DeFi Development and Upexi buy more SOL, boosts Solana price to near $200

Solana (SOL) is experiencing a significant price surge, with the sixth-ranked cryptocurrency’s price gain 18% in the past week and over 40% this past month amid massive buying pressure. On July 21, Solana price hovered near $200 after bulls broke to above $195 , buoyed by news of aggressive treasury strategies from Nasdaq-listed firms DeFi Development Corp and Upexi, Inc. Both companies announced substantial SOL purchases, reinforcing their commitment to building Solana-based treasuries. Like other initiatives, the news helped bulls higher amid market enthusiasm. Solana surges amid SOL treasury moves As noted, the price of Solana is on the verge of a breakout above $200. While the overall altcoin market rally has SOL on the cusp of the psychological level, part of the double-digit gain of 10% in 24 hours came amid news of Solana purchases by DeFi Development Corp and Upexi. In an announcement , DeFi Development revealed it scooped an additional 141,383 SOL between July 14 to July 20 to expand its SOL holdings to 99,999 tokens. The company’s haul of the altcoin has now crossed the $192 million mark, with the latest buy made at an average price of $133.53. According to the Nasdaq-listed firm, the purchase, totaling around $19 million, was partially funded through a $19.2 million draw from its $5 billion Equity Line of Credit (ELOC) facility. The company still has $4.98 billion available for potential future SOL acquisitions. The company, the first US public entity with a treasury strategy focused on accumulating and compounding Solana, stakes its SOL to validators. Upexi buys more Solana Like DeFi Development, consumer products company Upexi has also added to its Solana treasury holdings. The company, which diversified into cryptocurrency with the SOL purchase in April, announced it had boosted its Solana treasury to 1,818,809 SOL. Upexi’s total Solana holdings are now worth $331 million after it added 100,000 SOL at the average price of $176.77 per token on July 17. Upexi’s acquisition, funded through a $200 million equity and convertible notes private placement, marks a 147% increase from its June holdings of 735,692 SOL. So far, the company has spent $273 million to buy SOL and seen its holdings generate $58 million in unrealized gains. “With multiple value accrual mechanisms – from intelligent capital issuance to staking and discounted locked SOL purchases – we are confident we can and will continue to create significant value for shareholders,” said Upexi CEO Allan Marshall. Both DeFi Development and Upexi’s strategies, including staking and discounted locked SOL purchases, align with Solana’s growing ecosystem. As Solana nears $200, these corporate treasury moves add to the growing adoption of cryptocurrencies, particularly amid regulatory developments such as the recent US stablecoin bill. The post DeFi Development and Upexi buy more SOL, boosts Solana price to near $200 appeared first on Invezz

Source: Invezz