DeFi Development (DFDV), the first publicly listed US company with Solana as its core treasury strategy, is gaining market recognition for its aggressive Solana accumulating strategy and robust staking returns.
On Tuesday (August 12), DFDV, a company focused on the Solana cryptocurrency, released its second-quarter financial report. The company reported earnings per share of $0.84 and revenue of $1.97 million in the second quarter. As of August 11, DFDV held over 1.3 million Sol tokens, valued at nearly $250 million. Its staking business is expected to generate approximately $63,000 in Solana-denominated income daily.
The core metric, Solana per share (SPS), surged 47% from June 30 to 0.0619. The company maintains its long-term goals of achieving an SPS of 0.165 by June 2026 and 1.000 by December 2028, representing a 167% increase from current levels.
DFDV has also introduced a new metric, "Annualized Organic Yield" (AOY), to measure the performance of its pledged assets, and expects this metric to remain around 10% over the next 12 months. CEO Joseph Onorati stated:
On Tuesday (August 12), the company's stock price surged 18.30% to $17.84 during regular trading hours, driven by benign July CPI data. The company's stock price then surged over 12% after the second-quarter earnings announcement.
Both SOL holdings and staking returns have increased.
DFDV's financial report demonstrates that its core strategy—accumulating and compounding SOL—is progressing steadily.
In July, DFDV raised $165 million in net capital and completed a $122.5 million convertible note financing led by Cantor Fitzgerald at a conversion price of approximately $23.11 per share. These transactions provided ample funding for the company's further acquisition of SOL.
Along with this rapid financing, the company's "SOL per share" (SPS) metric achieved significant growth. July's SPS increased by 34% month-over-month, one of the fastest growth periods in the company's history. SPS increased 47% from June 30th to 0.0619.
As of August 11th, the company's SOL holdings reached 1,301,700, valued at nearly $250 million at current market prices. In the first two weeks of August alone, the company acquired over 4,500 SOL, further expanding its income-generating asset base.
To measure the performance of its on-chain business, the company has introduced a new metric, "Annualized Organic Yield" (AOY), which tracks the combined returns from treasury asset staking, third-party delegated staking, and on-chain activity.
The company expects AOY to remain around 10% over the next twelve months, although actual results may fluctuate due to network dynamics.
Differentiated Positioning, Targeting Long-Term Growth
Since launching its new strategy in April 2025, DFDV has been committed to forging a differentiated path from the traditional Bitcoin treasury model.
As the first publicly listed company in the United States focused solely on non-Bitcoin crypto assets, management believes its focus on Solana will yield stronger fundamentals and greater long-term potential.
FDV's strategy goes beyond holdings and emphasizes deep integration with the Solana ecosystem.
According to the company, its operations include operating its own validator infrastructure, participating in decentralized finance (DeFi) protocols, and launching a tokenized version of its equity, DFDVx, to enable 24/7 trading and composability with DeFi infrastructure.
The company's management stressed that it is focused on transparent and sustainable growth and avoids excessive leverage and highly speculative assets.