DeFi Development Shares Rise After $2.72 Million Solana Purchase

By Natalie Weger

DeFi Development shares surged after the company said it bought $2.72 million worth of Solana cryptocurrency, which it says it has resumed accumulating.

Shares climbed 10% to $22.51 on Thursday. The stock has been up 62% this month.

DeFi, which is the first public company with a treasury strategy aiming to accumulate Solana assets, said it purchased 17,760 of the cryptocurrency tokens at an average price of $153.10 apiece.

The Boca Raton, Fla., company said it now holds a total of 640,585 Solana and equivalents, valued at $98.1 million.

Write to Natalie Weger at natalie.weger@wsj.com