tl;dr
DeFi Development Corp., a publicly traded real estate software company, has increased its Solana holdings by acquiring over 110,000 SOL worth about $18.4 million, bringing total Solana to over 1.29 million SOL valued at more than $215 million. The purchase was funded by cash and a $5 billion equity ...
Publicly traded real estate software firm DeFi Development Corp. has significantly increased its Solana treasury by acquiring over 110,000 SOL, valued at approximately $18.4 million. This latest purchase raises the company’s total Solana holdings to 1,293,562 SOL, worth more than $215 million at current prices.
Dan Kang, Head of Investor Relations at DeFi Development Corp., emphasized the firm's commitment to rapidly growing SOL per share (SPS) as efficiently as possible. Kang noted that favorable market conditions presented an opportunity for a meaningful and accretive addition to the treasury.
The recent acquisition was financed through a mix of cash on hand and proceeds from a previously established $5 billion equity line of credit (ELOC). Over the past month, the firm reports an impressive 47% increase in its SPS metric, now standing at 0.0618. This metric compares treasury growth relative to shares outstanding and was initially popularized by Michael Saylor’s Bitcoin-focused firm Strategy with its BTC Yield metric.
DeFi Development Corp. has set ambitious targets: reaching 0.165 SPS by June 2026 and achieving 1.0 SPS—holding one SOL per outstanding share—by December 2028. The Boca Raton-based company shifted its focus earlier this year by renaming itself from Janover and embarking on a strategic path to build a crypto treasury starting in April.
Since pivoting to crypto, the firm has expanded its footprint by acquiring a Solana validator business and securing the substantial $5 billion ELOC to fund future purchases. Kang outlined plans to evolve beyond the traditional MicroStrategy approach by developing its validator operations, exploring DeFi integrations, and advancing a Treasury Accelerator initiative to accelerate SOL accumulation and compounding.
Shares of DFDV have climbed 9.59% to $15.38 today despite a 33% decline over the past month. Remarkably, the company’s crypto strategy has delivered shareholder gains exceeding 2,000% since the beginning of the year. Concurrently, Solana’s price has experienced short-term volatility—rising 2.3% in the last 24 hours but down 10.7% over the previous week, currently trading near $165.46.