DeFi Development Dumps $1.8M into Solana as Crypto Rally Continues
DeFi Development Corp., a Nasdaq-listed company, has resumed buying Solana, adding nearly 19,000 SOL to its treasury. The purchase was made at $98.14 per token, bringing the total amount of SOL held by the company to about 2.33 million.
The move comes as a sharp rally in cryptocurrency values lifts the value of DeFi Development's digital-asset holdings. In fact, Solana has climbed over 11% in 24 hours, reaching $107.11, and gained nearly 40% this month.
Chief Executive Officer Joseph Onorati said recent trading suggests investors have a better understanding of the company's Solana exposure. DeFi Development aims to give investors greater exposure to Solana through its equity, with shares jumping 12% to $5.04, valuing the company at about $160 million.
The company plans to hold the new SOL long-term and deploy it through its staking infrastructure. Additionally, DeFi Development launched State of Solana, a real-time platform tracking market, staking, validator, yield, and ecosystem data.