DeFi Development Corp. stock soared 17% after buying $2.7 million in Solana.

DeFi Development Corp. saw a 17% surge after purchasing $2.7 million in Solana for its treasury strategy. The company now holds 640,585 SOL valued at around $98 million, with plans to stake for yield. Despite an SEC setback in June, the stock price rose 17% to $23.80 on Thursday.

Following a 30% increase from Wednesday’s low, DeFi Development Corp. stock is up 2,733% year-to-date but down 33% from its peak. The company reported a 30% revenue decline and 15.5% profit margin drop for the March quarter. A recent capital raise of $112.5 million through private placements will fund a prepaid forward stock purchase and general corporate purposes.

Read more at Cointelegraph: DeFi Development Corp. Stock Rallied After Recent Announcements