INSUBCONTINENT EXCLUSIVE:
price had already rallied the day before as the company released its business update for June, including plans to raise $112.5 million.DeFi
Development Corp on Thursday said it bought 17,760 Solana (SOL) tokens worth $2.72 million at an average price of $153.10 per coin
hold the recently purchased tokens long-term and that it will stake the aforementioned tokens to generate yield.In April, DeFi Development
announced that it would raise $1 billion to invest in Solana
However, on June 12, the company had to withdraw its filing as the US Securities and Exchange Commission said that the company had failed to
submit a management report before the due date.DeFi Development Corp
stock price ralliesInvestors cheered the recent developments, as DeFi Development Corp
after-hours trading session at $24, according to Google Finance.DeFi Development Corp
Source: Google FinanceCompared to its Wednesday low of $18.47, the stock is now up 30% in just two days
It has also soared by more than 2,733% year-to-date; however, it is down 33% from its May 21 peak of $35.53.Related: DeFi Development Corp
stock to go onchain via KrakenFor the March quarter, the company reported that its net revenue declined by 30% year-on-year, while its net
profit margin fell by 15.5%.In a July 2 letter addressed to shareholders, the company said that it aims to maintain capital flexibility and
protect investors from short-term liquidation risks
announced that it will raise $112.5 million via private placements
The offering is expected to close on Monday.The company will use $75.6 million from the net proceeds to fund a prepaid forward stock
Additionally, the firm will use the remaining proceeds for general corporate purposes, including buying SOL for its treasury.Magazine: Fake
JD stablecoins, scammers impersonate Solana devs
