On Thursday, DeFi Development Corp. (Nasdaq: DFDV) revealed it had acquired 407,247 solana ( SOL) at an average price of $188.98 per token. This strategic acquisition significantly increases its solana treasury reserves, bringing its total holdings to 1,831,011 SOL.

The purchase represents a 29% increase from its previous balance of 1,420,173 SOL equivalents. At current market values, the company’s total SOL holdings are worth approximately $371 million. DeFi Dev Corp. stated that over $40 million in net proceeds from the raise remains available for future Solana purchases and other treasury operations.

Like its other purchases, the newly acquired SOL will be held long-term and staked to generate yield. The company plans to use a variety of validators, including its own infrastructure, to earn staking rewards.

Key metrics were also released, showing the company has about 21 million shares outstanding. This translates to a SOL-per-share (SPS) ratio of 0.0864, or $17.52 per share based on current valuation. The company noted that on a fully diluted basis, including warrants from the recent financing, the share count would be approximately 31 million.

It expects the SPS metric to remain above 0.0675 even after full dilution. DFDV shares lifted more than 9% as of 2 p.m. Eastern time on the Nasdaq.

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