Mentioned:
DFDV -5.32% GLXY -11.51%
DeFi Development Corp is all in on Solana. And now, they’re starting to buy validators.
What’s happening:
- DeFi Development Corp (NASDAQ: DFDV) has entered into a new agreement to acquire a Solana validator business for $3.5M USD
By the numbers:
- DeFi Development Corp will pay $3M USD in equity and $500K USD in cash to acquire the Solana validator business
- The new Solana validator is currently staking roughly $75.5M USD worth of Solana tokens
- DeFi Development Corp currently holds 317,273 Solana tokens directly as an asset
Why it matters:
- This is the first time that DeFi Development Corp has ventured into operating their own validators and they have also publicly stated they will begin to transfer all of their existing Solana holdings onto their own validator to begin generating a passive yield through staking
Going deeper:
- DeFi Development Corp has been making waves with their rapid capital raises, including a $42M USD financing round led by Pantera Capital and Kraken as well as a $24M USD equity financing round led by crypto giant Galaxy Digital (TSX: GLXY)
