Written by: Bao Yilong, Wall Street Journal.
DeFi Development (DFDV), the first publicly traded company in the U.S. with a treasury strategy centered around Solana, is gaining market recognition with its aggressive SOL accumulation strategy and strong staking returns.
On Tuesday, DFDV, focused on the cryptocurrency Solana, released its second-quarter financial report. The company reported an EPS of $0.84 for the second quarter, with revenues of $1.97 million. As of August 11, DFDV held over 1.3 million SOL tokens, worth nearly $250 million, and its staking business is expected to generate approximately $63,000 in SOL-denominated returns daily.
The core metric 'SOL per Share' (SPS) significantly increased by 47% compared to June 30, reaching 0.0619. The company maintains its long-term goal of achieving an SPS of 0.165 by June 2026 and 1.000 by December 2028, a 167% increase from current levels.
At the same time, DFDV introduced a new metric called 'Annualized Organic Yield' (AOY) to measure the performance of staked assets, which is expected to remain around 10% over the next 12 months. CEO Joseph Onorati stated:
DFDV is not only a tool for SOL accumulation but also a bridge connecting DeFi and traditional finance.
On Tuesday, influenced by the moderate CPI data for July in the U.S., market risk appetite surged, and the company's stock price rose by 18.30% to $17.84 during regular trading hours, further increasing by over 12% after announcing its second-quarter results.
Both SOL holdings and staking returns are growing.
DFDV's financial report shows that the company's core strategy—accumulating and compounding SOL—is steadily advancing.
In July, DFDV raised $165 million in net capital and completed a $122.5 million convertible bond financing led by Cantor Fitzgerald, with a conversion price of about $23.11 per share. These transactions provided ample funding support for the company's further acquisition of SOL.
While rapidly financing, the company's 'SOL per Share' (SPS) metric has achieved significant growth. SPS increased by 34% month-over-month in July, marking one of the fastest growth periods in the company's history. SPS grew 47% compared to June 30, reaching 0.0619.
As of August 11, the company held 1.3017 million SOL, worth nearly $250 million at current market prices. In just the first two weeks of August, the company increased its holdings by more than 4,500 SOL, further expanding its revenue-generating asset base.
To measure its on-chain business performance, the company introduced a new metric called 'Annualized Organic Yield' (AOY) to track the comprehensive returns from treasury asset staking, third-party delegated staking, and on-chain activities.
The company expects the AOY to remain around 10% over the next twelve months, although actual results may fluctuate due to network dynamics.
Differentiated positioning targeting long-term growth objectives.
Since launching a new strategy in April 2025, DFDV has been committed to creating a differentiated path compared to traditional Bitcoin treasury models.
As the first publicly traded company in the U.S. focused on non-Bitcoin crypto assets, the company's management believes that its strategy centered around Solana will lead to stronger fundamentals and better long-term potential.
DFDV's strategy goes beyond holding; it emphasizes deep integration with the Solana ecosystem.
According to the company, its business includes operating its own validator infrastructure, participating in decentralized finance (DeFi) protocols, and launching a tokenized version of its equity, DFDVx, to facilitate 24/7 trading and integration with DeFi infrastructure.
The company's management emphasizes that the company focuses on transparent and sustainable growth, avoiding excessive leverage and highly speculative assets.
