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Giant Company Has Set Aside Millions of Dollars for Solana: They Are Following a Different Strategy! - Coin Bulletin
DeFi Development Corp. will make a payment of 3 million dollars in stock and 500,000 dollars in cash to acquire the Solana validator business for 3.5 million dollars.
The acquired validator business has an average stake of approximately 500,000 SOL and the market value of this amount is around 75.5 million dollars at the time of writing. This new acquisition will provide DeFi Development Corp. the opportunity to stake its own SOL assets. Additionally, the company will also take on all Solana staking rewards of the acquired business.
Joseph Onorati, the Chairman of the Board and CEO of DeFi Development Corp., stated, "We have been planning for a long time to bring a validator into our operations. Running our own high-performance validator will both increase efficiency and reduce costs by eliminating our dependence on third-party validators." It was also stated that this acquisition will contribute to the company's goal of increasing growth per SOL and will continue to generate revenue through staking driven by third parties.
The CEO of DeFi Development Corp., Parker White, stated that the agreement not only provides new cash flow but also strengthens the company's mission to be at the center of the decentralized economy infrastructure. Operating validators with significant stake on the Solana network places DeFi Development Corp. at the heart of Solana and aims to achieve better risk-adjusted returns than simply holding SOL through this strategy.
The company did not disclose which Solana validator operation was acquired. DeFi Development Corp. made a transition in recent months from providing data and software services solely to the real estate sector towards a Solana strategy. The company recently held 317,273 SOL which was valued at 46.2 million dollars.
DeFi Development Corp.'s acquisition will likely deepen its integration into the Solana ecosystem, solidifying the company's position in the crypto space. With Solana currently trading around 145 dollars, this acquisition for DeFi Development Corp. not only creates value per SOL but also reinforces the vision of a decentralized economy.