Nasdaq-listed DeFi Development Corp is close to holding a million Solana after a $198 million purchase, bringing its treasury to 999,999 SOL. The recent acquisition included spot purchases, locked SOL, and tokens earned through staking. All new SOL is immediately staked to earn native yield and secure the Solana network.

DeFi Development Corp’s latest Solana acquisition saw the token jump 12% to over $202, with a 25% increase in the last week. The company raised $19.2 million this month issuing 740,000 shares of common stock, with $5 million available for future SOL purchases, enough for at least 24,752 SOL.

DeFi Development Corp chose to focus on Solana for its treasury due to its native yield and volatility, monetizing the volatility for shareholder benefit. The company’s stock fell 3.65% to $23.52 but recovered slightly in after-hours trading to $24.55. Other firms like Bit Mining and MemeStrategy are also building Solana treasuries, signaling growing interest in the ecosystem.

Read more at Cointelegraph: DeFi Development Nears 1 Million Solana In Treasury