In the latest Solana news today, Nasdaq-listed SOL treasury company DeFi Development Corp lifted its stock repurchase to $100 million USD.
Meanwhile, SOL Strategies has upsized the recently announced private placement to $30 million CAD to buy more SOL tokens.
Solana News: DeFi Development Corp Unveils $100 Million Stock Buyback
Nasdaq-listed Solana treasury company DeFi Development Corp disclosed that its Board of Directors has approved increasing the size of its existing stock repurchase program, according to a press release on September 24.
The firm raised shares repurchase size by 100% from an initial $1 million to up to $100 million. The firm to buyback shares of its common stock from time to time on the open market.
This comes as DeFi Development Corp announced a plan to expand its Treasury Accelerator to fund other digital asset treasuries (DATs).
The company plans to use its balance sheet to boost global DAT expansion, while also increasing SOL per share growth.
DFDV stock jumped almost 3% to $15.55 in response to the announcement, paring gains in the week.
The company currently holds 2.096 million SOL worth almost $450 million at the current market price.
SOL Strategies Upsizes Shares Offering
Canada-based SOL Strategies upsized its previously announced private placement from $25 million CAD to $30 million CAD.
The company revealed that it will offer 4.38 million shares at a price of $6.85 per unit under the upsized LIFE Offering. The offering will close on October 1.
The company aims to use funds from the LIFE Offering for general corporate purposes and boosting its Solana treasury.
HODL stock tumbled almost 12% to $6.95 as traders responded immediately, expanding its monthly drop 24%.
The company currently holds 434,322 SOL worth almost $78.8 million at the current market price.
Solana Price Rebounds
SOL price jumped 2% after the announcements, trading at $214.92 at the time of writing. The 24-hour low and high were $206.04 and $221.06, respectively.
However, trading volume has increased by 13% in the last 24 hours. This indicated cautious trading in the spot market.
Analyst Daan Crypto Trades pointed out that Solana is moving higher within this rising wedge pattern, with relatively volatile price action. He added,
“Overall trend is still up but we’re trading at a key area here.”
The price came just short of hitting the 2021 all-time high after a few big Solana treasury companies accumulated coins, but fell back to the rising wedge pattern lows.
CoinGlass data showed massive buying activity in the derivatives market. At the time of writing, the total SOL futures open interest jumped 1.25% to $15.04 billion.
4-hour SOL futures open interest on CME climbed more than 6.3% but fell 1.20%. However, derivatives traders have been buying in the past hour.
