DeFi Dev Corp. expands Solana treasury with $40m purchase

Solana’s growing appeal among corporate treasuries took another step forward this week as DeFi Development Corp. deploys fresh funds to boost its holdings.

DeFi Development Corp. announced on September 4 that it purchased 196,141 SOL (SOL), worth roughly $40 million at an average price of $202.76 per token.

The latest buy pushes the company’s total holdings over 2 million SOL. At current market prices, that stack is worth about $427 million. As with earlier purchases, the newly added tokens will be held for the long term and staked across different validators, including the company’s own Solana validators, to generate additional yield.

For shareholders, the accumulation continues to translate into tangible exposure. Each share of the company now represents 0.0793 SOL, equal to roughly $16.70 in value per share.

The company currently has 25.5 million shares outstanding, and while that number could rise to around 31.4 million if all prepaid warrants from recent financing are exercised, management expects the SOL per share figure will remain comfortably above the pre-financing level of 0.0675, thanks to ongoing accumulation.

DeFi Development Corp. has also been expanding its reach internationally to bolster its Solana treasury strategy. In late August, the company launched DFDV UK, described as the first SOL-focused public treasury vehicle in the United Kingdom. 

The move is designed to establish its treasury structures in multiple markets, extending the company’s footprint as global institutional interest in the asset grows.

Solana corporate treasury holdings surge

Fresh figures compiled by Strategic SOL Reserve show 13 companies with a combined about 8.28 million SOL, worth about $1.72 billion, representing roughly 1.44% of all Solana in circulation.

The three largest holders, DeFi Development Corp., Upexi, and Sol Strategies, together control more than 6 million SOL, valued at close to $1.2 billion. That alone makes up over 70% of all corporate holdings tracked.

This figure is expected to grow significantly in the coming months, as multiple heavyweight managers are lining up dedicated vehicles to buy SOL. Pantera Capital is pursuing a plan to raise about $1.25 billion to convert a Nasdaq-listed company into a Solana-focused treasury vehicle. Separately, Galaxy Digital, Multicoin, and Jump Crypto are working on a roughly $1 billion Solana treasury initiative, as previously reported by crypto.news.

Meanwhile, the institutional bid is translating into momentum for SOL. The asset climbed above $210 mid-week before easing to around $206. A steady buildup of corporate treasuries could provide lasting support for the market, potentially driving stronger gains over time.