DeFi
DeFi Technologies Amplifies Bitcoin Holdings, Adds Solana to Treasury
DeFi Technologies, a publicly traded Canadian company, is expanding its cryptocurrency portfolio by acquiring more Bitcoin and other digital assets like Solana to its treasure, 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 system reflect our commitment to exploiting 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 the gap between traditional financial markets and the innovative world of DeFi.”
Buying Bitcoin
On July 18, the company announced the purchase of 94.34 BTC, bringing its total Bitcoin holdings to 204.34 BTC.
The company said its BTC purchase reinforces its commitment to being the leading digital asset and recognizes its potential as a hedge against inflation and protection against currency debasement.
DeFi Technologies has recently made Bitcoin, its main treasury currency reserve asset by purchasing 110 BTC for $7.6 million. Last month, the company also marked over $100 million worth of BTC on the Core Chain, marking a significant step forward in its approach to Bitcoin adoption.
According to data from Google Finance, the company’s shares are up about 200% year-to-date following the deal.
Add Solana to the treasury
Additionally, DeFi Technologies 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 seen strong growth over the past year driven by institutional adoption of the payment giants like PayPal.
CORE Staking
In the meantime, the company plans to participate in the CORE DAO staking system with 1,484,148 CORE tokens.
The company explained that CORE’s innovative staking solution allows holders to stake BTC in a non-custodial manner, enhancing yield opportunities while contributing to the security and stability of the network.
DeFi Technologies said its participation in this staking facility diversifies its revenue streams and strengthens its collaborative relationship with the CORE Foundation, further involving it in the broader DeFi ecosystem.