AllPennyStocks.com DeFi Development Expands Solana Treasury to 2.39M SOL
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DeFi Development Expands Solana Treasury to 2.39M SOL

Nasdaq-listed DeFi Development Corp (NASDAQ: $DFDV) has increased its Solana (CRYPTO: $SOL) treasury by 55,491 SOL, bringing its total holdings to about 2.39 million SOL and SOL equivalents.

The company said Monday that its treasury has grown roughly 2% since August 27 as it resumed regular Solana purchases and continued generating yield from its holdings. DeFi Development Corp is now the second-largest public-company holder of Solana after Forward Industries.

Alongside the treasury increase, the company established a $300 million at-the-market offering for its CHAD perpetual preferred stock. The Variable Rate Series C Perpetual Preferred Stock carries an initial annual dividend rate of 13%. DeFi Development said it plans to issue the shares at or above their $10 par value, with most of the proceeds expected to fund additional SOL purchases.

“We are growing our SOL treasury, generating more organic yield, and delivering strong performance, with DFDV returning twice as much as SOL quarter-to-date,” CEO Joseph Onorati said. He added that the company has returned twice as much as SOL quarter-to-date.

DeFi Development resumed regular SOL purchases in late August after a pause. The company has also expanded its activities around the Solana ecosystem, including the launch of a public platform tracking network data such as staking, validators, yields and ecosystem activity.

The treasury expansion comes as institutional interest in Solana continues to grow. Bitwise’s Solana exchange-traded fund recently surpassed $1 billion in assets under management.

At the time of writing, Solana is trading at around $101, largely flat over the past day. The token is up around 35% over the past month.

DFDV shares are trading at $5.16 apiece, up 1.5% today. However, the company’s shares are down 3.56% year-to-date.

 

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