DeFi Dev Corp has solidified its position as the biggest public holder of Solana (SOL) with a fresh acquisition of 153,225 tokens, valued at $23.7 million.
The purchase, partly funded through proceeds from a recent $9.6 million convertible note offering, brings the firm’s total holdings to 846,630 SOL—worth over $133 million at current market prices.
The company, which has branded itself as a dedicated Solana treasury vehicle, is aiming to stack 1 million SOL, citing milestone-driven incentives and long-term conviction in the network’s upside. “We’re stacking $SOL like it’s our job. Because it is,” the company posted on X following the announcement.
This latest purchase follows a $112 million funding round earlier in the week that fueled another large acquisition of over 47,000 SOL. Despite the bullish accumulation, DeFi Dev Corp’s stock (DFDV) opened the day down over 1%.
Elsewhere in the Solana space, institutional activity continues to climb. SOL Strategies recently filed a $1 billion shelf prospectus to support its Solana-focused investment plan, while Upexi has also begun building a SOL treasury.
CME’s Solana futures market hit $4 billion in volume this week, and Hyperliquid has launched in-wallet perpetual futures trading via a partnership with Phantom. Still, regulatory delays—such as the SEC’s hold-up of Fidelity’s proposed Solana ETF—have introduced some caution to the narrative.
Alexander Stefanov
Reporter at Coindoo
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Source: https://coindoo.com/defi-dev-corp-ramps-up-solana-holdings-with-23-7m-buy/