Solana treasury firm DeFi Development Corp estimates it earns $63k per day in ‘SOL-denominated revenue’ on its 1.3M token stockpile

Solana treasury firm DeFi Development Corp. (ticker DFDV) is now holding over 1.3 million SOL tokens, worth nearly $250 million in total. The firm purchased over 4,500 SOL alone in the first two weeks of August, according to a shareholder letter on Tuesday.

"Today, our [SOL Per Share] (SPS) is 0.0619, representing an increase of over 47% from our reported SPS at the end of June. In July alone, we executed one of the fastest periods of accretive growth in our history, raising $165 million in capital (net of fees) while increasing SPS 34% month-over-month," CEO Joseph Onorati wrote in the letter.

Like other crypto treasury plays, DDC raises capital from qualified investors to fund purchases, in a model pioneered by Michael Saylor’s Strategy. Onorati notes, however, that the proof-of-stake token is a more productive asset than bitcoin, because it can earn staking rewards.

In July, DDC closed a $122.5 million convertible debt raise led by Cantor Fitzgerald.

The firm uses an “Annualized Organic Yield” metric to measure the performance of its validator and staking business. According to the release, the firm estimates it has an AOY of 10%, implying about $63,000 per day in SOL-denominated revenue based on its 1.3 million SOL stockpile.

Among traditional financial metrics, the firm reported revenue of $1.98 million in the quarter, up from $400,000 in the prior-year period. Net income came in at $15.4 million, compared to a loss of $800,000 last year.

The team notes that in the second quarter, it scaled its “validator footprint, added third-party delegation, and increased our share of total rewards earned across the Solana network.” The firm, founded by former Kraken executives, has signed a validator agreement with the exchange.

DDC also runs validators for select Solana-based memecoins, including Dogwifhat, and splits its staking income with the community.

Defi Development shares traded higher by 18% in Tuesday's regular trading session to close at $17.84 and traded up another 6% after hours.

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