Solana News Today: DeFi Development Corp Boosts Solana Holdings 14% Solana Price Jumps 12%

DeFi Development Corp, a Nasdaq-listed firm, has made a substantial addition to its treasury, acquiring 141,383 Solana (SOL) tokens between July 14 and July 20. This purchase brings the company's total Solana holdings to 999,999 tokens, just one token away from crossing the million mark. The acquisition included spot purchases, discounted locked SOL, and 867 tokens earned through staking, validator revenue, and other on-chain activities. All newly acquired SOL is being staked immediately, earning native yield while helping to secure the Solana network.

This latest acquisition has already shown positive results, with Solana's price jumping 12% to over $202 on Monday. In the last seven days, the token has seen an increase of over 25%. DeFi Development Corp's strategic move to bolster its Solana holdings has not only benefited the company but also the broader Solana ecosystem, demonstrating the market's positive response to institutional investments in the cryptocurrency space.

DeFi Development Corp's latest Solana acquisition came on Sunday and has already paid off as of Monday, with Solana jumping 12% to over $202. In the last seven days, the token is up over 25%. Month-to-date, DeFi Development Corp said it raised $19.2 million in net proceeds by issuing 740,000 shares of common stock. The company said it still had $5 million available for future SOL purchases. At current prices, $5 million could purchase at least another 24,752 SOL.

In a June 25 episode of the Thinking Crypto podcast, DeFi Development Corp chairman and CEO Joseph Onorati said the company has no plans to expand to any other crypto for “the foreseeable future.” He added that they chose SOL for the treasury because of its native yield and volatility, which he said is the “key ingredient” to the success of treasury strategy companies because “ultimately the volatility gets monetized for the benefit of the shareholders via convertible debt financing.”

DeFi Development Corp, formerly Janover, was mainly a real estate financing company that used an AI-powered online platform connecting lenders and commercial property buyers. The firm made its first SOL purchase of 2,858 tokens on April 8. The latest acquisition and Solana’s rally failed to boost the price of DeFi Development Corp’s stocks which fell 3.65% on Monday to trade at $23.52. However, it recovered slightly in after-hours trading to $24.55.

Other firms are also creating Solana treasuries. Bitcoin mining firm Bit Mining announced on July 10 that it was making a strategic shift into the Solana ecosystem, with plans to raise up to $300 million to build a Solana token treasury. Meanwhile, tech investment firm MemeStrategy soared 28.5% after becoming the first publicly listed company in China Hong Kong to invest in Solana, snapping up 2,440 tokens and committing to support the broader Solana ecosystem.