Publicly traded real estate software firm DeFi Development Corp. bolstered its Solana treasury with more than 110,000 SOL valued around $18.4 million, the firm announced on Monday.
The latest purchase brings its total Solana holdings to 1,293,562 or more than $215 million at today’s Solana prices.
“We’re focused on growing SOL per share as quickly and efficiently as possible,” DeFi Development Corp. Head of Investor Relations Dan Kang told Decrypt. “Market conditions appeared favorable, and we saw an opportunity to make a meaningful, accretive addition to the treasury.”
The purchase was funded via a combination of cash on hand and proceeds from its previously established $5 billion equity line of credit (ELOC), according to Kang.
During the last month, DFDV reports it has raised its key metric–Solana per share (SPS)–by 47% to 0.0618 SPS. The metric, which compares the growth of the firm’s treasury to the shares outstanding, was first popularized by Michael Saylor and his Bitcoin treasury firm Strategy, which reports on a similar metric called BTC Yield.
The firm has a goal of hitting 0.165 SPS by June 2026 and 1.0 SPS–meaning it would hold 1 SOL for every outstanding share of DFDV–by December 2028.
The Boca Raton-based firm began purchasing Solana earlier this year after establishing a crypto treasury strategy in early April. It later changed its name from Janover to DeFi Development Corporation to better align with its new crypto focus.
Since that time, it’s gone on to acquire a Solana validator business and raise a $5 billion equity line of credit (ELOC) to fuel future Solana purchases.
“We’re focused on evolving beyond the MicroStrategy playbook. That includes growing our validator business, DeFi integrations, and working on our Treasury Accelerator — all designed to help us accumulate and compound SOL per share over time,” Kang said.
Shares of DFDV are up 9.59% today to $15.38, yet remain down around 33% in the last month of trading. Nevertheless, the firm’s crypto strategy has led shareholders to greater than 2,000% gains since the year began.
Meanwhile, Solana has jumped 2.3% in the last 24 hours, but has retraced 10.7% over the last week to $165.46.
