• DeFi Development Corp has launched a $200 million At-the-Market facility dedicated to purchasing additional SOL.
• The program enables flexible share sales to fund strategic Solana accumulation.
• DeFi Dev Corp holds over 2.2 million SOL, ranking third among Solana treasury companies.

DeFi Development Corp (DFDV) has launched a $200 million at-the-market (ATM) equity program to fund additional Solana (SOL) purchases and support broader ecosystem initiatives, according to a statement released Monday.

DeFi Dev Corp expands SOL accumulation strategy via equity issuance

The ATM facility allows the company to issue shares incrementally into the market, providing flexible access to capital for accumulating SOL and for strategic investments tied to the Solana ecosystem.

The firm’s treasury strategy centers on increasing its SOL-per-share metric, which it uses to measure shareholder value. The company stated that it will issue new shares only when it increases the amount of SOL per share for investors.

“We have one job: stack SOL for our shareholders, [...] this program opens the door to $200 million of dry powder to do exactly that, on our terms,” said Joseph Onorati, Chairman and CEO of DeFi Development Corp.

DeFi Dev Corp has positioned itself as a bridge between traditional markets and the Solana ecosystem. The firm became the first non-BTC crypto treasury in April 2025 when it pivoted to a Solana strategy.

Following a quiet period of purchases since October, DeFi Dev Corp has revealed its intention to resume aggressive Solana acquisitions. The company also posted 442% revenue growth in fiscal year 2025, primarily driven by its Solana treasury.

In addition to holding SOL, DeFi Dev Corp operates a validator infrastructure that generates staking rewards and transaction fees. The firm holds over 2.2 million SOL, valued at roughly $187 million, making it the third-largest corporate holder of the token. Only Forward Industries and Upexi hold more, with 6.9 million and 2.4 million SOL, respectively.

The latest announcement comes amid returning interest in digital asset treasury models among public companies.

SOL is trading at $84 on the day following the announcement. The Layer-1 token has held steady on Monday, trading within the $80-$85 range.

On the institutional side, US spot Solana exchange-traded funds (ETFs) recorded $1.24 million in outflows last week, according to SoSoValue data.