DFDV, focused on cryptocurrency Solana, releases second-quarter financial report.
Written by: Bao Yilong, Wall Street Insights
The first publicly traded company in the U.S. with a treasury strategy centered on Solana, DeFi Development (DFDV), is gaining market recognition with its aggressive SOL accumulation strategy and strong staking returns.
On Tuesday, DFDV released its second-quarter financial report focused on cryptocurrency Solana. The company reported earnings per share of $0.84 and revenue of $1.97 million for the second quarter. As of August 11, DFDV holds over 1.3 million SOL tokens, valued at nearly $250 million, with its staking business expected to generate approximately $63,000 in SOL-denominated returns daily.
The core metric "SOL per share held" (SPS) saw a significant increase of 47% compared to June 30, reaching 0.0619. The company maintains its long-term goal of achieving an SPS of 0.165 by June 2026 and 1.000 by December 2028, representing a 167% increase from current levels.
At the same time, DFDV introduced a new metric called "Annualized Organic Yield" (AOY) to measure the performance of staked assets, which is expected to remain around 10% over the next 12 months. CEO Joseph Onorati stated:
DFDV is not only a tool for SOL accumulation but also a bridge connecting DeFi and traditional finance.
On Tuesday, influenced by the mild CPI data for July, the U.S. stock market saw a surge in risk appetite, with the company's stock price soaring 18.30% to $17.84 during regular trading hours, and further rising over 12% after the release of its second-quarter results.
Growth in SOL Holdings and Staking Returns
DFDV's financial report indicates that the company's core strategy—accumulating and compounding SOL—is steadily advancing.
In July, DFDV raised $165 million in net capital and completed a $122.5 million convertible bond financing led by Cantor Fitzgerald, with a conversion price of approximately $23.11 per share. These transactions provided ample funding support for the company to further acquire SOL.
Alongside rapid financing, the company's "SOL per share held" SPS metric achieved significant growth. In July, SPS increased by 34% month-over-month, marking one of the fastest growth periods in the company's history. SPS grew 47% compared to June 30, reaching 0.0619.
As of August 11, the company's SOL holdings reached 1.3017 million tokens, valued at nearly $250 million at current market prices. In just the first two weeks of August, the company increased its holdings by over 4,500 SOL, further expanding its asset base that generates returns.
To measure its on-chain business performance, the company introduced the "Annualized Organic Yield" (AOY) metric to track the comprehensive returns from treasury asset staking, third-party delegated staking, and on-chain activities.
The company expects the AOY to remain around 10% over the next twelve months, although actual results may fluctuate due to network dynamics.
Differentiated Positioning, Aiming for Long-Term Growth Goals
Since launching its new strategy in April 2025, DFDV has been committed to creating a differentiated path distinct from traditional Bitcoin treasury models.
As the first publicly traded company in the U.S. focused on non-Bitcoin crypto assets, the company's management believes that its focus on Solana will yield stronger fundamentals and better long-term potential.
DFDV's strategy goes beyond mere holding; it emphasizes deep integration with the Solana ecosystem.
According to the company, its operations include running its own validator infrastructure, participating in decentralized finance (DeFi) protocols, and launching a tokenized version of its equity, DFDVx, to enable 24/7 trading and interoperability with DeFi infrastructure.
The company's management emphasizes a focus on transparent and sustainable growth, avoiding excessive leverage and highly speculative assets.
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