DeFi Development Corp's Treasury Nears Million SOL

Nasdaq-listed firm DeFi Development Corp is now just one token away from crossing a million Solana in its treasury after its latest $198 million buy. The company announced that its purchase of 141,383 Solana (SOL) between July 14 and July 20 had grown its treasury to 999,999. This recent acquisition included spot purchases, discounted locked SOL, and tokens earned through staking, validator revenue, and other on-chain activity. "All newly acquired SOL is being staked immediately, earning native yield while helping secure the Solana network," the firm stated in an X post on Monday. The latest Solana acquisition by DeFi Development Corp on Sunday has already paid off, with Solana jumping 12% to over $202, according to Nansen data. Over the last seven days, the token has surged over 25%. DeFi Development Corp's Strategy and Stock Performance Month-to-date, DeFi Development Corp revealed that it raised $19.2 million in net proceeds by issuing 740,000 shares of common stock. The company mentioned that it still had $5 million available for future SOL purchases, which could buy at least another 24,752 SOL at current prices. In a podcast interview, DeFi Development Corp chairman and CEO Joseph Onorati stated that the company has no plans to expand to any other crypto in the near future and chose SOL for its treasury due to its native yield and volatility. Despite the latest acquisition and Solana's rally, DeFi Development Corp's stocks fell 3.65% on Monday to trade at $23.52. However, the stock recovered slightly in after-hours trading to $24.55. Other companies, such as Bit Mining and MemeStrategy, have also shown interest in the Solana ecosystem with plans to build their token treasuries.