The American firm DeFi Development Corp. (DFDV) released its first-quarter report. The amount of Solana per share rose by 108% year-on-year to 0.067 SOL.
As of May 13, the firm holds 2,294,576 SOL ($325 million). To accumulate assets, DFDV employs staking, its own validators, and allocates 25% of reserves in DeFi protocols.
The company’s head, Joseph Onorati, stated that the firm’s strategy differs from Strategy’s approach. According to him, the Solana ecosystem provides tools unavailable to Bitcoin treasuries: native yield and protocol composability.
Despite the growth in crypto reserves, the company recorded a net loss of $83.4 million. This is due to the 50% drop in Solana’s price over the year—currently trading around $91. Meanwhile, the company’s revenue increased to $2.6 million.
DFDV also repurchased its convertible bonds maturing in 2030 for $4.4 million—at a 41% discount for fiat.
The management confirmed plans to reach 0.075 SOL per share by June. The long-term goal of 1 SOL per security by the end of 2028 remains unchanged.
DFDV shares on the Nasdaq are trading at $4.65 (-3.12% for the day).
CoinGecko tracks 20 organizations with a total holding of 18.4 million SOL (approximately $1.68 billion)—accounting for 2.95% of the coin’s total market supply.
The top five holders include Forward Industries, Upexi, Sharps Technology, and Solana Company.
Earlier, on May 12, Upexi reported a net loss of $109.3 million for the third quarter.