Ken Griffin and Citadel acquire major holdings in Solana treasury company DeFi Dev Corp

Citadel owns a share in one of the leading Solana treasury companies, DeFi Dev Corp. In total, the firm holds 4.5% of the company shares, with another 4.5% of the stake owned directly by CEO Ken Griffin. 

Citadel is among the top holders of DeFi Dev Corp. The fund, through its CEO Ken Griffin, holds 4.5% of the outstanding DFDV shares. Additional ownership includes several Citadel subsidiaries. The ownership shows a DAT company is among the selections of one of the world’s leading hedge funds. 

Citadel Advisors LLC, Citadel Advisors Holdings LP, and Citadel GP LLC hold 2.7% of shares outstanding. Citadel Securities LLC holds another 1.4%, Citadel Securities Group LP, and Citadel Securities GP LLC together own 1.8% of the shares outstanding. 

The shares were announced in a recent report, showing additional exposure to crypto through the treasury company. The participation of Citadel shows support for DAT companies, even at a relatively late stage of the market. Griffin and Citadel may also be eligible for the upcoming round of warrants with a $22.50 exercise price. 

DeFi Dev Corp. expands SOL per share

DeFi Dev Corp. expanded its SOL per share by 375% since the start of its buying. 

As of October 22, DFDV holds 0.076 SOL per share, in the middle of the range for DAT companies. The leader is still Forward Industries with 3.9 SOL per share. 

Currently, DeFi Dev Corp holds nearly 2.2M SOL, locked as a validator stake. Currently, DFDV shares trade at $14.14, trading in the middle of the range for the past year. DFDV maxed out at $34.25 during the peak of DAT companies. 

The mNAV metric for DeFi Dev Corp. is exactly 1.0, bringing the value of owned SOL on par with the stock’s market capitalization. For most DAT companies, mNAV metrics have fallen significantly, as the markets lost enthusiasm for the overpriced shares. 

SOL also took a step back to $183.71, despite the robust on-chain activity. SOL has lost some of its momentum as new ETF approvals were delayed by the US government shutdown. 

Solana treasuries expand above 20M SOL

Solana treasuries already hold 20.31M SOL. Despite the slower acquisitions, treasuries are boosting Solana’s ecosystem. Reserves rose by over 12% since October 15, as some treasury companies bought the dip. SOL acquisitions are not as methodical as those of BTC, but offer additional advantages for activities within the Solana DeFi ecosystem.

Around 9M of that SOL is staked in various forms, creating more validators. The DAT companies have achieved an average passive yield of 7.7% from their staking activities. 

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