DeFi Technologies amplifies Bitcoin holdings, adds Solana to treasury DeFi Technologies amplifies Bitcoin holdings, adds Solana to treasury
DeFi Technologies' Bitcoin treasury strategy leads to a strong share price surge.
2 min read
Updated: Jul. 18, 2024 at 3:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
DeFi Technologies, a publicly traded Canadian company, is expanding its crypto portfolio by acquiring more Bitcoin and other digital assets like Solana to its treasury, according to a July 18 statement shared with CryptoSlate.
Olivier Roussy Newton, CEO of DeFi Technologies, said:
“Our increased BTC holdings, strategic investment in SOL, CORE and participation in CORE’s staking facility reflect our commitment to leveraging the most promising opportunities in the decentralized finance landscape. These actions not only diversify our balance sheet but also align with our mission to bridge traditional capital markets with the innovative world of DeFi.”
Bitcoin purchase
On July 18, the firm announced the purchase of 94.34 BTC, boosting its total Bitcoin holdings to 204.34 BTC.
The company stated that its BTC purchase reinforces its commitment to being the leading digital asset and recognizes its potential as an inflation hedge and safeguard against monetary debasement.
DeFi Technologies recently made Bitcoin its primary treasury reserve asset by purchasing 110 BTC for $7.6 million. Last month, the firm also staked over $100 million worth of BTC on the Core Chain, marking a significant move in its Bitcoin adoption approach.
According to Google Finance data, the company’s shares increased by around 200% on the year-to-date metrics following the move.
Adds Solana to the treasury
Furthermore, DeFi Technologies has acquired 12,775 SOL tokens for its reserves.
The company explained that it was adding Solana to its treasury because the asset is a “promising investment” that offers a scalable and efficient platform for a wide range of decentralized applications. It added that the blockchain network’s unique growth rate makes it a viable choice for its treasury.
Solana is the fifth-largest digital asset by market capitalization and has enjoyed strong growth over the past year thanks to institutional adoption from payment giants like PayPal.
CORE staking
Meanwhile, the company plans to participate in CORE DAO’s staking facility with 1,484,148 CORE tokens.
The firm explained that CORE’s innovative staking solution enables holders to stake BTC non-custodially, enhancing yield opportunities while contributing to network security and stability.
DeFi Technologies said its participation in this staking facility diversifies its income streams and strengthens its collaborative relationship with the CORE Foundation, involving it further in the broader DeFi ecosystem.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Solana
$199.655
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
