Corporate interest in Solana continues to surge, with DeFi Development Corp. making a significant move by adding more tokens to its expanding portfolio. In a recent press release on July 3, the company announced the purchase of 17,760 Solana (SOL) tokens, totaling $2.72 million. This acquisition, made at an average price of $153.10 per token, has increased the firm’s SOL holdings to 640,585, valued at approximately $98.1 million.
DeFi Development Corp. has reinstated its long-term accumulation strategy with this purchase, solidifying its position as one of the largest public holders of SOL. The newly acquired tokens will be staked across various validators, including the company’s infrastructure, to generate on-chain yield.
With the current holdings and 14.74 million shares outstanding, DeFi Dev Corp. now reports 0.042 SOL per share, translating to approximately $6.65 in SOL-backed value per share. Following the announcement, the company’s stock price saw a 17% increase, indicating a positive response from investors.
DeFi Dev Corp. was notably the first public company to embrace a Solana-native treasury strategy. Apart from holding the token, the company operates validator infrastructure and actively participates in the broader Solana ecosystem.
The growing institutional interest in SOL is evident with Nasdaq-listed Upexi recently becoming the largest Solana treasury company, boosting its holdings to 735,692 Solana tokens. Additionally, Upexi announced plans to tokenize its shares on the Solana blockchain, offering 24/7 trading, real-time settlement, and broader investor access through crypto-native wallets.
Other players like Sol Strategies Inc., with a current holding of 40,000 SOL, are also expanding their treasuries, showcasing increasing confidence in Solana’s long-term value among traditional corporate entities.
The heightened corporate adoption of Solana seems to be positively impacting its price performance. SOL has seen a 7% increase over the past week, currently trading around $151. Despite a 2.7% dip in the last 24 hours, the current price reflects a modest recovery from a recent month-long slump.
The momentum of institutional interest in Solana, coupled with strategic token acquisitions by companies like DeFi Development Corp., paints a promising picture for the future growth and adoption of the Solana ecosystem in the crypto space.