Solana Treasury DeFi Development Corp plans $20M SOL purchase

Solana Treasury DeFi Development Corp just bought 19,000 SOL, pushing its stash past 2.33 million SOL and SOL-linked tokens. The move is part of a cash-raise plan that could haul in $20 million to buy even more SOL.

The company is a publicly traded treasury vehicle set up to hold Solana’s native token and on-chain assets. It launched in 2023 when Solana’s price was still recovering from the 2022 crypto winter. Backers bet that Solana’s rebound—driven by cheaper transactions, growing DeFi activity and the rise of memecoins—would lift the token’s value. Buying SOL now is cheaper than when the company first issued shares. The latest purchase follows a similar $25 million raise in March 2024, which the firm used to double its SOL holdings.

The treasury’s SOL stack is now worth roughly $360 million at today’s prices, up from $120 million a year ago. That surge has caught the eye of investors who want direct exposure to Solana without holding the token themselves. The proposed $20 million raise would let the company bulk up further, especially if SOL climbs toward past highs around $250. Analysts say the strategy works only if Solana keeps growing its user base and transaction volume, which has averaged over 2,500 transactions per second in recent months.

If the raise succeeds, the company plans to keep buying SOL on the open market and may expand into Solana-based stablecoins or liquid staking tokens. A bigger treasury also gives the firm clout in governance votes on Solana’s future upgrades. The risk is that a prolonged bear market could erode the value of its holdings. But for now, Solana Treasury DeFi Development Corp is betting big that the rally still has legs.