DeFi Development Resumes Solana Purchases, Adds 19,000 SOL

DeFi Development Corp., a Nasdaq-listed company, has resumed buying Solana, expanding its holdings.

The company bought about 19,000 SOL at an average price of $98.14 on Aug. 27, according to The Block. That brought its total holdings, including staking equivalents, to about 2.33 million SOL.

Part of the purchase was funded with proceeds from the sale of subsidiary ZeroStack. DeFi Development said it plans to hold the newly acquired SOL for the long term and deploy it through its in-house staking infrastructure to generate additional yield.

Chief Executive Officer Joseph Onorati said the company was designed to provide investors with leveraged exposure to Solana. Recent trading activity shows the market is increasingly recognizing that investment proposition, he said. He added that the stock has become one of the more liquid investment vehicles among SOL-based digital asset treasuries, or DATs, while the treasury itself continues to generate steady returns.

The stock has also outperformed spot Solana. Since the start of August, DeFi Development's share return has more than doubled Solana's gain. On a quarter-to-date basis, it has delivered about 1.8 times Solana's performance.

DeFi Development also launched a public data platform this week called State of Solana. The platform provides real-time data on the Solana network's market, staking, validator, revenue and ecosystem metrics.

DeFi Development shares were trading at $5.04, up 12% from the previous day, giving the company a market capitalization of about $160 million.