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Solana-focused treasury management firm DeFi Development Corp (DDC) announced that it has purchased 17,760 new $SOL. With this latest purchase, the company’s total Solana holdings have reached 640,585 $SOL, or approximately $96 million at current prices.
DDC had begun buying Solana after it was acquired by former Kraken executives in April. The company announced Wednesday that it had closed a $112.5 million private funding round, some of which will be used to make new $SOL purchases. The company had previously raised $42 million in funding and also reached a $5 billion credit line.
As part of the latest funding round, DDC set aside $75.6 million of the net proceeds for a “prepaid forward share purchase transaction,” which aims to reduce risk for investors who purchase the company’s convertible notes. The remaining funds will be used for operational expenses and new $SOL purchases.
The company recently purchased 17,760 $SOL at an average price of $153.10, for a total of approximately $2.72 million. As of July 3, DDC reported a “$SOL per share” ratio of 0.042, a metric used to measure the performance of a company’s token holdings relative to its equity value.
*This is not investment advice.