DeFi Development Corp. Bolsters Solana Holdings to $273 Million, Signaling Strong Confidence in SOL’s Growth

In a bold move underscoring its bullish stance on solana (SOL), DeFi Development Corp. has significantly expanded its treasury holdings, acquiring an additional 110,000 SOL tokens worth $22 million. This strategic accumulation brings the firm's total SOL holdings to 1,420,173 tokens, valued at approximately $273 million as of August 2025. The company's Solana-per-share metric has surged 9% to 0.0675, reflecting a remarkable 48% monthly increase. This metric, a critical indicator for investors, highlights the firm's growing indirect exposure to Solana's ecosystem. The aggressive accumulation of SOL tokens suggests strong institutional confidence in Solana's long-term value proposition, particularly as the network continues to scale and attract decentralized finance (DeFi) projects. With Solana's high-throughput blockchain gaining traction, DeFi Development Corp.'s treasury strategy may position it advantageously for the next phase of Web3 adoption. The firm's actions could serve as a bellwether for other institutional players eyeing the Solana ecosystem, potentially catalyzing further capital inflows into SOL as a core crypto asset.

DeFi Development Corp. Expands Solana Treasury Holdings to $273 Million

DeFi Development Corp. has aggressively increased its Solana (SOL) exposure, purchasing an additional 110,000 tokens worth $22 million. The firm's total SOL holdings now stand at 1,420,173 tokens, valued at approximately $273 million.

The company's Solana-per-share metric surged 9% to 0.0675, reflecting a 48% monthly increase. This metric serves as a critical indicator for investors, representing their indirect exposure to Solana's price movements through the company's stock.

All newly acquired SOL will be immediately staked to generate yield, creating a compounding effect on the firm's crypto treasury strategy. Since July 22, DeFi Development Corp. has expanded its SOL position from under 1 million tokens to its current substantial holding.

Solana Price Prediction: On-Chain Growth and Technicals Align for Next Bullish Leg Towards $259

Solana has solidified its position around the $190 mark, transforming previous resistance into robust support. This steady climb reflects growing confidence among investors, even as the SEC delays its decision on the Bitwise Spot Solana ETF. Regulatory hurdles are nothing new in the crypto space—Bitcoin and ethereum ETFs faced similar delays before eventual approval.

The SEC's extended review period for the Solana ETF application is a procedural step rather than a rejection. Market participants remain optimistic, drawing parallels to historical ETF approval timelines. A final decision, when it comes, could serve as a significant catalyst for SOL's next upward move.

Technical analysis reveals Solana respecting a long-term ascending trendline established since early 2025. With key support holding firm, higher targets are emerging. The alignment of on-chain growth and bullish chart patterns suggests SOL may be gearing up for a run toward $259.

Solana Trading Activity Contracts in Q2 Despite Strengthening Network Fundamentals

Solana's trading activity saw a sharp 44% decline in the second quarter, with application revenue dropping to $576.4 million from $1.0 billion. Daily DEX volumes fell 45.4% to $2.5 billion, while perpetual trading slid 28.5% to $879.9 million. The pullback reflects cooling memecoin speculation after a frenetic first quarter.

Beneath the surface, Solana's fundamentals tell a different story. DeFi total value locked surged 30.4% to $8.6 billion, cementing its position as the second-largest network by TVL. The App Revenue Capture Ratio more than doubled to 211.6%, demonstrating improved monetization efficiency. Liquid staking penetration grew to 12.2% of SOL supply, signaling deeper protocol integration.

The divergence between trading metrics and network health suggests Solana's ecosystem is maturing beyond speculative cycles. As DeFi adoption accelerates, the network appears poised for sustainable growth despite short-term volatility in trading activity.

Solana Price Holds Key Support As ETF Hopes And DeFi Growth Build

Solana maintained its position above a critical technical threshold this week, buoyed by speculation over potential ETF approvals and expanding decentralized finance activity. Analysts noted the token's structural resilience following a recent pullback, with short liquidations contributing to the rebound momentum.

Trading NEAR $184 at press time, SOL's retreat from weekly highs around $215 was characterized as a constructive reset within an overarching uptrend. Such retracements typically flush out weak hands while establishing firmer support levels. MacroCRG observed that stability at this juncture preserves potential for advancement toward the $220–$250 range, with the support bounce underscoring persistent demand despite market fluctuations.

Industry reports suggest up to eight Solana ETF applications may be progressing toward regulatory clearance. CryptoCurb analysts highlight these instruments would provide institutional investors with compliant SOL exposure, potentially mirroring the liquidity influx witnessed following Bitcoin and Ethereum ETF launches. This development could fortify SOL's investor base against volatility.

The market structure gained additional reinforcement from a short squeeze, illustrating the persistent bullish undercurrent for the asset. Market participants now watch whether SOL can consolidate above yearly open levels to maintain its higher-timeframe positive trajectory.

Former Pump.fun Developer Pleads Guilty to $2 Million Solana Heist

Jarett Dunn, a former developer at the Solana-based memecoin platform Pump.fun, has admitted to stealing nearly $2 million in SOL through a flash loan attack. The breach occurred shortly after Dunn joined the team, exploiting the project's bonding curve to drain approximately 12,300 SOL.

Legal proceedings have been tumultuous. Dunn initially pleaded guilty in 2023 but later attempted to retract his admission. After his legal team withdrew, the case stalled until his bail violation—relocating to Liverpool without authorization—landed him back in custody at HMP Pentonville.

Sentencing is imminent, with potential penalties exceeding seven years if classified as a top-tier offense. Pump.fun estimates total losses at $12.8 million, underscoring the vulnerability of DeFi platforms to insider threats.

Solana ETF Race Intensifies as SEC Opens Review

The U.S. Securities and Exchange Commission has begun reviewing Invesco and Galaxy Digital's joint proposal for a spot Solana ETF, marking a critical juncture in the race to bring SOL into mainstream investment markets. Approval could catalyze institutional adoption and unlock retail access through retirement accounts.

Heavyweight contenders including VanEck, Fidelity, 21Shares, and Bitwise have flooded the SEC with similar applications. REX Shares' alternative structure ETF gained immediate effectiveness in May, adding competitive pressure to the space.

Market Optimism stems from the existence of CME Solana futures and perceived regulatory tailwinds under the current administration. The fundamental question remains whether regulators will classify SOL as a commodity or security - a determination that could make or break the ETF ambitions.