DeFi Dev Corp Reveals $100 Million Buyback as SOL Falls to $208

- DeFi Dev Corp expands share repurchase program to address falling stock valuation amid SOL price drop. - Treasury-linked strategy sees mNAV ratio dip to 0.9, signaling broader market challenges. DeFi Dev Corp., a leading Solana treasury company, announced a significant expansion of its share repurchase program on September 24, 2025, increasing it from $1 million to $100 million. This move underscores the company's effort to strengthen its balance sheet in challenging market conditions and highlights the viability of Solana-based treasury models. The decision follows a September 24 report from Cryptopolitan stating that DeFi Dev Corp’s modified net asset value (mNAV) ratio fell to 0.9. This drop stirred skepticism about the company’s stock valuation, especially as Solana (SOL), the primary asset in its treasury, recently declined to approximately $208 from a high of over $250. As a result, the downturn raises questions about the profitability and sustainability of Solana-backed treasury operations. DeFi Dev Corp mirrors MicroStrategy’s strategy by linking its treasury operations with stock offerings and holds over 2 million SOL in a validator system designed to generate consistent rewards. However, its mNAV ratio dipping below 1 reflects waning market confidence in its stock valuation. In contrast, a notable competitor, Forward Industries, Inc., maintains a stronger mNAV ratio of 1.8, with its shares trading at $31.10, near their peak of $39. DeFi Dev Corp.'s situation aligns with its peers, as the broader industry trend shows most Solana digital asset treasury (DAT) companies also report mNAV ratios below 1. Under the program, DeFi Dev Corp. may acquire DFDV shares on the open market. Initial purchases are capped at $10 million, while further acquisitions require board approval. The company emphasized the program’s flexibility, noting that it does not mandate a specific quantity of shares and can be adjusted based on market conditions. After the announcement, DFDV shares traded at $15.71, a significant drop from their peak of over $42, although the stock has maintained year-to-date gains. According to data from CoinMarketCap on September 24, Solana (SOL) traded at $212.87 as of 19:40 UTC. This price reflects a 1.2% decline in 24-hour trading volume and follows a week of notable fluctuations, highlighting broader market uncertainty surrounding the Solana ecosystem.