Solana Treasury DeFi Development’s Stockpile Surpasses 2 Million SOL After Latest Buy

Solana Digital Asset Treasury (DAT) DeFi Development has increased its SOL holdings. The company announced that its stockpile of SOL tokens has now surpassed the 2 million milestone following its latest acquisition.

Long-Term SOL Staking Plans

Formerly known as Janover, the company stated that it now holds approximately 2,027,817 SOL on its balance sheet following the latest acquisition of 196,141 SOL at an average price of $202.76 per coin. At SOL’s current price of $206.63, the DeFi Development’s stack is worth more than $417 million.

The newly acquired tokens will be held for the long haul and staked with a range of validators, including its own Solana validators, to get a slice of the blockchain’s staking rewards.

The move reflects a growing trend of publicly listed companies adding cryptocurrencies to their balance sheets, mirroring the playbook of Michael Saylor’s Strategy.

Companies Mimic Strategy

While many companies, such as Metaplanet and Semler Scientific, are following Saylor’s lead with BTC-focused treasuries, others are exploring alternative digital assets, including Solana. DeFi Development was taken over by a group of former executives of digital asset platform Kraken. It announced a treasury strategy centered around Solana as part of its new direction in April.

The Florida-based company said its updated per-share exposure now stands at 0.0793 SOL. This metric measures the value of SOL treasuries based on their exposure to the firm’s share price.

Another Nasdaq-listed company, Upexi, also holds over 2 million SOL as part of its crypto treasury strategy.

$300 SOL Next?

SOL is the native token of the Solana blockchain. The network, once considered the “Ethereum killer,” has fast speeds thanks to its proof-of-history consensus mechanism. The Solana community recently voted in favour of the much-anticipated Alpenglow upgrade, which introduces a new consensus protocol designed to improve transaction finality and network efficiency dramatically.

Meanwhile, the first U.S.-listed Solana ETF launched in July, albeit it was futures-based. A handful of investment managers, including VanEck and Fidelity, have submitted paperwork for spot SOL vehicles with decisions due later this year

SOL was changing hands for $204.12 as of press time, according to CoinGecko data. Could Solana treasury building and ETF buying activate an explosive rally toward $300? Only time will tell.