DeFi Technologies Expands Bitcoin Holdings and Adds Solana to Treasury
By: Eva Baxter
DeFi Technologies, a publicly traded Canadian company, is making significant strides in the crypto world by amplifying its Bitcoin (BTC) holdings and incorporating Solana (SOL) into its treasury. According to a statement on July 18, 2023, the company's CEO, Olivier Roussy Newton, emphasized their commitment to decentralized finance by acquiring more BTC and investing in other promising digital assets.
Roussy Newton commented, “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
As of July 18, the firm has purchased 94.34 BTC, boosting its total Bitcoin holdings to 204.34 BTC. This move underscores DeFi Technologies' commitment to positioning Bitcoin as a core asset within its treasury, recognizing its potential as a hedge against inflation and monetary debasement. Recently, the company made Bitcoin its primary treasury reserve asset by purchasing 110 BTC for $7.6 million and staked over $100 million worth of BTC on the Core Chain, highlighting its dedication to the leading digital asset.
According to Google Finance, this strategic shift has had a positive impact on the company's shares, which have surged by around 200% year-to-date.
Adding Solana to the Treasury
DeFi Technologies has also enhanced its treasury by acquiring 12,775 SOL tokens. The company considers Solana a promising investment due to its scalable and efficient platform for various decentralized applications. The blockchain network's rapid growth rate and increasing institutional adoption make it a viable addition to DeFi Technologies' reserves. Notably, Solana is the fifth-largest digital asset by market capitalization and has attracted significant interest from payment giants like PayPal.
CORE Staking
Further diversifying its portfolio, DeFi Technologies plans to participate in CORE DAO's staking facility with 1,484,148 CORE tokens. They highlight CORE's innovative staking solution, which allows BTC to be staked non-custodially, enhancing yield opportunities while ensuring network security and stability. By participating in this facility, DeFi Technologies aims to diversify its income streams and strengthen its collaborative relationship with the CORE Foundation, thereby solidifying its position within the broader DeFi ecosystem.
With these strategic moves, DeFi Technologies is solidifying its commitment to the crypto space and demonstrating a forward-thinking approach to treasury management, aligning itself with innovative growth within the decentralized finance landscape.
