DeFi Development Corp. disclosed Monday that it added approximately 26,203 SOL and SOL equivalents since September 28, lifting its treasury to about 2,564,212 SOL and equivalents. SEC
The company valued the position at approximately $302 million in its October 5 SEC exhibit. It says total SOL and SOL-equivalent holdings have grown about 11% since its August 12 earnings update.
The company also reported preliminary quarter-end expectations of double-digit growth in SOL per share and more than 100% growth in net asset value per share since August 12. Those figures are management estimates and remain subject to finalization. SEC
Its model differs from a passive token treasury because the company stakes SOL and operates validators, seeking recurring rewards and fees from the assets it holds. It is also using preferred equity as a capital source.
TOKEN RECON ASSESSMENT
The useful metric is not the 2.56 million SOL headline by itself. A treasury company can increase token holdings while diluting common shareholders. DeFi Development is explicitly arguing that SOL per share is increasing as well. The final quarter results will provide the cleaner test of whether treasury expansion was genuinely accretive.
