DeFi Development buys $77 million in Solana tokens after equity raise

DeFi Development Corp. (NASDAQ: DFDV) purchased 407,247 Solana tokens at an average price of $188.98 per token, the company announced. The $77 million acquisition was funded from proceeds of a recent equity raise.

The purchase increases the company's total Solana holdings to 1,831,011 tokens, representing a 29% increase from its previous balance of 1,420,173 tokens. The company values its total Solana holdings at approximately $371 million.

DeFi Development reported having more than $40 million in net proceeds remaining from the equity raise for future Solana purchases and treasury operations. The company plans to hold the newly acquired tokens long-term and stake them to validators, including its own Solana validators.

The company reported approximately 21 million shares outstanding as of the announcement date, resulting in 0.0864 Solana tokens per share. The company noted this figure excludes shares and warrants from the recent equity financing, which would bring the fully diluted share count to approximately 31 million.

According to the press release, DeFi Development operates as a public company with a treasury strategy focused on accumulating Solana tokens. The company also runs validator infrastructure to generate staking rewards and operates an online platform serving commercial real estate professionals.

The information is based on a company press release statement.

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