DeFi Development Corp, a Nasdaq-listed company, is nearing a million Solana tokens in its treasury after a recent $198 million acquisition. The firm announced on Monday that it purchased 141,383 Solana between July 14 and July 20, bringing its total to 999,999 tokens. This acquisition included spot purchases, discounted locked SOL, and tokens earned through staking and other on-chain activities. All newly acquired SOL is being staked to earn yield and secure the Solana network. Following this purchase, Solana's price surged by 12% to over $202, with a 25% increase over the past week. DeFi Development Corp has raised $19.2 million in net proceeds from issuing shares and has $5 million left for future SOL purchases. CEO Joseph Onorati stated that the company will focus solely on SOL for now, citing its yield and volatility as key factors for their treasury strategy. Despite the Solana rally, the company's stock fell 3.65% on Monday but saw a slight recovery in after-hours trading. Read more AI-generated news on: https://app.chaingpt.org/news