Solana treasury company shutters its SOL accelerator as a $27 million quarterly reversal forces deep cuts

DeFi Development Corp., which holds Solana's SOL token as a treasury asset, reported a $27 million second-quarter loss. It is also retrenching, closing its Treasury Accelerator to new deals, lowering costs, and repurchasing convertible debt below face value.

The company said in an Aug. 12 shareholder letter that its net loss on digital assets was $21.519 million, reversing a $21.194 million gain a year earlier. The digital-asset line cannot be equated with quarterly cash burn because DFDV did not disclose its realized and unrealized components.

Operating expenses plus cost of goods sold, excluding fair-value changes, fell 22.6% year over year to $4.635 million from $5.990 million. Management expects operating expenses to decline again beginning in the third quarter, but it did not quantify the expected savings.

Debt buybacks help, but share sales dilute

Since its previous shareholder update, DFDV repurchased about $3.5 million of July 2030 convertible-note principal for $2.3 million in cash, a roughly 35% discount. It said cumulative repurchases had reached about $7.9 million of principal for $5.0 million, with estimated annual interest savings above $400,000.

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