Solana News: Nasdaq-listed Firm Announces S. Korea’s First SOL Treasury

In a major Solana news today, Nasdaq-listed DeFi Development Corp (DFDV) and Solana-based liquid staking platform Fragmetric Labs will launch the first Solana treasury in South Korea. The companies are to jointly acquire a publicly listed Korean company to establish Solana treasury, as per people familiar with the matter.

Solana News: DeFi Development and Fragmetric Unveil Treasury Plans

DeFi Development Corp, the 2nd largest Solana Treasury firm, expands its existing partnership with Fragmetric Labs to establish a Solana treasury in a Korean publicly-listed company. The firms plan to establish South Korea’s first corporate Solana treasury.

The announcement is made at the Solana Oriental event during the Korea Blockchain Week on September 22. Last week, Fragmetric co-founder Sang Kim hinted at a big announcement from the firm at Solana Oriental. 

This comes as DeFi Development Corp announced its new initiative of expanding its Treasury Accelerator to fund other digital asset treasuries (DATs). The company will use its balance sheet to directly help catalyze global DAT growth, while also fueling SOL per share growth.

As part of the Treasury Accelerator deal, the company invested $22.88 million in Nasdaq-listed cannabis firm Flora Growth. It will rebrand as ZeroStack to accumulate Solana.

The company currently holds 2,095,748 SOL worth almost $500 million. On Friday, the Nasdaq-listed company added 62,745 SOL to its total holdings. DFDV stock closed 4.62% at $16.93 on Friday, paring gains in the week.

FRAG Token Up, SOL Price Plunges

SOL price has tumbled more than 7% to $220 amid the broader crypto market crash despite major Solana news. The intraday low and high were $218 and $240, respectively. However, trading volume has shot up 150% in the last few hours as traders moved to short SOL.

Crypto analyst Kaleo predicted SOL price to hit the $1,000 mark as the total Solana treasury surpassed $4.3 billion. He also shared technical chart patterns indicating an upcoming breakout for a rally.

Meanwhile, Fragmetric’s governance token FRAG jumped more than 2% in a volatile trading activity, with the price currently trading at $0.04196. The 24-hour low and high are $0.04009 and $0.04473, respectively. Furthermore, the trading volume has increased by 161% in the last 24 hours, indicating a rise in interest among traders.