Haq Nawaz - Crypto Analyst

Solana Treasury Q1: DFDV’s SOL Per Share Jumps 108%, Targets 1.0 SPS by 2028
DeFi Development Corp. released its Q1 2026 Shareholder Letter on May 13, 2026. The key highlight: the company’s “SOL Per Share,” or SPS, increased by 108% year-over-year.
What Is SPS and Why Does It Matter?
MicroStrategy made “BTC Per Share” popular by using Bitcoin as its treasury strategy. DeFi Development Corp. is using the same model for Solana, but with one major difference. Bitcoin can only be held, while Solana can be staked for 6 to 8% annual rewards. This means DFDV’s SPS grows from buying SOL and from compounding.
As of May 13, 2026, DFDV’s SPS reached 0.0670 SOL per share. One year ago, it was 0.0322. On March 30, 2026, it was 0.0663. That is 108% growth YoY and 1% growth QoQ.
Q1 2026 Key Numbers:
1. Total SOL Holdings: 2,294,576 SOL, up 3% from March 30
2. SOL Per Share SPS: 0.0670, up 108% YoY
3. Near-term Target: 0.075 SPS by June 2026
4. Long-term Target: 1.0 SPS by December 2028
5. Convertible Note Repurchase: $4.4M notes bought for $2.6M, a 41% discount
The company posted a net loss but said its focus is growing SPS. This strategy moves away from traditional P/E ratios.
How Is DFDV Achieving This Growth?
1. Validator Business: DFDV runs its own Solana validator to earn staking rewards, block rewards, and MEV.
2. Bonk Partnership: The company launched a joint validator node with Bonk to generate community fees.
3. Onchain Deployment: DFDV deployed over 25% of its treasury into DeFi protocols for extra yield.
The Bigger Picture: Rise of Solana Treasury Companies
DFDV is not alone. Data shows 16 to 18 entities now hold 11.7 million to 20.9 million SOL combined. This is 2% to 3.64% of total supply, valued at $2.84 billion to $4.37 billion. Companies like BIT Mining, Upexi, and Sharps Technology are also building SOL treasuries.
Market Reaction and SOL Price
On the day of the report, Solana’s price was $90.57, down 4.96%. In April, SOL hit a three-week high of $88. Importantly, 59.6% of treasury SOL is staked, which reduces sell pressure.
Risks and Criticism
Critics say DFDV’s core business is unprofitable and it is betting on SOL’s price. Regulatory risk is also a factor if the SEC decides staking rewards are securities.
What’s Next?
DFDV targets 0.075 SPS by June 2026 and 1.0 SPS by 2028. That requires 15x growth from the current 0.0670. If Solana adoption grows and staking stays near 7%, compounding makes it possible.
Conclusion
DeFi Development Corp. proves public companies can use crypto beyond Bitcoin for treasury strategy. The 108% jump in SPS shows staking and DeFi can supercharge compounding. #SolanaTreasuryQ1SPSUp108 is a new experiment in treasury finance that the entire market is watching.
Source: DeFi Development Corp. Q1 2026 Shareholder Letter, May 13, 2026
Data: The Block, GlobeNewswire