Solana Treasury Asset Holder Cuts Costs Amid $27M Q2 Loss

DeFi Development Corp., Solana's SOL treasury asset holder, reported a $27 million second-quarter loss. The company is retrenching due to the quarterly reversal and has closed its Treasury Accelerator to new deals.

The net loss on digital assets was $21.519 million, reversing a $21.194 million gain from last year. Operating expenses plus cost of goods sold fell 22.6% year over year to $4.635 million from $5.990 million.

The company repurchased about $3.5 million of July 2030 convertible-note principal for $2.3 million in cash, a roughly 35% discount. It also issued approximately 478,000 shares through its at-the-market facility for $1.4 million to cover cash operating costs.