DeFi Development Corp, Solana's treasury company, reported a net loss of $83.4 million for the first quarter, a significant increase from the $778,000 loss in the same period last year. Despite the expanded loss, the company's SOL holdings per share rose by 108% over the past year, increasing from 0.0322 to 0.0670 SOL. As of May 13, DeFi Development held approximately 2.2946 million SOL and equivalents.
CEO Joseph Onorati attributed the growth in SOL holdings to strategies such as internal staking, operating joint validator nodes with Bonk, and deploying over 25% of the treasury on-chain. The company also reported a first-quarter revenue of $2.66 million, marking an 827% increase year-over-year, despite the financial challenges posed by the decline in SOL's price.
DeFi Development Corp Reports $83.4M Q1 Net Loss, SOL Holdings Surge 108%
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