The company, which has set its focus entirely on accumulating as many Solanas as possible, has purchased a hefty amount of SOL.
Solana-focused treasury management firm DeFi Development Corp (DDC) announced that it has purchased 17,760 new SOL. With this latest purchase, the company’s total Solana holdings have reached 640,585 SOL, or approximately $96 million at current prices.
DDC had begun buying Solana after it was acquired by former Kraken executives in April. The company announced Wednesday that it had closed a $112.5 million private funding round, some of which will be used to make new SOL purchases. The company had previously raised $42 million in funding and also reached a $5 billion credit line.
As part of the latest funding round, DDC set aside $75.6 million of the net proceeds for a “prepaid forward share purchase transaction,” which aims to reduce risk for investors who purchase the company’s convertible notes. The remaining funds will be used for operational expenses and new SOL purchases.
The company recently purchased 17,760 SOL at an average price of $153.10, for a total of approximately $2.72 million. As of July 3, DDC reported a “SOL per share” ratio of 0.042, a metric used to measure the performance of a company’s token holdings relative to its equity value.
