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14/05/26 07:22 UTC-04

DFDV Expands Solana Reserves to $325 Million

U.S.-based DeFi Development Corp. (DFDV) released its first-quarter report, showing that the amount of Solana held per share increased by 108% year-over-year to 0.067 SOL.

As of May 13, the company held 2,294,576 SOL worth approximately $325 million. To accumulate assets, DFDV utilizes staking, proprietary validators, and allocates 25% of its reserves into DeFi protocols.

Company CEO Joseph Onorati stated that the firm’s strategy differs significantly from the approach used by Strategy. According to him, the Solana ecosystem provides tools unavailable to Bitcoin treasury companies, including native yield generation and protocol composability.

Despite growing crypto reserves, the company reported a net loss of $83.4 million. This was largely attributed to Solana’s 50% price decline over the past year, with the asset trading around $91 at the time of writing.

At the same time, company revenue increased to $2.6 million.


Hourly SOL/USDT chart on Binance. Source: TradingView.

DFDV also repurchased its 2030 convertible notes worth $4.4 million at a 41% discount using fiat currency.

Management reaffirmed its target of reaching 0.075 SOL per share by June. The long-term goal of achieving 1 SOL per share by the end of 2028 also remains unchanged.

DFDV shares on the Nasdaq are trading at $4.65, down 3.12% over the past 24 hours.


Source: Google Finance.

Overall, CoinGecko tracks 20 organizations collectively holding 18.4 million SOL (approximately $1.68 billion), representing about 2.95% of the token’s total circulating supply.


Source: CoinGecko.

The five largest holders include Forward Industries, Upexi, Sharps Technology, and Solana Company.

It is worth recalling that on May 12, Upexi reported a net loss of $109.3 million for the third quarter.

Meanwhile, decentralized exchange trading volumes on Solana and Ethereum have reached parity.

See also: "Bitcoin ETFs Recorded the Largest Outflow in More Than 3 Months — Around $635 Million"

#Solana (SOL) #DeFi tokens

Editor: Alyona Nabok
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