DeFi Development, now earning the nickname “Solana’s MicroStrategy,” has revealed an ambitious plan to raise $100 million through a private convertible note offering aimed at significantly increasing its Solana (SOL) holdings. This strategy mirrors MicroStrategy’s well-known Bitcoin acquisition approach, but with SOL taking center stage instead of BTC.
The news sparked swift market reactions—DeFi Development’s stock tumbled over 9% during after-hours trading, reflecting investor uncertainty around the aggressive accumulation strategy. The company also noted the possibility of upsizing the offering to $125 million, with the notes set to mature in 2030.
“1/ We’re launching a $100M private convertible note to grow our $SOL
Market analyst Casi Trades observed, “After hitting the $2.30 resistance, the price failed to maintain support at $2.25 and is now retreating to retest the upper boundary of its consolidation zone between approximately $2.18 and $2.16. While this isn’t a confirmed breakdown yet, the outcome of this test is critical.”
Should the price hold above this area and reclaim the $2.25 level, it could trigger a rally aiming for $2.69 or beyond. Initial indicators on lower timeframes suggest weakening selling pressure, implying the dip may be short-lived. However, a drop below $2.16 could push the price down toward the next support near $1.90.
At present, DeFi Development’s aggressive move underscores how publicly listed companies are diversifying their crypto strategies beyond just Bitcoin. Regardless of the outcome, this effort could establish a new benchmark for billion-dollar crypto holdings focused on assets other than BTC.
In the weeks ahead, it will become clear whether investors support the firm’s $100 million initiative or if doubts in the market hinder the realization of what’s being called Solana’s MicroStrategy vision.
