DeFi Development Corp Hits 999K SOL — Solana Surges Past $200

Nasdaq-listed Solana treasury company, DeFi Development Corp (DFDV), has announced the purchase of 141,383 SOL, worth $28.02 million at current market rate, bringing its total holdings to 999,999 SOL, valued at nearly $200 million.

DeFi Development Corp, formerly known as Janover, was a real estate financing company that connected lenders and buyers of commercial properties through an AI-powered online platform. It was acquired by a group of former Kraken executives, led by Joseph Onorati, ex-chief strategy officer at the exchange, in April and transformed into a crypto treasury company primarily focused on Solana.

Crypto Treasury Firm DeFi Development Crop Raises $19M to Purchase Fresh Solana. Total Holdings Hit 999,999 SOL

According to a statement released on Monday, the transactions made between July 14 and July 20 included spot SOL purchases, discounted locked SOL, and 867 SOL that was earned through staking, validator revenue, and other on-chain activities conducted by DeFi Development Corp. on the Solana network.

The company clarified in an X post that all the newly acquired SOL will be staked directly on-chain, with the entire $198 million worth of coins now earning yield while helping secure the Solana blockchain.

DeFi Development Corp raised $19.2 million in net proceeds by issuing 740,000 shares of its DFDV common stock. The company still has $5 million available for future purchases, which at current prices could get at least another 24,752 SOL.

During a June 25 episode of the Thinking Crypto podcast, CEO and chairman Joseph Onorati said DeFi Development Corp will remain a Solana-exclusive company and has no plans to expand to any other crypto for the foreseeable future.

According to him, the company chose SOL for its corporate treasury because of the cryptocurrency’s native yield and volatility, which he said is a “key ingredient” to the success of any treasury strategy company because, ultimately, it is the volatility that gets monetized for the benefit of the shareholders via convertible debt financing.

The real estate financing firm was taken over by former Kraken executives after they purchased over 700,000 common shares and all of its 10,000 Series A preferred stock. Parker White, former director of engineering at Kraken, was appointed as the new chief investment officer and chief operating officer, and Macro Santori, former chief legal officer at Kraken, joined as a board member.

Following the acquisition, the new leadership announced the creation of a Solana reserve treasury and made its first purchase of 2,858 SOL on April 8. Their plans also include acquiring Solana validators, staking SOL, and increasing treasury assets with additional token purchases. At the time, the company also raised $42 million in a convertible debt offering to finance its Solana buys.

Janover has been accepting payments for its real estate-related services in SOL, Bitcoin (BTC), and Ether (ETH) since December 2024.

Chinese Bitcoin Miner and 9GAG-Managed Digital Asset Firm Adopts Solana Treasury Strategy

Chinese Bitcoin mining firm Bit Mining announced earlier this month that it is making a strategic shift into the Solana ecosystem, with plans to raise between $200 million and $300 million in multiple phases to build a SOL treasury. The company said it will convert some of its existing crypto holdings, which include 19 BTC ($2.22 million), into Solana and adopt a long-term holding strategy.

Bit Mining’s chief economist, Youwei Wang, said that the company will gradually convert new crypto generated from its mining operations to SOL after paying electricity costs. The company will also run Solana validator nodes to support the blockchain infrastructure.

CEO Xianfeng Yang said the move highlights the crypto miner’s commitment to adapt in an “ever-evolving” industry. He expressed confidence in the company’s vision and ability to deliver value to shareholders. Yang called Solana one of the most “dynamic and promising” ecosystems in the blockchain space.

Meanwhile, MemeStrategy, a tech investment firm managed by 9GAG – the online meme platform with over 200 million users –  became the first publicly listed company in Hong Kong to invest in Solana, after it bought 2,440 SOL ($479,755) in a promise to support the decentralized blockchain.

The coins were purchased in June at an average price of about $151.70 through OSL Group, a crypto asset platform licensed by the Hong Kong Securities and Futures Commission (SFC).

MemeStrategy, deemed Asia’s first publicly traded digital asset venture, adopted a Solana treasury strategy after recognizing its potential in real-world asset tokenization and AI-driven Web3 solutions. It plans to expand its presence on Solana by participating in the blockchain’s proof-of-stake (PoS) consensus by becoming a validator and earning SOL through staking.

Cantor Fitzgerald Analyst Believes Solana Treasury Companies Can Grow Their Share Value Faster than Bitcoin Counterparts

Cantor Fitzgerald analyst Thomas Shinske wrote in a recent note that companies looking to invest in Solana may benefit from the blockchain’s potential use in the financial sector due to its high-speed and low-cost, which is well-suited for tokenized securities. He said that firms could support network security while earning rewards, and increased liquidity will make it easier for them to raise capital.

Shinske suggested that Solana treasury companies follow Michael Saylor’s playbook at Strategy (formerly MicroStrategy) to raise capital at a premium to the net asset value (NAV), purchase more SOL, and increase the SOL-per-share value. He predicted that by combining SOL staking with treasury operations, these firms could grow their SOL/per rate faster than Bitcoin treasury companies with their BTC/share.

Also Read: Is Solana an Inflationary or Deflationary Cryptocurrency?

SOL Price Crosses $200 as Traders Remain Confident about Increased Adoption and Potential ETF Approval

DeFi Development Corp completed its latest Solana purchase on Sunday, and that paid off within 24 hours as the price of the world’s fifth-largest cryptocurrency jumped 12% on Monday to trade at $203.5 – its highest level since early February. However, SOL’s rally failed to boost the price of the company’s stock, as DFDV dropped 3.36% on Monday to trade at $23.52, but managed to recover to $24.55 in after-hours trading.

Vincent Liu, chief investment officer at Kronos Research, noted that the $200 level is a key psychological and technical milestone for SOL and signals renewed investor confidence and strong market liquidity for the crypto. Apart from corporate treasury acquisitions, another key catalyst for Solana’s price is the Jito Foundation’s plans to redefine how blocks are issued on the network.

The Block Assembly Marketplace (BAM) architecture aims to enhance transparency and verifiability of transaction sequencing on Solana, fostering programmable innovation and opening doors to new revenue streams for developers. BAM is expected to go live on the Solana mainnet in the coming weeks.

LVRG Research director Nick Ruck said that investors are bullish on SOL as this update would greatly enhance the efficiency of transactions on the network with more privacy and flexibility. He believes Solana is in an oversold position as developers continue to build on the blockchain despite the downfall of the memecoin market.

Kronos’ chief Liu also highlighted the increased optimism traders have about the spot Solana exchange-traded funds (ETFs) potentially launching in the United States in the coming months. The Securities and Exchange Commission (SEC) is expected to make a final decision on October 10.

Bloomberg ETF specialists Eric Balchunas and James Seyffart have given a 95% chance for Solana ETFs to be approved by the SEC this year. Asset managers, including Grayscale, VanEck, 21Shares, Fidelity, Canary Capital, Bitwise, Invesco, CoinShares, and Franklin Templeton, have filed applications to list and trade shares of SOL-backed securities on Wall Street.

At the time of writing, Solana (SOL) is trading at $198.70, up 4.94% in the last 24 hours.