DeFi Development (DFDV), the Nasdaq-listed firm pursuing a crypto treasury strategy focused on Solana (SOL), said on Tuesday it increased holdings to roughly 1.18 million SOL, worth about $218 million.
According to a press release shared with CoinDesk, the company acquired 181,303 SOL tokens between July 21 and July 28 at an average price of $155.33 per token, including locked-up assets. The purchase was funded mainly through proceeds from its equity line of credit, the firm said.
The acquisition lifted the firm’s Solana-per-share metric, or SPS, by 12% to 0.0575, marking the second consecutive week of double-digit growth. SPS is a key measure for the company,
DeFi Dev Corp. issued about 975,000 new shares during the week, raising $20 million and bringing its month-to-date total to $39 million in credit line proceeds. About $10 million remains earmarked for future Solana purchases. The company has tapped less than 1% of its $5 billion credit facility.
The newly acquired tokens will be staked across multiple validators, including DeFi Dev’s own, to generate rewards and compound holdings.
The company, formerly known as real estate tech platform Janover, is part of a growing trend of publicly-traded firms raising funds by selling shares and debt to add cryptocurrencies on their balance sheet, following Strategy’s playbook with bitcoin (BTC).
Read more: DeFi Development Nears $200M Solana Treasury