DeFi Development Corp. (Nasdaq: DFDV) has increased its Solana (SOL) treasury holdings by 11%, acquiring 196,141 SOL at an average price of $202.76 per token. This latest purchase brings the company’s total holdings to 2,027,817 SOL, valued at approximately $427 million in USD. The acquisition represents a significant portion of the company’s treasury strategy, which is focused on long-term accumulation and compounding of Solana tokens. The newly acquired tokens will be staked to a variety of validators, including DeFi Dev Corp.’s own validators, to generate yield through staking rewards.

The company’s Solana per share (SPS) metric is now at 0.0793, with an equivalent USD value of $16.70 per share. These figures reflect the impact of the recent acquisition and highlight the growing exposure of the company’s shareholders to Solana’s performance. The company has also noted that its outstanding share count currently stands at 25,573,702. However, the figure does not include the 5.8 million shares from pre-paid warrants that are expected to be issued in the near future. Once fully accounted for, the adjusted share count is projected to reach approximately 31.4 million, which will dilute the SPS metric.

Despite the anticipated share dilution, DeFi Dev Corp. expects to maintain a growing SPS value, with the company projecting that the metric will not fall below 0.0675 even after the full impact of the warrants is realized. This projection is based on current expectations, including the company’s plan to deploy remaining cash proceeds from its recent equity financing into additional Solana purchases. The company emphasized that its treasury strategy is designed to provide long-term value to shareholders by aligning their interests with the performance of Solana and the broader DeFi ecosystem.

The acquisition comes at a time when Solana is experiencing strong technical indicators and growing speculative interest. As of the latest market data, Solana’s open interest (OI) in futures markets has reached a record high of $13.68 billion, signaling heightened speculative activity among derivatives traders. This increase in OI often precedes significant price movements and suggests strong bullish sentiment in the market. Analysts have pointed to the possibility of Solana reaching a price of $1,000 if it can break through key resistance levels on the price chart, particularly the $210-$250 range. The recent approval of the Alpenglow upgrade, which reduced transaction finality on the Solana network to 150 milliseconds and increased throughput to 107,540 transactions per second, has further bolstered investor confidence.

However, while technical indicators and market sentiment are bullish, on-chain activity in the Solana ecosystem has shown signs of weakening. Over the past 30 days, Solana’s transaction volume has dropped by 99%, and the number of active addresses has fallen by 22%. Decentralized exchange (DEX) activity has also declined, with weekly DEX volumes falling by 65% to $10.673 billion. These figures suggest that while speculative interest in Solana is high, actual network usage and participation remain inconsistent with the recent price gains. This divergence between price and on-chain activity may present a potential headwind for further price appreciation.

DeFi Development Corp. continues to position itself as a leader in the Solana ecosystem by operating its own validator infrastructure and actively participating in DeFi opportunities. The company’s dual focus on long-term Solana accumulation and active validator operations is intended to generate yield through staking rewards while also supporting the broader growth of the Solana network. As the company continues to expand its Solana holdings and stake them for yield, it is reinforcing its role as a strategic player in the DeFi space and strengthening its alignment with the long-term success of the Solana ecosystem.

Source: [1] DeFi Development Corp. Acquires 196141 SOL, Surpasses 2 Million in Total SOL Treasury Holdings (https://www.globenewswire.com/news-release/2025/09/04/3144760/0/en/defi-development-corp-acquires-196-141-sol-surpasses-2-million-in-total-sol-treasury-holdings.html) [2] Solana Open Interest Hits $13B All-Time High (https://cointelegraph.com/news/solana-charts-1000-sol-price-target-open-interest-all-time-highs) [3] Ethereum and Solana Show Diverging Paths While BlockDAG Approaches $400M Raised (https://www.digitaljournal.com/pr/news/binary-news-network/ethereum-solana-show-diverging-paths-162339796.html)