August 2025 Recap: Fundraising, Franchising, & Fueling SPS Growth

August was a landmark month for DeFi Development Corp. (Nasdaq: DFDV), capped off by ringing the Nasdaq Closing Bell and taking over Times Square with our The Future of the Internet is Solana campaign. However, the bell was just one of many major milestones and developments in August.

From major SOL purchases and validator launches to global expansion and media coverage across Bloomberg, CNBC, CoinDesk, and more - here’s everything we accomplished last month.

Month-End Statistics

• SOL Holdings: 1.83M SOL (+55% month-over-month)

• SOL Holdings Value: $368M (+80% MoM)

• Shares Outstanding: 25.39M (+24% MoM)

• SOL Per Share (SPS): 0.0721 SOL (+25% MoM)

• dfdvSOL Supply: 190.55K SOL (+53% MoM)

• DFDVx Trading Volume: $58.4M (+19% MoM)

$117M in New SOL Acquisitions

We made three major SOL treasury purchases last month:

• August 28, 2025: $77M SOL treasury purchase (press release)

• August 15, 2025: $22M SOL treasury purchase (press release)

• August 4, 2025: $18M SOL treasury purchase (press release)

Our last purchase of the month came off the back of a successful $125M equity raise (press release), which brought total holdings to 1.83M SOL. The equity raise was followed by a Twitter Spaces where the DFDV management team broke down the structure of the raise, intended use of proceeds, future fundraising plans, and an audience Q&A.

Validator Expansion

• DoubleZero Validators Went Live: Two DFDV-powered validators launched on DoubleZero Mainnet, aligning us with one of Solana’s most innovative infrastructure plays and enhancing validator performance and uptime.
  

• Launched Official DogWifHat Validator: We rolled out the Official DogWifHat Validator, giving the $WIF community a new way to support decentralization and earn validator rewards.

• BONK Validator Surpasses 200K SOL Staked: Our BONK Community Validator crossed 200,000 SOL staked in less than three weeks - a major achievement in community-led validator momentum.

Thought Leadership, Events & Media

• CNBC highlighted DFDV as the top-performing digital asset treasury vehicle in 2025.

• DFDV rang the Nasdaq Closing Bell on August 29, 2025, alongside the Solana Foundation and leading ecosystem projects like Solflare, BONK, WIF, Drift, Crypto.com, Marinade Finance, and more.

• Marty Party’s “The Office Spaces” featured DeFi Dev Corp live in NYC ahead of the Nasdaq bell ringing, where more than 3,500 viewers tuned in to hear about DFDV’s growth and Solana-first strategy. (link)
  

• Parker White (COO & CIO) joined P2P.org’s livestream on Digital Asset Treasuries (DATs), where he shared insight into onchain treasury strategies with 11,500+ live attendees. (link)
  

• Joseph Onorati (CEO) appeared on the first-ever episode of Solana Live, hosted by ThreadGuy, to discuss the future of tokenized public treasuries and DFDV’s roadmap. (link)
  

• Parker White was a featured speaker at SuperTokyo 2025, headlining the panel “The Rise of Crypto Treasuries in North America — Will Solana Treasuries Be the Next Force in Japan’s Market?” hosted by SuperTeam Japan.

• Parker White, Joseph Onorati, and Dan Kang (Head of IR) joined a live Solflare AMA, fielding questions from over 3,000 attendees on validator revenue, dfdvSOL, tokenized stocks, and how DFDV has outperformed MicroStrategy on an asset-per-share basis. (link)
  

• Joseph Onorati was interviewed on the Talking Tokens podcast, discussing his journey from gaming economies to Kraken, and why DeFi Dev Corp is laser-focused on Solana over Bitcoin or Ethereum. (link)
  

• Dan Kang joined the BlockHash Podcast, where he broke down validator growth, DFDV’s Permissionless presence, and how BitcoinFi is shaping infrastructure on Solana. (link)
  

• DFDV’s Q2 2025 Business Update Interview featured the leadership team detailing treasury strategy, validator milestones, and how the company is deploying capital to maximize SOL Per Share (SPS) growth.

• DFDV signed the Crypto Council for Innovation Coalition, contributing to policy advocacy for standardized Liquid Staking Token (LST) accounting treatment. (link)
  

• DFDV published an article titled “It’s So Over: Crypto Treasury Vehicles Are Dying”, analyzing the recent drawdown across CTVs and emphasizing why DFDV’s Solana-first model is built to endure and outperform. (link)

Product & Research

• Q2 2025 Earnings Released: We published our second quarter results, highlighting substantial growth in SOL Per Share (SPS), validator expansion, strategic partnerships, and capital deployment updates. The earnings release set the foundation for our next phase of SOL accumulation. (press release)
  

• Introduced the Fee Stability Ratio (FSR): A novel metric created by DFDV to evaluate blockchain fee reliability. The FSR reveals how consistently affordable fees are, even during spikes in network usage, highlighting Solana’s superiority over peers like Ethereum.

• Published in-depth blog on Alpenglow / SIMD-0326: We broke down Solana’s most ambitious network upgrade to date - explaining what Alpenglow is, why it matters, and why DFDV voted yes on SIMD-0326. (read)
  

• Kishan Shah Research published DFDV report: Independent equity researcher Kishan Shah projected 50x upside potential for DFDV stock, citing our innovative SOL treasury strategy and unique capital deployment model. (read)
  

• Craig-Hallum initiated equity research coverage: The institutional investment bank issued a “Buy” rating on $DFDV with a $25 price target - citing strong treasury growth, validator economics, and Solana-first positioning.

Media Coverage

• CoinDesk: Reported on DFDV nearing a $200 million SOL treasury, highlighting the company’s aggressive strategy of leveraging capital markets to expand on-chain holdings and validator reach. (link)
  

• The Block: Covered our $112.5M private placement deal, detailing how the funds would be deployed to acquire additional SOL and deepen our presence across the Solana ecosystem. (link)
  

• Cointelegraph Byte-Sized Insights Podcast: Joseph Onorati (CEO) joined Cointelegraph’s podcast to explain how digital asset treasuries (DATs) work, why they’re gaining traction now, and what DFDV’s unique structure and strategy mean for institutional adoption of Solana. (link)
  

• Fortune Crypto: Named DFDV among the most aggressive institutional buyers of SOL, alongside traditional firms like Pantera and CoinFund, and covered our expanding validator footprint and treasury strategy. (link)
  

• Sherwood: Included DFDV in a piece on institutional crypto activity, noting our SOL acquisition efforts and rising prominence within the crypto treasury vertical. (link)
  

• The Defiant: Reported on DFDV’s latest $77M SOL purchase and the broader trend of public companies tokenizing equity or building onchain treasury exposure to major Layer 1s like Solana. (link)
  

• Seeking Alpha: A featured article framed DFDV as “picking up SOL at the right price,” highlighting our low-cost SOL acquisitions, validator income, and the potential for accretive growth relative to traditional crypto ETFs. (link)

Solana Performance Metrics

August reinforced Solana’s dominance across nearly every major onchain metric, thus further cementing Solana as the only blockchain capable of serving both consumer and institutional applications. These metrics include the following:

• Protocol Revenue: Solana generated $78M in protocol fees — the highest among all chains for the 11th straight month, and 67% more than Ethereum ($47M). This reflects deep, sticky usage across DeFi, memecoins, and validator participation.

• DEX Volume: Solana posted $120B in spot DEX volume, nearly 2x that of BNB ($60B), and just $20B behind Ethereum ($140B). It was Solana’s second-highest month ever, showing continued momentum among traders and market makers.

• Transactions: Solana processed 2.9 billion transactions, compared to just 51.8M on Ethereum - that’s 56x more, and also 10x more than Polygon, Base, Sui, and Arbitrum combined.

• Active Addresses: With 83.6M monthly active addresses, Solana led all chains for the 12th consecutive month. That’s 2.2x more users than Base, 4.6x more than Polygon, and 20x more than Ethereum.

• Token Launches: While Base led in raw quantity of tokens launched, Solana dominated in quality, with 371 Launchpad tokens surpassing $1M market cap, nearly 10x more than Base. Solana remains the preferred launchpad for teams seeking genuine traction.

• Fee Stability Ratio (FSR): Solana recorded an FSR of 146, the highest of any chain. That’s 27x higher than Ethereum (0.19) and even ahead of Polygon (128). FSR captures fee stability, not just cost - confirming Solana’s ability to scale reliably under high demand.

Looking Ahead

As we close out August, it’s clear that DeFi Development Corp. is operating at full throttle - expanding globally, compounding our SOL treasury, and deepening our footprint across both crypto and capital markets. But the road ahead is even more ambitious.

Going forward, we intend to continue to pursue strategic partnerships, unlock new geographies through our Treasury Accelerator Program, and push the limits of validator operations. Most importantly, we remain focused on executing our core mission: aggressively compounding SOL Per Share (SPS) to continue to cement DFDV as the de facto SOL accumulation engine.

In service of SPS growth,
The DFDV Team

_{Disclaimer: This is for informational purposes only and reflects publicly announced developments, milestones, and media coverage related to DeFi Development Corp. (“the Company”). The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor should it be relied upon as investment advice or a recommendation regarding any securities. Certain statements in this post may constitute “forward-looking statements” within the meaning of applicable securities laws. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results or events to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of publication. DeFi Development Corp. undertakes no obligation to update any forward-looking statements, except as required by law. All information is accurate as of the date posted and is subject to change without notice.}