DeFi Development Corp’s Solana Treasury Surpasses Two Million $SOL as Firm Expands Into New Territories

DeFi Development Corp. announced on September 4, 2025, that it acquired 196,141 Solana ($SOL) tokens for approximately $39.7 million at an average price of $202.76. This purchase brought the firm’s total holdings to 2,027,817 $SOL, surpassing the two-million threshold for the first time. The company now holds assets valued at about $427 million based on current prices.

Listed on NASDAQ with the ticker DFDV, the company described this purchase as part of its long-term Solana treasury strategy, which focuses on accumulation, staking, and validator participation. According to the company, all newly acquired tokens will be delegated to both external validators and DeFi Development’s infrastructure, aiming to produce native yield and strengthen Solana’s network security.

Despite the announcement, shares of DeFi Dev Corp. declined, with the stock trading at $15.18 after an 8.32% decline over the past five days, according to TradingView data.

Treasury Metrics and Shareholder Exposure

Following the latest acquisition, DeFi Development reported 25,573,702 shares outstanding as of September 4. This results in a “SOL per Share” (SPS) of 0.0793, or $16.70 in equivalent value per share at prevailing $SOL prices.

The company clarified that the figure does not yet include the impact of pre-paid warrants from its recent $125 million equity financing. If exercised, these warrants would increase the share count to around 31.4 million. Despite the potential dilution, management emphasized that SPS would not drop below the pre-financing level of 0.0675, projecting continued growth in shareholder exposure to Solana.

Rapid Pace of Recent Acquisitions

The September 4 purchase comes after a series of significant acquisitions in August that collectively reshaped the firm’s treasury profile. On August 4, DeFi Development acquired 110,466 $SOL for $18.4 million at an average price of $166. On August 15, it purchased 110,000 $SOL for approximately $22 million at an average price of $201.68. On August 28, immediately after raising $125 million through equity financing, the company acquired 407,247 $SOL for $77 million at an average price of $188.98.

These transactions brought total holdings to 1.83 million $SOL, valued at $371 million at the time. The September 4 addition of 196,141 $SOL suggests that much of the remaining $40 million from the August raise has now been deployed.

In total, the company has purchased approximately $117 million worth of $SOL within the past eight days, underscoring the pace of its treasury expansion.

Comparison with Other Public Companies

According to Solana Strategic Reserve data, DeFi Development Corp. joins Sharps Technology, Inc. and Upexi, Inc. as the only public companies with holdings exceeding two million $SOL. Sharps Technology recently closed a $400 million private placement to fund its treasury strategy and acquired more than two million $SOL on September 2. Upexi surpassed the two million $SOL threshold in early August.

This convergence of multiple companies at the two-million mark highlights the growing role of Solana in public corporate treasuries. The activity also reflects rising institutional interest in Solana as a digital asset that combines scalability, validator-based yield generation, and active developer adoption.

Defi Dev Corp’s aggressive Solana accumulation comes at a time when asset managers and crypto investment firms are exploring larger Solana-focused treasury structures. Pantera Capital is reportedly seeking to raise $1.25 billion to convert a Nasdaq-listed company into a public entity dedicated to Solana accumulation. Separately, Galaxy Digital, Jump Crypto, and Multicoin Capital are pursuing a joint Solana DAT with a $1 billion target.

What Is Defi Development Corp. All About?

Although DeFi Development is most visible for its Solana treasury strategy, the company’s core business remains rooted in technology. Formerly known as Janover, the firm operates an AI-powered platform that delivers data and software subscriptions to the commercial real estate industry.

The company also operates validator infrastructure within the Solana network, which provides staking rewards and transaction fee revenue from delegated stake. This operational dimension allows the firm to integrate directly with the blockchain ecosystem rather than limiting its exposure to token holdings alone.

The firm’s latest acquisition coincides with its international growth efforts. On August 29, DeFi Development launched DFDV UK, which it describes as the first Solana Digital Asset Treasury (DAT) vehicle in the United Kingdom. This expansion included acquiring a 45 percent stake in Cykel AI, the entity that will become DFDV UK.

Management has indicated that five additional treasury vehicles are in the pipeline as part of a broader multi-country expansion plan. These entities aim to replicate the Solana-focused treasury model in new jurisdictions.

Forecast and Investor Considerations

By surpassing two million $SOL, DeFi Development Corp. has established itself as one of the public companies with the largest Solana treasuries. The company’s ongoing acquisitions, combined with its international expansion, suggest that its Solana-focused strategy will remain central in the near term.

At the same time, investors must consider dilution from warrant exercises, the volatility of Solana's prices, and the company’s dual focus on both blockchain and commercial real estate software. Management’s assurance that SPS will remain above pre-financing levels indicates an effort to balance shareholder exposure with capital raises.

The company’s progress also takes place against a backdrop of increasing competition. With Sharps Technology and other firms pursuing similar treasury strategies, DeFi Development’s ability to differentiate through validator operations and international expansion may become key factors.

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