DeFi Development Expands Solana Treasury to 2.39M SOL

• CHAD
• SOL

Nasdaq-listed DeFi Development Corp (NASDAQ: $DFDV) has increased its Solana (CRYPTO: $SOL) treasury by 55,491 SOL, bringing its total holdings to about 2.39 million SOL and SOL equivalents.

The company said Monday that its treasury has grown roughly 2% since August 27 as it resumed regular Solana purchases and continued generating yield from its holdings. DeFi Development Corp is now the second-largest public-company holder of Solana after Forward Industries.

Alongside the treasury increase, the company established a $300 million at-the-market offering for its CHAD perpetual preferred stock. The Variable Rate Series C Perpetual Preferred Stock carries an initial annual dividend rate of 13%. DeFi Development said it plans to issue the shares at or above their $10 par value, with most of the proceeds expected to fund additional SOL purchases.

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“We are growing our SOL treasury, generating more organic yield, and delivering strong performance, with DFDV returning twice as much as SOL quarter-to-date,” CEO Joseph Onorati said. He added that the company has returned twice as much as SOL quarter-to-date.

DeFi Development resumed regular SOL purchases in late August after a pause. The company has also expanded its activities around the Solana ecosystem, including the launch of a public platform tracking network data such as staking, validators, yields and ecosystem activity.

The treasury expansion comes as institutional interest in Solana continues to grow. Bitwise’s Solana exchange-traded fund recently surpassed $1 billion in assets under management.

At the time of writing, Solana is trading at around $101, largely flat over the past day. The token is up around 35% over the past month.

DFDV shares are trading at $5.16 apiece, up 1.5% today. However, the company’s shares are down 3.56% year-to-date.

Source: finance.yahoo.com