Key facts
- DeFi Development Corp (DFDV) has resumed purchasing Solana (SOL).
- DFDV acquired 19,000 SOL at an average price of $98.14.
- The company's total SOL holdings now exceed 2.3 million.
- The purchase was partially funded by the divestment of a ZeroStack position.
- DFDV views SOL as a long-term treasury asset.
- The DFDV stock price increased by over 12% on the news.
DeFi Development Corp (DFDV) has resumed its accumulation of Solana (SOL) as the cryptocurrency's price has surpassed the $100 mark. This strategic move aligns with a broader resurgence in the crypto market, highlighted by Bitcoin's ascent above $80,000.
In a recent announcement, DFDV disclosed the purchase of 19,000 SOL at an average price of $98.14, bringing its total holdings to over 2.3 million SOL, positioning it among the largest holders of Solana treasury assets. The company stated that this renewed accumulation aims to capitalize on improving market conditions and expand its treasury.
The firm indicated that the purchase was partly financed by the divestment of its ZeroStack position. DFDV intends to maintain SOL as a long-term treasury asset, planning to utilize it for staking and its on-chain treasury infrastructure.
The announcement has positively impacted DFDV's stock, which saw a rally of over 12% and is up more than 23% over the past week, mirroring Solana's recent performance. Despite these gains, both SOL and DFDV are still trading below their previous highs, with SOL down 45% year-to-date.