The most recent shareholder letter from DeFi Development Corp., a Nasdaq-listed company focused on Solana treasury, reveals that its fully converted SOL per share has surged by 108% in the past year, climbing from 0.0322 on May 13, 2025, to 0.0670 on May 13, 2026. The growth is significant as it occurred during a challenging phase for Solana’s price action, especially in the first quarter of 2026, when the SOL price faced persistent bearish momentum. In a May shareholder letter from DeFi Development Corp., a Solana treasury company, it was revealed that the company has more than doubled its fully converted SOL per share to 108%. The 108% growth emphasized by DeFi Development Corp. is calculated on a per share basis of SOL, a key metric the company employs to assess the backing of each fully converted share by Solana. The company disclosed a total of 2,294,576 SOL and SOL equivalents as of May 13, 2026, alongside roughly 34.2 million fully converted shares currently outstanding.
Notably, its fully converted SPS increased by 1% from March 30 to May 13 and surged by 108% compared to the same date last year, reaching 0.0670 as of May 13, 2026. DeFi Development Corp. is actively engaging with SOL rather than just holding it in anticipation of price increases. The company reported that over 25% of its treasury is allocated onchain, with its validator operations yielding approximately 7.5%, in contrast to around 3.9% from staking SOL via Coinbase. The shareholder letter further indicated that this spread translates to approximately $7.6 million in annualized incremental yield on its existing treasury. The 108% growth in DeFi Development Corp.’s fully converted SOL per share indicates that Solana is starting to draw the same level of corporate treasury confidence as seen with Bitcoin and Ethereum.
Companies like Strategy, Metaplanet, and MARA Holdings are actively developing balance sheet strategies centered on Bitcoin. Ethereum has carved out its own treasury category, featuring companies such as BitMine Immersion Technologies. DeFi Development Corp. has crafted a strategy focused on the accumulation of SOL, staking it, allocating a portion to Solana DeFi, and leveraging capital markets solely when it enhances SOL exposure per share. SOL is drawing in a type of demand that exhibits a higher level of structure compared to typical spot-market purchases.
Interestingly, DeFi Development Corp. stands out as one of the few companies that have adopted SOL as their primary corporate reserve asset. Other companies such as Forward Industries, Inc. and Upexi Inc. are also holding millions of SOL tokens on their balance sheets. This development carries significant price implications for Solana, as it establishes a new type of demand base. Treasury companies, such as those referenced earlier, are known for being long-term holders. Retail demand can vanish in an instant, whereas corporate treasury demand is more systematic and typically linked to long-term beliefs.