DeFi Development Corp Grows Solana Reserves to 2.39 Million SOL
The Nasdaq-listed firm expanded its Solana holdings by 2% and launched a $300 million preferred stock program amid wider institutional buying.
Nasdaq-listed DeFi Development Corp increased its Solana reserves by 2% since August 27, reaching a total balance of 2.39 million SOL. Alongside the asset purchases, the company launched a $300 million at-the-market offering program for CHAD, its Solana-backed preferred equity.
The company's purchases took place against a backdrop of wider corporate treasury buying in September, which saw BitMine Immersion Technologies accumulate Ethereum and Strive acquire Bitcoin. Strategy, meanwhile, paused Bitcoin acquisitions to execute a $139 million preferred share buyback.
These institutional portfolio adjustments preceded a Federal Reserve interest rate decision scheduled for September 16. CME FedWatch data showed market odds for a quarter-point rate hike climbing to 85.6% from 48.4% a month earlier, a development that could impact non-yielding asset valuations.
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