DeFi Development Corp. soared 17% more on Thursday, after it announced that $2.7 million had been purchased in Solana for its ongoing Treasury Strategy.
Stock prices had already risen the previous day, when the company announced its June business update and plans to raise an additional $112.5 millions.
DeFi Development Corp. Thursday said It bought 17,760 SolanaSOLAfter the acquisition, the company’s Solana stack stood at 640,585 SOL worth approximately $98 million. The company acquired 640,585 SOL worth $98,000,000.
The company has stated its intention to retain the newly purchased tokens for the long term and to stake them in order to produce yield.
DeFi Development Corp., announced in April that it will be launching a new website. raise $1 billion to invest in Solana. The company, however, had to make a decision on the 12th of June. withdraw its filing As the US Securities and Exchange Commission announced that the firm had not submitted a management review before its due date.
Stock price of DeFi Development Corp. rises
DeFi Development Corp.’s (DFDV) stock rose 17% on Thursday to reach $23.80.
Stock price grew another 0.8% following the bell. It ended after-hours at $24, according Google Finance
Comparing its lowest price of Wednesday, $18.47 to today’s stock value is a 30% increase in two days. The stock has also surged more than 2,733% in the past year, but is still down 33% since its peak on May 21, when it was $35.53.
Related: DeFi Development Corp stock to go onchain via Kraken
In the first quarter of the year, net sales fell by 30 percent, while net profits dropped by 15 percent.
Letter dated July 2, addressed To shareholders, the company explained that it wants to preserve capital flexibility while protecting investors against short-term liquidity risks. Further, the company added that its financial statements are in good shape. “is structured to weather prolonged drawdowns and support long-term NAV/share durability.”
Capital raise by DeFi Development Corp.
On Wednesday, DeFi Development Corp. announced The company will be raising $112.5 millions via private placements. It is anticipated that the offer will close on Monday.
From the net proceeds, $75.6 million will be used to finance a forward-purchased stock transaction. The firm will also use the remainder proceeds to fund general corporate needs, such as buying SOL stock for the treasury.
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Source: cointelegraph.com
