DeFi Development Corp. (Nasdaq: DFDV) has resumed purchasing Solana and pushed its treasury holdings to approximately 2.33 million SOL or equivalents, further cementing its position as one of the largest public-company holders of the token.
The SOL treasury strategy, by the numbers
DFDV pivoted hard toward Solana accumulation in April 2025, abandoning previous ventures including real estate to go all-in on SOL as a treasury reserve asset. By August 12, 2026, the company reported holdings of 2,311,523 SOL and equivalents. The latest announcement pushes that figure to roughly 2.33 million.
The firm’s last major disclosed purchase before this resumption came in October 2025, when it scooped up 86,307 SOL at an average price of approximately $110.91 per token. That brought its total at the time to around 2.195 million SOL.
In the months between that purchase and now, DFDV grew its stack primarily through staking rewards rather than open-market buys.
The company tracks its progress through a custom metric it calls “SOL per share,” or SPS. As of August 2026, SPS stood at 0.066 on a fully converted basis, reflecting 24% year-over-year growth. The long-term target is ambitious: DFDV wants to reach 1.0 SPS by December 2028, which would require roughly a 15x increase from current levels.
The cost of conviction
DFDV reported a net loss of $27.3 million in the second quarter of 2026. The culprit was straightforward: SOL was trading below the company’s average purchase cost of roughly $157 per token.
SOL’s recent trading range has hovered between approximately $216 million and $240 million in total market valuation for DFDV’s holdings, which suggests the token price has recovered somewhat from the levels that triggered those Q2 losses.
DFDV has been trimming the fat elsewhere. The company wound down its Treasury Accelerator program and fully exited its legacy real estate operations.
Beyond just holding: liquid staking and tokenized equity
DFDV has launched two products designed to deepen its integration with the Solana ecosystem. The first is dfdvSOL, a liquid staking token. The second product is DFDVx, described as a tokenized equity vehicle.