DeFi Development Corp. Stock Rises as Solana Firm Boosts Buyback Plan to $100 Million
The post DeFi Development Corp. Stock Rises as Solana Firm Boosts Buyback Plan to $100 Million appeared on BitcoinEthereumNews.com. In brief DeFi Development Corp. is boosting its share repurchase program from $1 million to $100 million. The firm will consider buying back shares from the open market when its mNAV trades below 1. DFDV is up about 4% on the day, but down 12% in the last week of trading. Shares in Solana treasury firm DeFi Development Corp. (DFDV) jumped as high as 6% before retracing amid news the firm increased its share repurchase program from $1 million to $100 million. DFDV is now changing hands at $15.73, up nearly 4% on the day. It’s now up more than 2,100% year-to-date, but down 12% in the last week of trading. “Ultimately, buybacks are a tool to grow Solana-per-share (SPS) long-term, so we will be regularly evaluating the usage of buybacks against our other opportunities to grow SPS long-term,” DFDV COO and CIO Parker White told Decrypt. “Our goal is to maximize SPS growth, so depending on the mNAV, we may deploy additional cash into share buybacks or SOL purchases,” he added. Other publicly traded digital asset companies, like Ethereum treasury SharpLink Gaming, have signaled that use of their respective share repurchase programs will come when their net asset value—or crypto holdings—are more valuable than the firm’s trading market cap, as well. That’s the current situation for DeFi Development Corp, which holds around $452 million worth of Solana in its treasury, but trades at just a $395 million market cap at its current trading price, giving it an mNAV—or a ratio of market cap to crypto holdings—below 1. “We wanted to have the flexibility to conduct buybacks if the mNAV falls deeply below 1 for a sustained period,” said White of the firm’s increased repurchase program. The AI-powered real estate software firm kicked off its Solana treasury plans in…
The post DeFi Development Corp. Stock Rises as Solana Firm Boosts Buyback Plan to $100 Million appeared on BitcoinEthereumNews.com.
In brief DeFi Development Corp. is boosting its share repurchase program from $1 million to $100 million. The firm will consider buying back shares from the open market when its mNAV trades below 1. DFDV is up about 4% on the day, but down 12% in the last week of trading. Shares in Solana treasury firm DeFi Development Corp. (DFDV) jumped as high as 6% before retracing amid news the firm increased its share repurchase program from $1 million to $100 million. DFDV is now changing hands at $15.73, up nearly 4% on the day. It’s now up more than 2,100% year-to-date, but down 12% in the last week of trading. “Ultimately, buybacks are a tool to grow Solana-per-share (SPS) long-term, so we will be regularly evaluating the usage of buybacks against our other opportunities to grow SPS long-term,” DFDV COO and CIO Parker White told Decrypt. “Our goal is to maximize SPS growth, so depending on the mNAV, we may deploy additional cash into share buybacks or SOL purchases,” he added. Other publicly traded digital asset companies, like Ethereum treasury SharpLink Gaming, have signaled that use of their respective share repurchase programs will come when their net asset value—or crypto holdings—are more valuable than the firm’s trading market cap, as well. That’s the current situation for DeFi Development Corp, which holds around $452 million worth of Solana in its treasury, but trades at just a $395 million market cap at its current trading price, giving it an mNAV—or a ratio of market cap to crypto holdings—below 1. “We wanted to have the flexibility to conduct buybacks if the mNAV falls deeply below 1 for a sustained period,” said White of the firm’s increased repurchase program. The AI-powered real estate software firm kicked off its Solana treasury plans in…
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