treasury companies watching valuations and buyback strategies.
Investors in DeFi Development face dilution pressure since the reported share count includes exercised and unexercised warrants that push adjusted shares to roughly 31.9 million. Large Solana holders and validator operators are affected because DeFi Development is one of the biggest public SOL treasuries and its staking decisions impact on-chain supply dynamics. Other treasury firms and their investors are watching closely because this case highlights the tension between accumulating crypto, funding buybacks, and managing dilution.
Why does this matter? It underscores growing market pressure on crypto treasury firms and could compress valuations and increase volatility across the sector.
The fall in SOL-per-share despite more SOL on the balance sheet shows how share issuance and warrants can erode per-share value, pressuring stock prices even when treasuries grow. With mNAV premiums shrinking sector-wide and some firms trading below NAV, investor appetite for treasury equities may weaken, slowing corporate crypto buys and reducing liquidity. That dynamic can lead to more debt-funded buybacks, tighter financing conditions, and greater volatility for both the equities of treasury firms and the underlying crypto assets they hold.