DeFi Development Corp's SOL treasury has purchased $39.76 million worth of Solana (SOL), bringing the total amount of SOL held by the company to 2 million coins.
The company announced on Thursday that it has acquired 196,141 Solana (SOL) at an average price of $202.76 per coin, and plans to use it for staking profits.
Last week, the company purchased $77 million worth of Solana (SOL) on August 28, the same day its $125 million equity financing was about to be completed.
Following the latest acquisition, DeFi Development Corp's SOL treasury holds over 2 million SOL, valued at approximately $412 million. This represents a doubling of the holdings compared to July 21.
DeFi Development Corp (DFDV) closed at $15.21 on Thursday, down 7.59%. According to Google Finance data, the stock rose nearly 1% in after-hours trading, closing at $15.36.
Year-to-date, it has increased by 1,710%, but is still down nearly 57% from the high of $35.53 reached on May 22.
For the quarter ending in June, the company reported a year-on-year revenue growth of 350%, with a net profit margin increase of 525%.
In June, Cantor Fitzgerald analysts initiated coverage of DeFi Development Corp, giving DFDV an "overweight" rating with a target price set at $45.
Cryptocurrency asset management firm Bitwise Asset Management announced that Solana (SOL) has surpassed a market capitalization of $100 billion in less than five years.
Solana (SOL) has outpaced tech companies like Google and Meta, which took seven and nine years, respectively, to reach this market cap.
According to CoinGecko, Solana (SOL) has risen 26.2% in the past 30 days and has increased by 54.5% over the past year.
Related: Analyst: Dogecoin (DOGE) is expected to welcome its first ETF next week.
Original article: “After the latest increase by DeFi Development Corp, Solana (SOL) treasury exceeds $400 million”
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