DeFi Development Corp’s Solana treasury exceeds $400M after latest buy

Solana treasury company DeFi Development Corp has bought $39.76 million worth of Solana, bringing the company’s total holdings of SOL to 2 million.

The company stated on Thursday that it purchased 196,141 Solana (SOL) at an average price of $202.76 per token with the intention of staking the tokens to generate yield.

The company had bought $77 million of Solana just last week, on Aug. 28, the same day that its $125 million equity raise was set to close.

After the latest acquisition, DeFi Development Corp’s SOL treasury holds more than 2.02 million SOL, worth approximately $412 million, doubling the amount it had on July 21. 

Related:  Solana treasury race heats up as firms hunt staking rewards 

Stock price dips

Shares of DeFi Development Corp (DFDV) ended Thursday’s trading at $15.21, a decline of 7.59%. However, the stock saw some respite, as it increased by nearly 1% to close the after-hours trading session at $15.36, according to Google Finance.

The stock is up 1,710% year-to-date, but is still down nearly 57% from its May 22 high of $35.53.

During the June quarter, the company reported its revenue was up 350% year-on-year, while its net profit margin was up 525% during the same period.

In June, analysts at Cantor Fitzgerald initiated coverage of DeFi Development Corp, assigning DFDV with an ‘overweight’ rating with a price target of $45.

Solana fastest asset to reach $100B market capitalization

Crypto asset manager Bitwise Asset Management posted that Solana has achieved the $100 billion market capitalization milestone in less than 5 years.

Solana outpaced tech giants like Google and Meta, previously Facebook, which took seven and nine years, respectively, to achieve the milestone.

Solana has been up 26.2% in the past 30 days and 54.5% in the past year, according to CoinGecko.

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