DeFi Dev Corp. nears 1 million SOL with public market backing

With 999,999 SOL now locked in its treasury, DeFi Dev Corp. is quietly becoming one of Solana’s largest institutional holders. The company is staking, validating, and compounding its way into the network’s core infrastructure.

On Monday, July 21, DeFi Dev Corp. (Nasdaq: DFDV) disclosed that it had amassed 999,999 SOL, just one token shy of the psychologically significant million-SOL mark. The milestone follows an aggressive $19 million buying spree between July 14 and July 20, funded partly through an equity line of credit.

The milestone follows an aggressive $19 million buying spree between July 14 and July 20 at an average price of $133.53 per token, funded partly through an equity line of credit. The company’s treasury now holds roughly $181 million in Solana (SOL) and SOL-equivalent assets, including staking rewards and validator earnings.

DeFi Dev Corp’s Solana accumulation strategy

DeFi Dev Corp.’s near-million SOL position is the result of a carefully crafted treasury strategy that combines accumulation, staking, and network participation. Over just six days in mid-July, the company added 141,383 SOL to its holdings, boosting its balance from 857,749 to 999,999 SOL, a 16.6% increase. Roughly $19 million of that influx came from strategic spot purchases and discounted locked SOL.

But the real story isn’t just the buys; it’s how the company is putting those tokens to work.

According to the press release, a significant portion of DeFi Dev Corp.’s SOL is actively staked, primarily through the company’s own validator infrastructure. Between July 14 and July 20, the firm earned 867 SOL purely from staking rewards, validator fees, and other on-chain activities.

That’s approximately $156,000 in passive yield in just one week, assuming SOL holds steady around $180. Beyond generating yield, this approach gives the company influence over Solana’s network security, as validators play a critical role in transaction processing and consensus.

For shareholders, the key takeaway is SOL per Share (SPS), which surged 13% week-over-week to 0.0514 SOL, equivalent to $9.30 per share at current prices. This metric is important because it quantifies the direct SOL exposure each share represents, a rarity among publicly traded companies. As DeFi Dev Corp. continues to stake and compound, that figure could grow organically, even without additional purchases.

Meanwhile, DeFi Dev Corp has $5 million still available under its equity line and $4.98 billion in remaining capacity, providing it with ample firepower to surpass the million-SOL threshold and continue.

But the bigger question isn’t just about round numbers. It’s whether other public companies will follow suit, adopting active treasury strategies that go beyond passive holding and into staking, validation, and ecosystem participation.