DeFi Development is making bold moves in the Solana ecosystem. The company just boosted its share repurchase authorization from $1 million to a whopping $100 million, sending DFDV shares up as much as 6% before settling at $15.73, solidifying its spot as the second-largest publicly traded Solana treasury firm.
COO and CIO Parker White explained that the buybacks aren’t just about stock price they’re about growing Solana-per-share (SPS) long-term. The firm will strategically deploy cash into additional share repurchases or direct SOL purchases, depending on market conditions, aiming to maximize SPS growth.
Here’s the kicker: DeFi Development holds $452 million worth of Solana, yet trades at a market cap of just $395 million. That gives the company an mNAV ratio below 1, meaning its crypto holdings are actually more valuable than the company itself on the open market.
White noted that the expanded buyback program allows the firm to step in if mNAV falls significantly below 1 for extended periods, a tactic also seen in Ethereum-focused treasury companies like SharpLink Gaming.
DeFi Development’s journey into Solana began in April, when it rebranded from Janover, signaling a full commitment to digital asset operations and ecosystem integration. Since then, the company has made strategic moves, including:
- Acquiring a Solana validator business for $3.5M
- Partnering with meme coin BONK
- Launching its own liquid staking token
- Establishing a $5 billion equity line of credit
Today, the firm holds 2,095,748 SOL tokens, cementing its role as a major player in digital asset treasuries. Solana has faced some headwinds recently, falling 9% over the past week due to priced-in corporate purchases and deleveraging pressures.
Market sentiment is now more cautious. Prediction market users are split 50-50 on whether SOL will reach new all-time highs above $293.31 by year-end, down from 62% bullish odds earlier this week. Despite the short-term volatility, DeFi Development’s aggressive buyback program and strategic SOL acquisitions show it’s playing the long game for sustained growth.
