DeFi Development Corp Pours $77 Million Into Solana, Reinforcing Long-Term Confidence Amid Market Volatility.
On August 29, Solana fund management company – DeFi Development Corp. (code DFDV) – officially announced that it spent 77 million USD to buy 407,247 SOL , at an Medium price of 188.98 USD/ SOL . This transaction not only increased the total Solana balance that the company is holding to 1,831,011 SOL , but also marked a 29% increase compared to the previous holding.
According to the announcement, the Capital for the deal was poured from a recent equity Capital raising round, in which the company still has more than $40 million left to continue to collect more Solana in the future. Notably, DeFi Development Corp applies the “ Solana per Share ” index at 0.086 , to value the amount of Solana in stock based on its correlation with the company’s stock price.
Not only holding, DeFi Development Corp also Staking (authorizes transaction validation) newly purchased Solana for many validators, including validators operated by the company itself. This helps optimize passive profits from the Solana blockchain. According to estimates, the business is earning an Medium of $ 63,000 / day in revenue in Solana from the existing Token .
Earlier in July, the company also successfully raised $122.5 million through convertible bonds led by Cantor Fitzgerald. This Capital is XEM as a stepping stone for DeFi Development Corp to consolidate its position in the Solana ecosystem, while expanding cooperation with major exchanges such as Kraken and community projects such as Dogwithhat .
DeFi Development Corp's aggressive purchase of Solana comes amid a growing crypto market, especially after more institutional investors began paying more attention to high-speed blockchains like Solana.
