Solana Surpasses Bitcoin and Ethereum Following $77 Million DeFi Investment in SOL for Corporate Reserves

Solana's Recent Performance

• Market Outperformance: Solana (SOL) outperformed larger cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) on Thursday, rising nearly 4% while BTC and ETH fell by 0.13% and 0.91%, respectively.
• Price Surge: SOL broke past its February price resistance, reaching a high of $216, which has energized the derivatives market.

Derivatives Market Activity

• Futures Open Interest: The open interest in SOL futures surged by 10%, reaching an all-time high of $13.96 billion, indicating strong market interest and activity.

DeFi Development Corp. Purchases

• Significant Acquisitions: DeFi Development Corp. (DFDV) purchased 407,247 SOL for $77 million, increasing its total holdings to 1,831,011 SOL, valued at over $394 million.
• Funding Source: The purchases were financed through capital raised from a recent equity offering, with over $40 million in net proceeds still available for future acquisitions.

Corporate Treasury Involvement

• Public Companies' Holdings: Public companies have collectively accumulated about 8.69 million SOL, worth approximately $1.87 billion, with Sharps Technology Inc. being the largest holder.

Price and Stock Movement

• Current Trading Price: As of the latest data, SOL was trading at $215.29, reflecting a 3.93% increase in the last 24 hours.
• DeFi Development Stock Performance: DFDV shares rose by 0.36% in after-hours trading, following a 7.93% increase during regular trading, closing at $16.47.