Written by: Bao Yilong, Wall Street Insights
DeFi Development (DFDV), the first U.S. listed company with Solana as its core treasury strategy, is gaining market recognition through its aggressive SOL accumulation strategy and strong staking yields.
On Tuesday, DFDV released its second quarter financial report focusing on cryptocurrency Solana. The company's second quarter earnings per share reached $0.84, with revenue of $1.97 million. As of August 11, DFDV held over 1.3 million SOL tokens, valued at nearly $250 million, with its staking business expected to generate approximately $63,000 in SOL-denominated daily revenue.
The core metric "SOL per Share" (SPS) grew significantly by 47% from June 30, reaching 0.0619. The company maintains its long-term goals of reaching 0.165 SPS by June 2026 and 1.000 by December 2028, representing a 167% increase from current levels.
Simultaneously, DFDV introduced a new metric "Annualized Organic Yield" (AOY) to measure staked asset performance, expected to remain around 10% in the next 12 months. CEO Joseph Onorati stated:
DFDV is not just a SOL accumulation tool, but a bridge connecting DeFi and traditional finance.
On Tuesday, influenced by the U.S. July mild CPI data, the stock market's risk appetite surged, and the company's stock price rose 18.30% to $17.84 during regular trading hours, further increasing over 12% after hours following the second quarter earnings announcement.
Dual Growth in SOL Holdings and Staking Yields
DFDV's financial report shows that the company's core strategy of accumulating and compounding SOL is steadily progressing.
In July, DFDV raised $165 million in net capital and completed a $122.5 million convertible debt financing led by Cantor Fitzgerald, with a conversion price of approximately $23.11 per share. These transactions provide ample funding for further SOL acquisitions.
While rapidly raising funds, the company's "SOL per Share" (SPS) metric achieved significant growth. SPS increased by 34% month-on-month in July, one of the company's fastest growth periods. SPS grew 47% from June 30, reaching 0.0619.
As of August 11, the company's SOL holdings reached 1.3017 million tokens, valued at nearly $250 million at current market prices. In just the first two weeks of August, the company added over 4,500 SOL, further expanding its revenue-generating asset base.
To measure its on-chain performance, the company introduced the "Annualized Organic Yield" (AOY) metric to track comprehensive returns from treasury asset staking, third-party delegated staking, and on-chain activities.
The company expects the AOY to remain around 10% in the next twelve months, though actual results may fluctuate due to network dynamics.
Differentiated Positioning, Targeting Long-Term Growth Objectives
Since launching its new strategy in April 2025, DFDV has been committed to creating a differentiated path from traditional Bitcoin treasury models.
As the first U.S. listed company focusing on non-Bitcoin crypto assets, the company's management believes its Solana-focused strategy will deliver stronger fundamentals and better long-term potential.
DFDV's strategy goes beyond holding, emphasizing deep integration with the Solana ecosystem.
According to the company, its business includes operating its own validator infrastructure, participating in DeFi protocols, and launching a tokenized version of its equity, DFDVx, to enable 24/7 trading and composability with DeFi infrastructure.
Company management emphasizes focus on transparent and sustainable growth, avoiding excessive leverage and highly speculative assets.
