DeFi Development Posts $27 Million Second-Quarter Loss, Halts Solana Accelerator
JH Kim
Summary
- DeFi Development posted a $27 million loss and a $21.519 million net loss on digital assets in the second quarter.
- The company halted its SOL Treasury Accelerator program to cut costs and took steps to improve its balance sheet through a convertible note repurchase.
- DeFi Development's SOL holdings stood at 2,311,523 tokens as of Aug. 12.
Forecast Trend Report by Period
DeFi Development, a U.S.-listed company that has been strategically accumulating Solana, posted a loss of about $27 million in the second quarter.
CryptoSlate reported on Aug. 13 that DeFi Development recorded a $21.519 million net loss on digital assets in the second quarter, compared with net income of $21.194 million a year earlier.
The company halted its SOL Treasury Accelerator program for new deals as part of cost-cutting efforts. It also moved to strengthen its balance sheet by repurchasing $3.5 million face value of convertible notes for $2.3 million.
As of Aug. 12, DeFi Development held 2,311,523 SOL.
JH Kim
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