DeFi Development Posts $27 Million Second-Quarter Loss, Halts Solana Accelerator
Summary
- DeFi Development said it recorded a $21.519 million net loss on digital assets in the second quarter.
- The company said it halted its SOL Treasury Accelerator program as part of cost-cutting efforts.
- DeFi Development said it took steps to improve its balance sheet, including repurchasing convertible notes with a face value of $3.5 million for $2.3 million.
Forecast Trend Report by Period
DeFi Development, a US-listed company that has been strategically accumulating Solana, posted a loss of about $27 million in the second quarter.
CryptoSlate reported on Aug. 13 that DeFi Development recorded a $21.519 million net loss on digital assets in the second quarter. That compares with net income of $21.194 million a year earlier.
The company also moved to cut costs, halting its SOL Treasury Accelerator program for new transactions. It also took steps to improve its balance sheet, including repurchasing convertible notes with a face value of $3.5 million for $2.3 million.
As of Aug. 12, DeFi Development held 2,311,523 SOL.
reporter1@bloomingbit.ioHello, I'm a reporter at bloomingbit