DeFi Development Corp. Cuts Costs Amid $27M Quarterly Loss

DeFi Development Corp., which manages Solana's SOL token as a treasury asset, is cutting costs and making deep reductions after reporting a $27 million second-quarter loss. The company cited a net loss of $21.519 million on digital assets, reversing the $21.194 million gain it made in the same period last year.

Operating expenses plus cost of goods sold fell 22.6% to $4.635 million from $5.990 million in the previous quarter. Management expects operating expenses to decline again in the third quarter but did not provide a specific figure for expected savings.

DeFi Development Corp. is repurchasing convertible debt below face value, with its latest transaction retiring $1.2 million more in principal than the cash spent before transaction costs. The company also issued approximately 478,000 shares through an at-the-market facility to cover cash operating costs, reducing SOL per share by about 1.4%.