DeFi Development Corp. announced the issuance of $100 million in convertible bonds, with the possibility of an additional $25 million. The use of funds is quite special: part of it will be used to buy back its own shares, while the other part will be used to purchase Solana. This mix of 'traditional finance + on-chain assets' signifies that it's not just about using BTC as a hedge; high-performance public chain assets like SOL are gradually being included in the 'allocation list.' This may reveal a signal behind the scenes: DeFi companies are starting to bet on the next rotation hotspot, and the chosen targets are likely not the old-fashioned blue chips, but high-growth assets with clear utility in Layer 1.