DeFi Development Corp. has acquired 86,307 Solana (SOL) tokens at an average price of $110.91 each, increasing its total SOL and SOL-equivalent holdings to 2.19 million tokens valued at roughly $426 million, the company announced on October 16.
The acquisition, representing a 4.7% increase in the firm’s holdings, is part of the company’s broader strategy to accumulate and stake SOL over the long term. DeFi Dev Corp. is the first publicly listed company to base its treasury strategy primarily on Solana assets.
Share Metrics and Asset Position
Following the transaction, the company’s total shares outstanding stand at 28,888,178. The firm reported a Solana-per-share (SPS) ratio of 0.0760, translating to $14.67 per share based on the current SOL market price. DeFi Dev Corp. stated that the newly purchased SOL will be staked across several validators, including its in-house Solana validators, to generate native yield.
The company noted that the reported share count includes 2.8 million pre-funded warrants that have already been exercised. An additional 2.98 million warrants remain outstanding. If fully exercised, the adjusted share count would rise to about 31.9 million.
Future SPS Outlook
DeFi Dev Corp. said it expects to continue deploying proceeds from its previous equity financing into further SOL acquisitions. The firm anticipates its SPS will remain above 0.0675, even after the full exercise of remaining warrants and additional token purchases. The company said this expectation is based on its planned treasury allocations and staking activity. SPS figures will be updated to reflect changes in share count and asset levels in future financial reports.
The acquisition underscores the growing presence of institutional strategies built around Solana, a blockchain known for its transaction throughput and expanding ecosystem. DeFi Dev Corp. has positioned its treasury to benefit from potential network growth and staking rewards.
As of mid-October, Solana was trading near $111, placing the total value of the company’s holdings at approximately $426 million. The company did not disclose specific timelines for future acquisitions or adjustments to its staking strategy.
