DeFi Development Corp. said its fully converted Solana-per-share metric (SPS) rose 108% year-over-year, reaching 0.0670 SOL per share as of May 13.
The figure increased from:
- 0.0322 one year earlier,
- and 0.0665 on March 30.
The company reported holdings of approximately:
- 2,294,576 SOL and SOL equivalents,
- against roughly 34.2 million fully converted shares outstanding.
DFDV continues positioning itself as a corporate Solana treasury company, similar in concept to Bitcoin treasury firms but centered on the Solana ecosystem instead.
Despite the SPS growth, the company posted a significantly wider quarterly loss:
- Q1 2026 revenue rose to $2.66 million from $287,000 a year earlier.
- Digital asset treasury revenue accounted for about $2.40 million.
- Net loss widened to $83.4 million versus a $778,000 loss in Q1 2025.
The loss was largely tied to weaker Solana market prices affecting the valuation of treasury holdings.
The company also repurchased approximately $4.4 million in July 2030 convertible notes for about $2.6 million in cash, representing a 41% discount to par value.
Chief executive Joseph Onorati said the firm’s strategy differs from Bitcoin treasury models such as Strategy.
According to Onorati:
“The MSTR playbook is a starting point, not a ceiling.”
He argued that Solana’s ecosystem allows for more active treasury deployment than passive Bitcoin holding strategies.
DFDV said several activities contributed to SPS growth:
- validator operations,
- validator partnerships,
- onchain treasury deployment,
- and its Treasury Accelerator program.
The company reported validator yields near 7.5%, compared with roughly 3.9% from standard Coinbase staking. It also said more than 25% of treasury assets are actively deployed across decentralized finance protocols.
The update reflects a broader trend of public companies building crypto-native treasury strategies around assets other than Bitcoin. In Solana’s case, firms are increasingly combining:
- treasury accumulation,
- staking,
- validator revenue,
- and DeFi participation
to create yield-generating corporate crypto balance sheets.
DFDV has steadily expanded its Solana holdings over recent months and previously partnered with Kraken and Backed Finance to explore tokenized onchain stock exposure through xStocks infrastructure.
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