DeFi Development Corp. (DFDV), a Nasdaq-listed company, recently acquired 55,491 SOL tokens for approximately $5,78 million. This purchase increased the firm's total holdings to roughly 2,49 million SOL. The company currently manages a Solana treasury valued at $309 million.
The firm has adopted a strategy of using public market capital to accumulate Solana, similar to how MicroStrategy manages Bitcoin. By September 14, the company held 2,39 million SOL, increasing that figure to 2,49 million by September 18. DFDV is currently the second-largest public holder of SOL, behind Forward Industries.
To fund future acquisitions, the company announced a $300 million perpetual preferred stock program. The strategy involves raising capital, purchasing SOL, and staking the assets to generate yield. These returns, combined with new capital, are reinvested to further expand the company's SOL position.
CEO Joseph Onorati stated that the goal is to achieve capital efficiency that allows the company's stock to outperform the price of SOL itself. In mid-September, DFDV stock reportedly delivered performance approximately 2x that of SOL for the quarter-to-date period. The company previously operated as Janover and pivoted to its current focus in April 2025.
