DeFi Development Corp. approves 7-for-1 stock split amid broader SOL treasury push
Quick Take
- The seven-to-one split increases the firm’s outstanding shares from about 2 million to 14 million, though its authorized share capital won’t be affected.
- Before the move, DeFi Development Corp.’s SOL-per-share sat at 0.199, or about $29.
The board of directors for DeFi Development Corp. (Nasdaq: DFDV), a real estate software firm turned Solana-focused treasury play, has approved a 7-for-1 stock split for its issued and outstanding common shares, according to a Wednesday company release.
The move increases the firm's outstanding shares from about 2 million to 14 million, though its authorized share capital won't be affected. By May 19, each shareholder will receive six additional shares for each one they currently hold.
Since the firm's shares trade on Nasdaq, the stock exchange will have to give final approval. If given the go-ahead, trading can begin again on a post-stock split adjusted basis on May 20, the release said.
"The stock split is intended to enhance liquidity in the market for DeFi Dev Corp.’s common stock and make the shares more accessible to a broader base of investors as the Company continues to execute its corporate treasury strategy centered on SOL accumulation and infrastructure ownership," the firm wrote in a statement.
The Block reached out to DeFi Development Corp. for comment.
The seven-to-one stock split comes on the heels of the company’s $11.2 million purchase of 82,404.5 SOL, bringing its total Solana holdings to 400,091 SOL. At the time, that equated to 0.199 SOL per share, or roughly $29.
In April, the firm rebranded from Janover (ticker: JNVR) to DeFi Development Corp., hoping to become the "Strategy of Solana." In addition to its slowly growing solana treasury, the firm agreed to acquire an unnamed Solana validator business for $3.5 million to help it self-stake its holdings.
Other firms building solana-focused crypto treasuries include the consumer product firm Upexi and the investment firm Sol Strategies.
Solana traded at $146 Wednesday afternoon, up 1.25% in the past 24 hours, according to The Block's solana price page. The sixth-largest token by market capitalization brought in $4.5 billion in trading volume in the past day.
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