Original author: Bao Yilong, Wall Street Journal
DeFi Development (DFDV), the first publicly listed company in the United States with Solana as its core treasury strategy, is gaining market recognition with its aggressive SOL hoarding strategy and strong staking returns.
DFDV, a company focused on the Solana cryptocurrency, released its second-quarter financial results on Tuesday. The company reported earnings per share of $0.84 and revenue of $1.97 million. As of August 11, DFDV held over 1.3 million Sol tokens, valued at nearly $250 million, and its staking business is expected to generate approximately $63,000 in Sol-denominated income daily.
The core metric, Sol Holdings per Share (SPS), surged 47% to 0.0619 from June 30. The company maintains its long-term target of an SPS of 0.165 by June 2026 and 1.000 by December 2028, representing a 167% increase from current levels.
At the same time, DFDV introduced a new metric, “Annualized Organic Yield” (AOY), to measure the performance of pledged assets. It is expected that this metric will remain around 10% over the next 12 months. CEO Joseph Onorati said:
DFDV is not only a tool for SOL accumulation, but also a bridge connecting DeFi and traditional finance.
On Tuesday, influenced by the mild U.S. CPI data for July, risk appetite in the U.S. stock market was boosted. The company's stock price surged 18.30% to US$17.84 during regular trading hours and further rose by more than 12% after the second-quarter results were announced after the market closed.
SOL holdings and staking income both increased
DFDV’s financial data shows that the company’s core strategy – accumulating and compounding SOL – is progressing steadily.
In July, DFDV raised $165 million in net capital and completed a $122.5 million convertible note financing led by Cantor Fitzgerald at a conversion price of approximately $23.11 per share. These transactions provided the company with ample funding for the SOL acquisition.
Coinciding with the company's rapid capital raising, its "SOL per share" (SPS) metric saw significant growth. July's SPS increased 34% month-over-month, one of the fastest growth periods in the company's history. The SPS increased 47% from June 30th to 0.0619.
As of August 11th, the company's SOL holdings reached 1.3017 million, valued at nearly $250 million at current market prices. In the first two weeks of August alone, the company added over 4,500 SOL, further expanding its income-generating asset base.
To measure the performance of its on-chain business, the company introduced a new metric, Annualized Organic Yield (AOY), to track the combined returns generated from treasury asset staking, third-party delegated staking, and on-chain activities.
The company expects AOY to remain around 10% over the next twelve months, although actual results may fluctuate depending on network dynamics.
Differentiated positioning, aiming at long-term growth goals
Since launching its new strategy in April 2025, DFDV has been committed to creating a differentiated path from the traditional Bitcoin treasury model.
As the first publicly traded company in the United States focused solely on non-Bitcoin crypto assets, the company's management believes its Solana-focused strategy will result in stronger fundamentals and better long-term potential.
DFDV’s strategy goes beyond holding, and 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 enable 24/7 trading and composability with DeFi infrastructure.
The company's management stressed that it is focused on transparent and sustainable growth and avoids excessive leverage and highly speculative assets.
