The most recent shareholder letter from DeFi Improvement Corp., a Nasdaq-listed Solana treasury firm, exhibits that its absolutely transformed SOL per share has grown 108% over the previous yr, rising from 0.0322 on Could 13, 2025, to 0.0670 on Could 13, 2026.
The expansion is notable as a result of it got here throughout a troublesome interval for Solana’s value motion, notably within the first quarter of 2026, the place the SOL value has been struggling with bearish momentum.
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Solana Treasury Progress Exhibits A New Supply Of Demand
In line with a Could shareholder letter from DeFi Improvement Corp., a Solana treasury firm, the corporate has greater than doubled its absolutely transformed SOL per share into 108%.
The 108% development highlighted by DeFi Improvement Corp. relies on SOL per share, a metric the corporate makes use of to measure how a lot Solana backs every absolutely transformed share. The corporate reported 2,294,576 SOL and SOL equivalents as of Could 13, 2026, with roughly 34.2 million absolutely transformed shares excellent. Curiously, its absolutely transformed SPS rose 1% from March 30 to Could 13 and 108% from the identical date final yr to 0.0670 as of Could 13, 2026.
DeFi Improvement Corp. isn’t merely shopping for SOL and ready for price appreciation. The corporate stated greater than 25% of its treasury is deployed onchain, whereas its validator operations generate about 7.5% yield in comparison with roughly 3.9% from staking SOL by way of Coinbase. The shareholder letter additionally estimated that this unfold represents about $7.6 million in annualized incremental yield on its present treasury.
What This 108% Progress Means For Solana Value
This 108% development in DeFi Improvement Corp.’s absolutely transformed SOL per share exhibits that Solana is starting to draw the identical sort of company treasury conviction much like Bitcoin and Ethereum. Bitcoin has had companies such as Strategy, Metaplanet, and MARA Holdings constructing steadiness sheet methods round BTC. Ethereum has additionally developed its own treasury category, with corporations like BitMine Immersion Applied sciences.
DeFi Improvement Corp.’s technique is constructed round accumulating SOL, staking it, deploying a part of it throughout Solana DeFi, and utilizing capital markets solely when it might enhance SOL publicity per share. This implies SOL is attracting a class of demand that’s extra structured than regular spot-market shopping for.
Curiously, DeFi Improvement Corp. is one of a few different corporations that maintain SOL as their major company reserve asset. Different corporations like Ahead Industries, Inc. and Upexi Inc. even have thousands and thousands of SOL tokens on their steadiness sheets.
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This has actual value implications for Solana, as this creates a special sort of demand base. Treasury corporations like these talked about above are long-term holders. Retail demand can disappear shortly, however company treasury demand is extra structured and normally tied to long-term conviction.
Featured picture from Bunq, chart from TradingView
