DeFi Development Corp., a Nasdaq-listed Solana treasury company, reported that its fully converted SOL per share grew 108% over the past year, rising from 0.0322 on May 13, 2025, to 0.0670 on May 13, 2026. The growth came during a difficult period for Solana’s price action, particularly in the first quarter of 2026, where SOL has been struggling with bearish momentum.
The metric measures how much Solana backs each fully converted share, offering a window into institutional demand for the asset. This growth challenges the narrative that Solana's ecosystem is purely speculative, pointing instead to accumulating treasury holdings.
As of May 13, 2026, the company held 2,294,576 SOL and SOL equivalents, with approximately 34.2 million fully converted shares outstanding. Its fully converted SOL per share rose 1% from March 30 to May 13, and 108% year-over-year.
The sustained growth suggests a new source of demand for Solana, even as its market price faces headwinds. If this trend continues, it could provide a foundation for future price recovery, though market sentiment remains cautious.
Some analysts warn that treasury growth does not guarantee price appreciation, as market dynamics and broader crypto sentiment play larger roles in short-term valuation.