DeFi Development Corp. resumed buying Solana, adding nearly 19,000 SOL as a sharp rally in the cryptocurrency lifts the value of its digital-asset holdings.
The Nasdaq-listed company paid $98.14 per token, bringing its treasury to about 2.33 million SOL. The purchase was partly funded by proceeds from the sale of its ZeroStack business.
DeFi Development plans to hold the new SOL long term and deploy it through its staking infrastructure. Chief Executive Officer Joseph Onorati said recent trading suggests investors have a better understanding of the company’s Solana exposure.
DFDV Bets on Solana Exposure
Onorati said DFDV aims to give investors greater exposure to Solana through its equity. The shares jumped 12% to $5.04, valuing the company at about $160 million.
Related: Solana Price Prediction Points To $110 As Daily Active Addresses Hit 5 Million
The stock remains down 5.5% this year, while Solana climbed more than 11% in 24 hours to $107.11. The token has gained nearly 40% this month.
Solana Faces Governance Changes
Two Solana proposals could cut inflation and increase the amount of SOL removed from circulation, potentially reducing staking rewards.
SIMD-553 advanced after approval in July, while SIMD-550 entered a formal vote on Aug. 23. Both require two-thirds of staked SOL to pass.
DeFi Development also launched State of Solana, a real-time platform tracking market, staking, validator, yield and ecosystem data.
Related: US Government Moves $1.91M in Alameda-Seized Bitcoin—Is a Sale Coming?
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