DeFi Development Doubles Down on Solana with Fresh $1.9 Million Purchase
DeFi Development Corp., a Nasdaq-listed company, has resumed buying Solana. The latest purchase adds 19,000 SOL to its holdings, bringing its total SOL to about 2.33 million.
The company acquired the additional SOL at an average price of $98.14 on August 27. This move is part of DeFi Development's long-term strategy to deploy its SOL through in-house staking infrastructure and generate additional yield.
DeFi Development has been a major player in Solana, with a market capitalization of around $160 million. Its shares have outperformed spot Solana since August, delivering more than double the return on investment.
The company's CEO, Joseph Onorati, said that DeFi Development was designed to provide investors with leveraged exposure to Solana. He noted that the market is increasingly recognizing this investment proposition.