DeFi Development Corp. (Nasdaq: DFDV) has progressively expanded its Solana (SOL) treasury through multiple private placements and convertible note offerings since July 2025. Initially announcing a $100 million private offering of convertible senior notes, the company later disclosed a $112.5 million private placement deal with notes priced at 5.5% due 2030. From early July to late July 2025, DeFi Development Corp. acquired substantial amounts of SOL tokens, increasing its holdings from approximately 640,585 SOL valued at $98.1 million to about 1,182,685 SOL worth $218 million by the end of July. The company’s SOL treasury has become the largest among publicly traded firms. Concurrently, Upexi Treasury (Nasdaq: UPXI), another Solana-focused treasury company, has also been actively increasing its SOL holdings. Upexi raised $200 million through a private placement in July 2025 to expand its SOL treasury to an expected 1.65 million SOL. It subsequently acquired additional SOL tokens, raising its total holdings to approximately 1.9 million SOL valued at $381 million by late July. In addition, Upexi secured a $500 million equity line of credit with A.G.P./Alliance Global Partners, with zero fees and no commitment costs, to support its ongoing Solana treasury strategy and general corporate purposes. Both companies are strategically accumulating SOL tokens, reinforcing their long-term commitments to the Solana ecosystem and shareholder value.