DeFi Dev Corp Becomes Largest Public Solana Holder With Latest SOL Purchase

DeFi Dev Corp has extended its meteoric streak of Solana acquisitions, scooping 153,225 SOL to become the largest public holder of the native token. The company has its sights on stacking 1 million SOL armed with cash from its previously announced convertible note offering.

DeFi Dev Corp’s SOL Holdings Reach $133 Million

According to a press release, DeFi Dev Corp has purchased 153,225 SOL for $23.7 million, furthering its operations as a Solana treasury company. Per the statement, the latest haul increases its holdings to 846,630 SOL, cementing its place as the largest Solana treasury company.

DeFi Dev Corp disclosed that its last SOL purchase was funded partly by a convertible note offering, netting the company $9.6 million. The Solana treasury company adds that the purchase brings it across the halfway line toward hitting its first executive bonus target of 0.085 SOL.

At the moment, the total value of the company’s SOL holdings has exceeded $133 million. Fresh off the announcement, DeFi Dev Corp stock (DFDV) is down by over 1% at the start of the trading day.

“We’re stacking $SOL like it’s our job. Because it is,” read an X announcement. “This latest purchase makes $DFDV the largest public holder of SOL.”

Early in the week, the company acquired 47,272 SOL after raising $112 million to fund its acquisition spree.

Solana’s Institutional Adoption Heats Up

While DeFi Dev Corp has the first mover advantage, SOL Strategies and Upexi have launched their own Solana treasury operations. Last month, SOL Strategies filed a $1 billion shelf prospectus for future Solana investment.

Yesterday, CME Solana futures surpassed $4 billion in volume, signaling a spike in institutional appetite for the altcoin. Furthermore, Hyperliquid made its debut in Solana’s ecosystem with a partnership with Phantom, offering in-wallet perpetual futures trading for users.

Despite the surging enthusiasm, a recent Fidelity ETF delay by the SEC has dampened enthusiasm for an avalanche of institutional interest. Opinion remains split over a Solana crash or rally in July as bulls and bears brace for a showdown.