"Solana First Treasury" DFDV rose sharply after the performance, and the number of coins hoarded and staking business increased significantly

Written by: Yilong Bao, Wall Street News

DeFi Development (DFDV), the first publicly traded company in the United States with Solana as its core treasury strategy, is gaining market recognition for its aggressive SOL hoarding strategy and strong staking yields.

On Tuesday, DFDV, which focuses on cryptocurrency Solana, released its second-quarter earnings report. The company reported second-quarter earnings per share of $0.84 and revenue of $1.97 million. As of August 11, DFDV held over 1.3 million SOL tokens worth nearly $250 million, and its staking business is expected to generate approximately $63,000 in SOL-denominated yield per day.

The core metric, SOL Holdings per Share (SPS), has seen a significant increase of 47% from June 30, reaching 0.0619. The company maintains its long-term target, reaching an SPS of 0.165 by June 2026 and 1.000 by December 2028, representing a 167% increase from current levels.

At the same time, DFDV has introduced a new metric called "Annualized Organic Yield" (AOY) to measure the performance of staked assets, which is expected to remain around 10% over the next 12 months. CEO Joseph Onorati said:

DFDV is not only a SOL accumulation tool but also a bridge connecting DeFi and traditional finance.

On Tuesday, the U.S. stock price surged 18.30% to $17.84 during regular trading hours due to the mild CPI data in the United States, and further rose more than 12% after the second-quarter results were announced after the market was announced.

SOL holdings and staking income grow

DFDV's financial report data shows that the company's core strategy - accumulating and compounding SOL - is steadily advancing.

In July, DFDV raised $165 million in net capital and completed a $122.5 million convertible bond financing led by Cantor Fitzgerald at a conversion price of approximately $23.11 per share. These transactions provide ample financial support for the company to further acquire SOL.

While the funding was rapid, the company's "SOL Holdings per Share" SPS metric achieved significant growth. SPS grew 34% sequentially in July, one of the fastest growing periods in the company's history. SPS increased by 47% from June 30 to 0.0619.

As of August 11, the company's SOL holdings reached 1,301,700, valued at nearly $250 million at the current market price. In the first two weeks of August alone, the company increased its holdings by over 4,500 SOL, further expanding its asset base for generating income.

To measure the performance of its on-chain business, the company has introduced a new metric called "Annualized Organic Yield" (AOY), which tracks the combined return generated from treasury asset pledge, third-party delegated staking, and on-chain activities.

The company expects AOY to remain around 10% over the next twelve months, although actual results may fluctuate due to network dynamics.

Differentiated Positioning, Aiming for Long-Term Growth Goals

Since launching its new strategy in April 2025, DFDV has been committed to creating a differentiated path that distinguishes itself from the traditional Bitcoin treasury model.

As the first publicly traded company in the United States to focus on non-Bitcoin crypto assets, the company's management believes that its strategy to focus on Solana will lead to stronger fundamentals and better long-term potential.

DFDV's strategy extends beyond holding, emphasizing deep integration with the Solana ecosystem.

According to the company, its business includes operating its own validator infrastructure, participating in decentralized finance (DeFi) protocols, and launching a tokenized version of its stake, DFDVx, to enable 24/7 trading and composability with DeFi infrastructure.

The company's management emphasizes that the company focuses on transparent and sustainable growth, avoiding over-leverage and highly speculative assets.