Solana DAT DeFi Development boosts share buyback to as much as $100 million

DeFi Development (ticker DFDV) said on Wednesday its board of directors had approved an increase to the company's stock repurchase program, bumping it up from $1 million to "up to $100 million."

"The repurchase program authorizes the Company to buy back shares of its common stock from time to time on the open market," DeFi Development said in a statement . "The repurchase authorization provides flexibility to repurchase up to $100 million of common stock, with an initial $10 million threshold requiring management to update the board prior to executing additional purchases."

The company is one of the largest Solana-based digital asset treasuries (DATs) with over 2 million SOL tokens as of last week. With Solana down about 3% to $212.12 as of 9:36 a.m. ET, DeFi Development's SOL holdings are worth about $430 million, according to The Block Price Page .

Other large Solana DATs include Upexi, Sharps Technology, and Forward Industries, which recently launched with the backing of Galaxy Digital, Jump Crypto, and Multicoin Capital. The total Solana held by publicly-listed DATs is worth nearly $2.9 billion, according to The Block Data Dashboard .

DeFi Development was founded earlier this year by a team of former Kraken employees. The Nasdaq-listed firm's strategy involves buying and staking SOL and Solana-related tokens, like the Dogwifhat memecoin.