Nasdaq-listed DeFi Development Corp is now just one token shy of holding 1 million Solana in its treasury, following a $198 million purchase last week.
In a statement issued Monday, the company revealed it had acquired 141,383 SOL between July 14 and July 20, bringing its total holdings to 999,999.
The purchase consisted of a mix of spot buys, discounted locked SOL, and 867 tokens accumulated through staking rewards, validator earnings, and other on-chain activity.
“All newly acquired SOL is being staked immediately, earning native yield while helping secure the Solana network,” the firm noted in a post on X.
DeFi Development Corp’s most recent Solana purchase on Sunday has already proven profitable, with the token surging 12% to over $202 by Monday, according to Nansen data.
Over the past week, Solana has climbed more than 25%.
Further purchases likely on the horizon
So far this month, DeFi Development Corp has raised $19.2 million in net proceeds through the issuance of 740,000 common shares. The company said it still has $5 million available for additional Solana purchases.
At current prices, that remaining capital could secure at least 24,752 more SOL.
In a June 25 episode of the Thinking Crypto podcast, Chairman and CEO Joseph Onorati reiterated that the firm has no plans to diversify into other cryptocurrencies “for the foreseeable future.” He explained that Solana was chosen for its native yield and volatility—factors he called “key ingredients” in the success of treasury-focused companies, as “volatility gets monetized for the benefit of shareholders via convertible debt financing.”
Formerly known as Janover, DeFi Development Corp was primarily a real estate financing platform that used AI to connect lenders with commercial property buyers. The company made its first SOL purchase of 2,858 tokens on April 8.
Despite its growing Solana treasury and the token’s recent rally, DeFi Development Corp’s stock price dipped 3.65% on Monday to close at $23.52. It did, however, see a modest rebound in after-hours trading, rising to $24.55.
Other firms are also beginning to build Solana treasuries
Interest in Solana treasuries is growing beyond DeFi Development Corp.
On July 10, Bitcoin mining company Bit Mining announced a strategic pivot into the Solana ecosystem, unveiling plans to raise up to $300 million to build its own Solana token treasury.
Earlier, on June 16, tech investment firm MemeStrategy saw its stock surge 28.5% after becoming the first publicly listed company in Hong Kong to invest in Solana. The firm acquired 2,440 SOL and pledged ongoing support for the broader Solana ecosystem.
