Sol Strategies and DeFi Dev Corp Continue Accelerated SOL Accumulation with New Multi-Million Dollar Purchases

Following the initial closing of its $500 million convertible note facility with ATW Partners on May 1st, Sol Strategies has confirmed the deployment of its first $20 million tranche toward SOL acquisitions. The company has acquired 122,524 SOL for $18.25 million, at an average price of $148.96 per token.

"With the closing of our initial $20 million tranche from the ATW facility, we're executing exactly as promised–strategically acquiring SOL to expand our validator operations and ecosystem position," said Leah Wald, CEO of Sol Strategies.

The $500 million facility, announced last month, is the largest of its kind in the Solana ecosystem and is earmarked exclusively for SOL purchases and staking through validators operated by the company. Sol Strategies' total holdings now stand at 391,782 SOL, valued at approximately $56 million.

DeFi Dev Corp Continues Aggressive Buying

DeFi Dev Corp, which joined the SOL accumulation race more recently, has also announced a fresh purchase of 82,404.50 SOL worth around $11.2 million.

The company now holds 400,091 SOL (~$58.5 million, including staking rewards), making it the largest public holder of SOL to date. Two weeks ago, it filed a $1 billion shelf offering with the SEC, giving it flexibility to issue equity or debt for further acquisitions. Most recently, DeFi Dev Corp announced it is acquiring a validator business with ~500,000 delegated SOL stake for $3.5 million, with all of its SOL to be self-staked through this new operation.

A Growing Trend Among Public Companies

Sol Strategies and DeFi Dev Corp are not alone in adopting Solana-focused treasury strategies. Three weeks ago, consumer brand Upexi also entered the space, raising $100 million in a round led by GSR, with participation from Delphi Ventures, Big Brain Holdings, and others. The company has since deployed $6.7 million to purchase 45,000 SOL, with approximately $81 million still reserved for future acquisitions.

These moves come as the final deadline for a US-based Solana ETF decision approaches in October. With President Trump back in office and Paul Atkins, known for his pro-crypto stance, appointed SEC Chair, expectations for ETF approval have strengthened. Publicly traded firms appear to be positioning early to capitalize on a potential wave of institutional inflows should the ETF receive regulatory approval.