Defi Development Corp. has increased its Solana holdings with a fresh $77 million purchase. As a result, the SOL price recorded gains amid the current market downturn.
DeFi Dev Corp Adds to Solana Treasury
In a recent press release, DeFi Development Corp (Nasdaq: DFDV) announced it had expanded its holdings with a fresh $77 million purchase of 407,247 SOL. The acquisition was executed at an average cost of $188.98 per token. This pushed the firm’s total balance to 1,831,011 SOL, currently valued at roughly $371 million.
Funded by a recent equity raise, the purchase marks a 29% jump from the company’s previous position of 1.42 million SOL. DeFi Dev Corp confirmed it still has over $40 million in available proceeds earmarked for future allocations. This suggests further acquisitions are likely.
Importantly, the newly acquired tokens will be staked with multiple validators. This includes its in-house infrastructure for generating yield and reinforcing the firm’s integration within the Solana ecosystem.
Per-share metrics also highlight the scale of the build-up. The company disclosed a SOL-per-share ratio of 0.0864, equivalent to $17.52 at current valuations. Even accounting for dilution from recent financing, management expects the figure to remain above its previous baseline.
This comes after DeFi Dev Corp became the largest publicly traded holder of Solana in July. That move put it on a path to surpass one million tokens under management, a target it has now comfortably exceeded.
It is also worth mentioning that three major firms revealed plans to raise $1 billion to build what could become the largest SOL treasury to date. Cantor Fitzgerald is reportedly the lead banker in the deal.
SOL Price Surges Past $217 on Institutional Adoption
In response to the news, the SOL price increased by 4.28% over the past 24 hours to $217.08. This comes despite the broader crypto market experiencing a 0.12% decline.
The rally can also be attributed to Solana’s Alpenglow upgrade. This update is designed to reduce block finality from 12.8 seconds to just 150 milliseconds. It recently entered its governance vote across epochs 840–842, having earlier helped SOL push back above $200.
On the technical end, the SOL price regained its 7-day simple moving average at $201.56 and surpassed a key pivot level at $210.83. If SOL can sustain support above $220, analysts claim it could hit higher Fibonacci extension levels between $232 and $253.
In another treasury move, Nasdaq-listed Mercurity Fintech secured a $200 million credit facility from Solana Ventures to initiate its own treasury accumulation program. This demonstrates a developing pattern in the business world. It also indicates an increasing demand for the token.
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Source: https://coingape.com/defi-dev-corp-expands-solana-holdings-with-77m-purchase-sol-price-surges/