DeFi Development Corp. has expanded its Solana treasury with the purchase of an additional 47,272 SOL tokens, valued at approximately $7.03 million. This acquisition brings the company’s total holdings of SOL and SOL equivalents to around 690,420 tokens, worth about $102.7 million.
DeFi Development Corp Solana Treasury Hits 690,420
DeFi Development Corp. in a press release announced the acquisition of 47,272 SOL at an average price of $149.09 per token.
With the latest SOL purchase, the total number of SOL and SOL equivalents held by the company now stands at 690,420 tokens. The current value of these holdings is estimated to be $102.7 million, inclusive of staking rewards. This marks a 64.1% increase in their holdings compared to 420,690 SOL two months ago.
The newly purchased Solana tokens will be staked across various validators, including DeFi Development Corp.’s own Solana validators, to generate native yield over time.
“The purchase of SOL is a key part of our ongoing strategy to grow our holdings in Solana and capitalize on the blockchain’s potential,” said the company in its statement.
Solana Whale Moves 450,000 Tokens
DeFi Development Corp.’s recent purchase follows a series of strategic moves within the Solana market. Just five days before this latest purchase, the company acquired an additional 17,760 SOL tokens on July 3 valued at approximately $2.72 million.
This transaction is part of the company’s ongoing commitment to accumulating Solana tokens to build a substantial treasury.
Furthermore, on the same day the recent purchase was announced, there was also a transfer of 450,000 SOL tokens from an unknown wallet to the Binance exchange.
Solana ETF Approval Optimism Fuels SOL Momentum
Alongside the growing Solana holdings, Solana-based exchange-traded funds (ETFs) are just around the corner. The Securities and Exchange Commission (SEC) is reportedly preparing a new framework for crypto ETF listings.
In particular, regulators have asked potential Solana ETF issuers to amend and resubmit their filings by the end of July.
Although the SEC has delayed the approval of some Solana-related ETFs, the possibility of approval later this year is growing. The current odds for Solana ETF approval have risen to over 90% as per a Coingape report. However, despite the high probability, delays and resubmission requirements indicate that approval could take some additional time.
DeFi Development Corp. Fundraising to Expand Treasury
Earlier last month, DeFi Development Corp. raised $112.5 million to bolster its Solana treasury. This capital infusion is aimed at further increasing its holdings of Solana tokens.
However, the company is not the only firm with a Solana treasury strategy, ReserveOne alongside its plans to go public has announced plans to start a crypto treasury digital assets such as Bitcoin, Ethereum, XRP and Solana.
Concurrently, other firms are also ramping up their Solana exposure. Upexi also announced its Solana treasury strategy and has been actively acquiring SOL to build a robust digital asset portfolio.
In addition, Sol Strategies, a firm that has filed for a Nasdaq listing, is also making Solana a key part of its investment strategy. These strategies mirror Michael Saylor led Strategy which has been accumulating Bitcoin and has ammased massive profit in the move.
Kelvin Munene Murithi
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary .
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Source: https://coingape.com/defi-development-corp-adds-47272-sol-now-holds-103m-in-solana/