BitMine stock falls after CEO change and board appointments
Investing.com -- DeFi Development Corp. (NASDAQ:DFDV) stock climbed 1.7% in premarket trading Thursday after the company announced plans to deploy its balance sheet directly into Digital Asset Treasuries through a new Treasury Accelerator program.
The Nasdaq-listed firm, which describes itself as the first public company with a treasury strategy focused on accumulating Solana (SOL), said it expects to commit between $5 million and $75 million per vehicle to opportunities across global DATs. These investments will use a combination of equity placements, convertible structures, and debt financings, which may be funded either in cash or in-kind SOL.
DeFi Development indicated that any appreciation from these investments would be reinvested into purchasing additional SOL, further compounding the company’s treasury holdings of the cryptocurrency.
"We’ve built the Treasury Accelerator to catalyze DATs globally," said Joseph Onorati, Chief Executive Officer of DeFi Development Corp. "We intend to back the most promising DATs worldwide, and use the returns to grow SOL per share for our shareholders."
The company’s strategy represents an expansion of its existing focus on Solana accumulation, now extending to direct investments in other digital asset treasury vehicles.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.