DeFi Development Corp. boosts its Solana holdings by 29% with a $77 million purchase

DeFi Development ￰0￱ doubled down on its bet on Solana scooping up 407,247 SOL worth about $77 million at current ￰1￱ latest acquisition takes the company’s total holdings to more than 1.83 million SOL roughly $371 million

and strengthens its claim as one of the largest institutional Solana treasuries in the ￰2￱ buy was fueled by fresh capital from a recent equity raise and DeFi Development still has over $40 million from the same raise set aside for future ￰3￱ Development’s treasury rose by 29% as a result of this purchase which has put it in touching distance of the top spot among corporate SOL ￰4￱ Development opens purse for Solana buys Before this acquisition DeFi Development held 1.42 million ￰5￱ new haul brings its exposure up by nearly a third

pushing its Solana-per-share (SPS) ratio to 0.0864 which equates to $17.52 worth of SOL per share ￰6￱ company currently has around 21 million shares in circulation though it acknowledged that once warrants from its equity raise are factored in the figure could rise to roughly 31 ￰7￱ so

the company mentioned that the SPS ratio should remain comfortably above the previously flagged 0.0675 threshold meaning shareholders can expect their proportional Solana exposure to hold steady despite future ￰8￱ Solana treasury race heats up DeFi Development’s aggressive move comes as the corporate race to build Solana treasuries gains ￰9￱ listed firms now hold more than $800 million worth of SOL combined with names such as Upexi SOL Strategies

and Torrent Capital among others leading the ￰10￱ Technology has also signaled plans to join the fray outlining a $400 million Solana treasury ￰11￱ treasury rankings as of August 28

with DeFi Development’s yet to be updated.