DeFi Development Corp reported 108% SOL per share growth while expanding staking and on-chain treasury strategies.
Solana (SOL) treasury firm DeFi Development Corp reported a 108% increase in $SOL per share over the past year, rising from 0.0322 to 0.0670 as of May 13. The company held 2,294,576 $SOL and SOL equivalents as of Wednesday.
The firm attributed the growth to a set of strategies that differ from other digital asset treasury companies, particularly Strategy, which holds $BTC. These include internally staking through a validator business acquired in May 2025, operating a joint validator node in partnership with Bonk, and deploying more than 25% of its treasury on-chain.
CEO Joseph Onorati said in a shareholder letter that $SOL offers tools unavailable to a Bitcoin treasury company, including native on-chain yield, composable #DeFi protocols, and an active developer community. "We have always believed the MSTR playbook is a starting point, not a ceiling, and that DFDV can ultimately become something meaningfully different," Onorati said.
Total revenue reached $2.66 million in Q1 2026, an 827% increase from $287,000 in Q1 2025. Digital asset treasury revenue contributed $2.4 million of that total.
Despite the revenue growth, the company posted a net loss of $83.4 million, compared to a loss of $778,000 in the same period a year earlier. The loss reflects a significant decline in the value of non-cash digital asset holdings, as $SOL fell 48% over the past year. The token was trading at $91 as of the report date.
DeFi Development also repurchased approximately $4.4 million in principal of July 2030 convertible notes for $2.6 million in cash over the past six weeks, retiring the debt at a 41% discount to par.
The company reaffirmed its June 2026 guidance of 0.075 $SOL per share as of May 13 and said its longer-term target of 1.0 SOL per share by December 2028 remains unchanged. DFDV shares fell 3.13% on Wednesday, closing at $4.65, and are down 64% over the past year.
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