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DeFi Development Corp. reported a 108% increase in SOL per share over the past year, even as its first-quarter loss widened sharply. As of May 13, SOL per share reached 0.0670, up from 0.0322 a year earlier. The firm held 2,294,576 SOL and SOL equivalents on Wednesday.
The company said its SOL per share growth came from several non-traditional treasury moves. It pointed to internal staking through a validator business it acquired in May 2025. It also cited a joint validator node with Bonk.
DeFi Development said it placed more than 25% of its treasury on-chain. It also said its validator operations produced about 7.5% yield. By comparison, it said staking SOL on Coinbase returned about 3.9%.
CEO Joseph Onorati said, “The MSTR playbook is a starting point, not a ceiling.” He added that “SOL is a different asset than BTC.” He also said Solana offers native on-chain yield, composable DeFi protocols, and an active developer community.
The company reported unaudited first-quarter revenue of $2.66 million. That was up 827% from $287,000 in Q1 2025. Digital asset treasury revenue contributed $2.4 million of that total.
At the same time, net loss widened to $83.4 million. That compares with a net loss of $778,000 in the same quarter last year. The company linked the larger loss to declines in its non-cash digital asset holdings.
DeFi Development also said it repurchased about $4.4 million of July 2030 convertible notes in the last six weeks. It paid $2.6 million in cash for the debt. That meant it retired the notes at a 41% discount to par.
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The firm said its treasury policy keeps SOL as the main reserve asset. It also said it continues to hold and stake SOL while operating validator infrastructure. In addition, it said it earns staking rewards and fees from delegated stake.
Solana’s price fell 48% over the past year and traded at $91. The company reaffirmed its June 2026 guidance of 0.075 SOL per share. It also kept its long-term target of 1.0 SPS by December 2028.
DFDV fell 3.13% on Wednesday and closed at $4.65. Over the past year, the stock has dropped 64%. The company also noted that its treasury use, validator partnerships, and Treasury Accelerator program helped drive SPS growth.
DeFi Development Corp. raised its SOL per share by 108% through validator operations, staking, and on-chain treasury activity. At the same time, the company posted a wider quarterly loss as Solana prices declined. Investors continue watching whether DFDV can sustain treasury growth despite ongoing market pressure.
