Solana Important Signal: DeFi Development Corp reserves approach 1 million, Wall Street companies accelerate get on board layout

Nasdaq-listed company DeFi Development Corp has recently made an acquisition of Solana tokens for $198 million, leaving it just one coin short of surpassing its inventory of 1 million coins. Today (22nd) during the Asian afternoon session, Solana (SOL) is reported at around $199.

(Source: CoinMarketCap)

DeFi Development Corp stated in a statement on Monday that it purchased 141,383 SOL from July 14 to July 20, increasing its inventory to 999,999.

DeFi Development Corp. stated that recent acquisitions include spot purchases, discounted locked SOL, and 867 tokens obtained through staking, validator income, and "other on-chain activities."

The company stated in a post on X on Monday: "All newly acquired SOL will be immediately staked to earn native rewards, while also helping to secure the Solana network."

Nansen's data shows that DeFi Development Corp made its latest acquisition of Solana on Sunday, with a return already realized by Monday, as Solana's stock price rose by 12%, to over $202.

In the past seven days, SOL token has risen by more than 25%.

There may be more purchases

DeFi Development Corp stated that it has issued 740,000 common shares so far this month, with net proceeds reaching $19.2 million. The company indicated that there is still $5 million available for future acquisition of SOL.

At the current price, 5 million dollars can buy at least 24,752 Sol.

In the June 25 episode of the Thinking Crypto podcast, DeFi Development Corp Chairman and CEO Joseph Onorati stated that the company has no plans to expand into any other cryptocurrencies in the "foreseeable future."

He added that they chose SOL as a financial strategy because of its inherent yield and volatility, stating that this is a "key factor" in the success of the financial strategy company, as "ultimately, volatility can be monetized through convertible debt financing, benefiting shareholders."

DeFi Development Corp (formerly known as Janover) is primarily a real estate financing company that connects lenders and commercial real estate buyers through an AI-driven online platform. The company made its initial acquisition of 2,858 SOL tokens on April 8.

The recent acquisition and the rise of Solana failed to boost the stock price of DeFi Development Corp, which dropped 3.65% on Monday to $23.52. However, in after-hours trading, the stock slightly recovered to $24.55.

Wall Street firms accelerate entry and layout

Bitcoin mining company Bit Mining announced on July 10 that it will strategically shift towards the Solana ecosystem, planning to raise up to $300 million to establish a Solana Token treasury.

At the same time, on June 16, the technology investment company MemeStrategy became the first listed company in Hong Kong to invest in Solana, with its stock price soaring by 28.5%. It purchased 2,440 Tokens and pledged to support the broader Solana ecosystem.