‘Solana’s MicroStrategy’ Announces $100 Million Stock Offering for SOL Purchases

DeFi Development announced a new $100 million private convertible note offering, aiming to execute MicroStrategy’s acquisition plan with Solana.

However, this ambitious plan may face a setback, as its stock price fell over 9% after announcing the sale. Solana’s own performance has been wobbly, and this effort may reflect the crypto market’s own appetites.

Since MicroStrategy kicked off the trend, companies around the globe have been building Bitcoin stockpiles. This phenomenon might have profound implications for BTC, but it’s mostly stayed isolated to this asset.

However, DeFi Development is forging a new path, committing to Solana as its asset of choice:

1/ Today, we announce a $100M private convertible note offering, with plans to accumulate more $SOL.