DeFi Development Corp Stock Soars After New Solana Purchase

This latest purchase brought its total SOL holdings to nearly $98 million. The company’s stock surged 17% on Thursday and 30% over two days, thanks to the bullish investor sentiment around its staking plans and a $112.5 million capital raise. Meanwhile, Chinese chipmaker Nano Labs revealed a $50 million BNB acquisition. The company also plans to eventually hold up to 10% of the token’s circulating supply. However, its stock dipped 4.7% despite the move. 

Additionally design software firm Figma revealed it holds $70 million in Bitcoin ETFs and has reserved an additional $30 million in USDC for future Bitcoin buys. This could mean that the company has a strong conviction in BTC’s long-term value. Together, these developments prove that there is a growing trend of corporate adoption of crypto assets, despite volatility fears, scrutiny from certain industry players, and mixed reactions from investors.

DeFi Development Corp Shares Extend Rally

DeFi Development Corp. experienced a sharp 17% rally in its stock price on Thursday after announcing a strategic $2.7 million purchase of Solana (SOL) tokens. The company revealed that it bought 17,760 SOL at an average price of $153.10 per token, bringing its total Solana reserves to 640,585 SOL—valued at nearly $98 million. DeFi Development Corp. also clarified that it plans to hold the newly acquired tokens for the long term and will stake them to generate yield.

This latest surge in investor interest follows a series of strategic disclosures by the company. On Wednesday, the firm already gained market attention after releasing its June business update, which included plans to raise $112.5 million through private placements. The stock, which trades under the ticker DFDV, rose from a low of $18.47 on Wednesday to $23.80 by the close of trading Thursday. This was a 30% increase over two days. 

It gained an additional 0.8% in after-hours trading, ending the session at $24, according to Google Finance. While the stock is up over 2,733% year-to-date, it is still down 33% from its all-time high of $35.53 that was reached in May.

DeFi Development Corp share price over the past 5 days (Source: Google Finance)

The company has some ambitious plans for the capital raised. Approximately $75.6 million will go toward funding a prepaid forward stock purchase transaction, while the remaining funds are earmarked for general corporate purposes, including additional Solana acquisitions. 

Although DeFi Development Corp. initially announced in April that it plans to raise $1 billion for Solana-related investments, those plans were temporarily shelved in June after a withdrawal of its SEC filing due to the late submission of a required management report.

In a shareholder letter dated July 2, the company addressed the concerns about financial resilience, and explained that its balance sheet is structured to withstand prolonged market drawdowns and ensure long-term NAV/share stability. While the firm reported a 30% year-over-year decline in net revenue and a 15.5% drop in net profit margin for the March quarter, it is still committed to maintaining capital flexibility and minimizing short-term liquidation risks to protect investor value.

Nano Labs Buys $50M in BNB

Another company is also planning on stocking upon crypto. Nano Labs recently took its first major step toward a bold treasury strategy by purchasing $50 million worth of BNB. This forms part of its long-term plan to eventually hold between 5% and 10% of the asset’s total circulating supply. 

The Chinese microchip manufacturer said it plans to allocate up to $1 billion into BNB over time, and its recent acquisition brings its combined holdings in BNB and Bitcoin to approximately $160 million. Nano Labs was founded in 2019 by Kong Jianping and Sun Qifeng after their departure from the board of directors at Singapore-based hardware firm Canaan. The company went public in 2022 and specializes in high-throughput and high-performance computing chips.

Despite the high-profile nature of the BNB purchase, investor enthusiasm was absent. Nano Labs’ stock dropped more than 4.7% during Thursday’s regular trading session, followed by an additional 2% decline in after-hours trading, closing at $8.21. This downturn comes in contrast to the stock’s earlier 106% rally when the company first revealed plans to issue $500 million in convertible notes to fund the BNB treasury. 

Nano Labs stock price over the past 24 hours (Source: Google Finance)

Nano Labs has a long way to go if it wants to own 10% of BNB’s supply. The circulating supply stands at roughly 145.9 million coins with a market cap of $93.4 billion. Acquiring 10% at current prices would cost approximately $926 million. 

Complicating things even more, Binance’s ongoing token burns are gradually decreasing the supply, which was initially set at 200 million. A Forbes report from June also revealed that Binance and its former CEO Changpeng “CZ” Zhao still control about 71% of the circulating BNB.

Additionally, the trend of companies holding crypto in their treasuries is under increasing scrutiny. Anthony Scaramucci, founder of SkyBridge Capital, recently questioned the long-term appeal of such strategies. While Scaramucci acknowledged his bullish stance on Bitcoin, he argued that investors might ultimately prefer direct exposure to the assets rather than investing in firms that hold them. “You might have been better off just putting $10 into Bitcoin,” he said.

Figma Holds $70M in Bitcoin ETFs

Earlier this week, design software company Figma disclosed in a regulatory filing that it holds close to $70 million in Bitcoin exchange-traded funds (ETFs) and earmarked an additional $30 million in stablecoins for future Bitcoin purchases. The company submitted paperwork to the US Securities and Exchange Commission (SEC) on Tuesday for an initial public offering on the New York Stock Exchange under the ticker symbol “FIG.” 

Figma’s SEC filing (Source: SEC)

Figma reported investing $55 million into the Bitwise Bitcoin ETF (BITB) on March 3, 2024. By the end of the quarter on March 31, the investment appreciated to $69.5 million, WHICH IS an unrealized gain of 26%. In addition to its ETF exposure, Figma revealed that it holds $30 million worth of the stablecoin USDC. 

The company’s board approved the allocation on May 8, 2025, explicitly stating that the stablecoins were acquired to be converted into Bitcoin at a later date. The filing reads that the company bought 30 million USDC at $1 per token, with the intention of reinvesting those funds into Bitcoin in the future.

Bitwise CEO Hunter Horsley praised Figma’s strategy, and pointed out that the company now holds approximately 5% of its balance sheet in Bitcoin. He also believes that more corporations are likely to follow suit by incorporating Bitcoin into their treasury reserves.