Solana Treasury DeFi Development Corp is looking to raise $20 million to buy more SOL, the company said in a statement. The move comes after the firm recently purchased 19,000 SOL, pushing its total holdings past 2.33 million SOL and SOL equivalents.
Why the company keeps buying
The treasury firm, which focuses on accumulating Solana's native token, has been steadily adding to its position. The latest purchase of 19,000 SOL was part of that ongoing strategy. Now the company wants to go bigger, with a $20 million raise earmarked specifically for additional SOL acquisitions.
That would bring the treasury's total to well over 2.33 million SOL, though the exact target after the raise hasn't been disclosed. The company hasn't said how many tokens it expects to buy with the new funds, or at what price.
What the raise means for the treasury
If the raise succeeds, the company's SOL stash will grow even further. The current holdings already represent a significant chunk of the token's supply, though the company hasn't said what percentage that is. The $20 million figure is notable because it's roughly the size of the recent 19,000-token purchase, depending on SOL's price at the time.
The company's approach is straightforward: accumulate SOL, hold it, and build a treasury that's heavily weighted toward the token. There's no word on whether the raise will be structured as a private placement, a public offering, or something else.
The company hasn't given a timeline for the raise or a date for when the new SOL purchases might happen. It also hasn't said whether the $20 million will come from existing investors, new backers, or a mix. Those details are expected to be announced as the raise gets underway.
