DeFi Dev Corp has bought into the current Solana price dip. The company revealed the purchase of $39.67 million worth of SOL, expanding its treasury holdings. The announcement led to some movement in the company’s stock price.
DeFi Dev Corp Expands Solana Holdings Amid Price Dip
In a recent press release, DeFi Development Corp. announced it had acquired 196,141 SOL at an average price of $202.76 per token. This increased its total reserves to 2,027,817 SOL. The latest purchase, representing an 11% boost to its balance sheet, places the firm’s holdings at around $427 million.
With more than 25.5 million shares outstanding, DeFi Dev Corp’s Solana position translates to 0.0793 SOL per share, valued at $16.70. The company emphasized that these tokens will be held in a long-term investment and staked across validators to generate additional yield.
The latest move comes just a week after the DeFi Dev Corp invested $77 million into 407,247 SOL at an average price of $188.98. It lifted its holdings at the time to 1.83 million tokens worth $371 million.
DeFi Dev Corp’s move to buy the dip followed a minor correction in SOL’s market price. Solana fell 1.45%, trading at $204.11 after touching $217.84 on September 3. The decline came on the heels of a 35% monthly rally and appears tied to profit-taking and increased whale activity.
Source: TradingView; SOL Price Daily Chart
DFDV Stock Price Slides Despite Long-Term Growth
According to Yahoo Finance data, shares of DeFi Dev Corp (DFDV) fell by 7.59% during Thursday’s trading session. However, the stock regained about 1% in overnight moves. The company’s stock remains one of the best-performing among crypto-tied equities, having surged nearly 2,838% in the past year.
Source: Yahoo Finance; DFDV Price Daily Chart
The firm currently has 25.37 million shares outstanding, representing a 34% increase from a year ago. Over the last 12 months, DeFi Dev Corp generated $3.52 million in revenue and $13.7 million in net profit, with earnings per share reaching $1.17.
In other institutional developments on Solana, Galaxy Digital recently became the first Nasdaq-listed company to tokenize its shares on a blockchain. This aligns with its joint initiative with Jump and Multicoin to raise $1 billion for a Solana treasury.
Furthermore, in June, Classover Holdings announced a $550 million purchase of SOL as part of plans to create its own treasury reserve. The company disclosed a $500 million securities purchase agreement with Solana Growth Ventures LLC.
DeFi Dev Corp buying the price dip suggests great confidence in the altcoin’s long-term growth despite short-term volatility. While stock volatility may cause near-term uncertainty, the company’s aggressive treasury strategy has already delivered exponential growth for shareholders.
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Michael Adeleke
Michael Adeleke is a passionate crypto journalist known for breaking down complex blockchain concepts and market trends into clear, engaging narratives. He specializes in delivering timely news and sharp market analysis that keeps crypto enthusiasts informed and ahead of the curve. With an engineering background and a degree from the University of Ibadan, Michael brings analytical depth and precision to every piece he writes.
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