American company DeFi Development Corp. (DFDV) released its first-quarter report. The amount of Solana per share has increased by 108% year-over-year, reaching 0.067 SOL.
As of May 13, the firm holds 2,294,576 SOL (worth $325 million). To accumulate assets, DFDV employs staking, its own validators, and allocates 25% of reserves to DeFi protocols.
Company CEO Joseph Onorati stated that the firm's strategy differs from that of Strategy. He noted that the Solana ecosystem offers tools unavailable to Bitcoin treasuries, such as native yield and protocol composability.
Despite the increase in crypto reserves, the company reported a net loss of $83.4 million. This is attributed to a 50% decline in Solana's price over the year, with the asset trading around $91 at the time of writing. Meanwhile, the company's revenue rose to $2.6 million.
DFDV also repurchased its convertible bonds maturing in 2030 for $4.4 million at a 41% discount in fiat currency.
Management confirmed plans to reach 0.075 SOL per share by June, with a long-term goal of 1 SOL per share by the end of 2028 still in place.
DFDV shares are trading at $4.65 on the Nasdaq, down 3.12% for the day.
According to CoinGecko, 20 organizations are tracked with a total holding of 18.4 million SOL (approximately $1.68 billion), accounting for 2.95% of the total market supply of the coin.
The top five holders include Forward Industries, Upexi, Sharps Technology, and Solana Company.
On May 12, Upexi reported a net loss of $109.3 million for the third quarter.