DeFi Development Corp., a publicly traded company with a treasury strategy focused on Solana (SOL), has significantly increased its Solana holdings, surpassing 2 million SOL. The company announced the acquisition of 196,141 SOL at an average price of $202.76 per token, raising its total holdings to 2,027,817 SOL as of September 4, 2025. This purchase represents an 11% increase from the company’s prior acquisition and adds approximately $427 million in value to its Solana treasury. The company’s treasury strategy is designed to accumulate and compound Solana, with the newly acquired tokens to be staked across a range of validators, including those operated by DeFi Development Corp. itself to generate yield.

The company’s Solana per share (SPS) metric currently stands at 0.0793, with an equivalent value of $16.70 per share in USD. As of September 4, the company reported 25,573,702 shares outstanding, excluding pre-paid warrants from a recent equity financing round. When including these warrants, the adjusted share count rises to approximately 31.4 million. The company has indicated that the SPS metric is expected to remain above the pre-financing level of 0.0675, even after accounting for the full impact of the warrants. This suggests a continued upward trend in the SPS as additional capital from the equity financing is deployed into further Solana purchases.

DeFi Development Corp. operates with the objective of providing investors with direct economic exposure to Solana while actively participating in the growth of the Solana ecosystem. Its business model also includes running its own validator infrastructure, which generates staking rewards and fees. In addition to its Solana treasury strategy, the company is engaged in decentralized finance (DeFi) opportunities and continues to explore innovative ways to support and benefit from Solana’s expanding application layer. Beyond its Solana-focused initiatives, the company operates an AI-powered online platform serving the commercial real estate industry by providing data, software subscriptions, and value-added services to professionals in the multifamily and commercial property sectors.

The company’s platform currently serves more than one million web users annually, including property owners, developers, and lenders. These users apply for billions of dollars in debt financing each year, with clients including a wide range of institutions such as banks, credit unions, real estate investment trusts (REITs), debt funds, and commercial mortgage-backed securities (CMBS) lenders. The data and software offerings are primarily subscription-based, operating under a software-as-a-service (SaaS) model.

Solana’s recent price performance has been notable, with the token reaching an intraday high of $210 on September 3, 2025, following a 36% recovery from a low of $155 earlier in the month. Technical indicators suggest that if the price breaks above the $210–$250 resistance range, the token could potentially reach $1,000. Solana’s open interest (OI) in futures markets has also reached a record high of $13.68 billion, signaling strong speculative interest from derivatives traders. This surge in OI aligns with the recent Alpenglow upgrade, which improved Solana’s transaction finality and throughput, potentially enhancing its competitiveness against Ethereum. However, recent onchain metrics have shown a decline in Solana’s transaction count and active addresses over the past 30 days, raising questions about the sustainability of the recent price rebound.

The company’s recent announcement underscores the broader trend of institutional and public market interest in Solana, with DeFi Development Corp. leveraging its Solana treasury strategy to align investor interests with the performance of the Solana ecosystem. As the company continues to accumulate and stake Solana, it remains focused on optimizing its treasury strategy to generate native yield and support the long-term growth of the Solana network. The market will be watching closely to see whether these efforts translate into broader adoption and increased value for investors.

Source: [1] DeFi Development Corp. Acquires 196,141 SOL, Surpasses 2 (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)