DeFi Technologies, a company bridging traditional finance with cryptocurrency by providing exposure to digital assets, has announced a new platform aimed at adding Solana to its balance sheet.
In an announcement on Nov. 12, DeFi Technologies revealed it had created a spinout entity named SolFi, which will focus on adopting a Solana (SOL) treasury strategy. According to a blog post, SolFi will offer investors direct exposure to Solana and its ecosystem, including “proprietary trading, validator node operations, and ecosystem investments.”
The company is looking to follow in the footsteps of MicroStrategy, whose Bitcoin (BTC) strategy has inspired similar approaches across the market. Metaplanet, often referred to as “Asia’s MicroStrategy” after acquiring substantial BTC holdings in recent months, is one such example.
Microstrategy inspired approach
According to DeFi Technologies, SolFi will act as its “MicroStrategy for Solana,” allowing the firm to tap into the SOL ecosystem’s high-yield staking and growth potential. SolFi plans to leverage capital structures beyond those available to exchange-traded funds to provide access to SOL’s potential upside and cash flow.
In a comment, DeFi Technologies chief executive officer Olivier Roussy Newton said:
“The success of Microstrategy has elevated exposure to the #1 digital asset in Bitcoin, and we look forward to focusing SolFi’s digital asset strategy towards Solana from the ground-up. Like Microstrategy, SolFi will generate cash flow from an operating company, and tap capital markets for creative financing structures that allows SolFi to quickly grow its treasury and accelerate its staking operations.”
SolFi will help DeFi Technologies bring more value to its shareholders, he added.
MicroStrategy recently purchased over $2 billion worth of BTC to see its holdings of the flagship digital asset reach 279,420 BTC. The company acquired this haul since August 2020 and has spent approximately $11.9 billion.
On November 12, MicroStrategy founder Michael Saylor shared that its treasury operations have seen it hit a BTC yield of 26.4% year-to-date, with shareholders receiving a net benefit of roughly 49,936 BTC.
“This is equivalent to 157.5 BTC per day, acquired without the operational costs or capital investments typically associated with bitcoin mining,” Saylor posted on X.
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