The latest shareholder letter from DeFi Development Corp., a Nasdaq-listed Solana Treasury company, shows that fully converted SOL per share grew 108% over the past year, from 0.0322 on May 13, 2025 to 0.0670 on May 13, 2026.
The growth is notable because it occurred during a difficult period for Solana’s price action, especially in the first quarter of 2026 when the SOL price fell. is experiencing bearish momentum.
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The growth of Solana’s government bonds shows a new source of demand
According to a May shareholder letter from DeFi Development Corp., a Solana treasury company, more than doubled its fully converted SOL per share to 108%.
The DeFi Development Corp. highlighted growth of 108% is based on SOL per share, a metric the company uses to measure how much Solana backs each fully converted share. The company reported 2,294,576 SOL and SOL equivalents as of May 13, 2026, with approximately 34.2 million fully converted shares outstanding. Interestingly, the fully converted SPS increased by 1% from March 30 to May 13 and by 108% from the same date last year, to 0.0670 on May 13, 2026.
DeFi Development Corp. don’t simply buy SOL and wait for price increase. The company said more than 25% of its treasury is staked on-chain, while its validator business generates about 7.5% returns, compared to about 3.9% from staking SOL through Coinbase. The letter to shareholders also estimated that this spread represents approximately $7.6 million in annual increasing returns on current government bonds.
What this 108% growth means for Solana Price
This 108% growth in DeFi Development Corp.’s fully converted SOL per share. shows that Solana is starting to attract the same kind of confidence in the public treasury as Bitcoin and Ethereum. Bitcoin has had companies like Strategy, Metaplanet and MARA Holdings are building balance sheet strategies around BTC. Ethereum has also developed its own treasury categorywith companies like BitMine Immersion Technologies.
DeFi Development Corp.’s Strategy is built around accumulating SOL, staking it, deploying some of it into Solana DeFi, and only using capital markets if it can increase SOL exposure per share. This means that SOL attracts a demand category that is more structured than normal spot market purchases.
Interestingly enough, DeFi Development Corp one of the few other companies that hold SOL as their main operating reserve. Other companies such as Forward Industries, Inc. and Upexi Inc. also have millions of SOL tokens on their balance sheets.
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This has real price implications for Solana as it creates a different type of demand. Treasury companies like those mentioned above are long-term holders. Retail demand may disappear quickly, but corporate government bond demand is more structured and usually tied to long-term beliefs.
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