DeFi Development Corp., a publicly traded company, is aggressively accumulating Solana (SOL), aiming to become a leading institutional holder similar to MicroStrategy’s Bitcoin strategy. The firm recently acquired 141,383 SOL, spending nearly $19 million, bringing its total holdings to 999,999 SOL and SOL equivalents.
With a total SOL portfolio valued at approximately $181 million, including both direct purchases and tokens earned through staking and validator operations, DeFi Development plans to reach 1 million SOL as a symbolic milestone.
The Florida-based company is funding its ambitious accumulation through a $5 billion equity line of credit, having utilized only 0.4% so far. It also launched the DFDV Treasury Accelerator, an international franchise-style program to enable partners to build their own Solana treasuries, with DeFi Development taking equity stakes. Despite a recent dip, DFDV shares rebounded, reflecting confidence in its strategy.
This aggressive move comes as Solana’s market capitalization has surpassed $100 billion, ranking it as the sixth-largest cryptocurrency. SOL has seen over a 34% price increase in the past month, driven by growing institutional interest, including the REX-Osprey SOL + Staking ETF nearing $100 million in assets.
Other public firms like BIT Mining and SOL Strategies are also increasing their exposure to Solana, with significant plans for SOL treasuries and potential Nasdaq listings. Analysts are closely watching SOL’s price as it tests the $190 resistance level, with on-chain data suggesting a move towards $200 could be imminent.
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