DeFi Development Corp., which holds Solana's SOL token as a treasury asset, posted a $27 million second-quarter loss and said it is retrenching by closing its Treasury Accelerator to new deals, cutting costs and buying back convertible debt below face value. In its Aug. 12 shareholder letter, the company said net loss on digital assets reached $21.519 million, compared with a $21.194 million gain a year earlier. Operating expenses plus cost of goods sold, excluding fair-value changes, fell 22.6% year over year to $4.635 million from $5.990 million, and management said operating expenses should decline again starting in the third quarter, though it gave no savings target. Since its previous shareholder update, DFDV repurchased about $3.5 million of July 2030 convertible-note principal for $2.3 million in cash, a roughly 35% discount. It said cumulative repurchases totaled about $7.9 million of principal for $5.0 million, with estimated annual interest savings above $400,000. The latest transaction eliminated $1.2 million more principal than the cash spent before transaction costs and reduced the amount that could later convert into shares. The July notes carry a 5.5% rate, mature in 2030 and are unsecured, with no SOL collateral-maintenance or margin-call mechanism in their indenture. Beginning in late June, the company sold about 478,000 shares through its at-the-market facility (a program for selling shares into the open market) for $1.4 million to fund operating costs. Management estimated that issuance reduced SOL per share by about 1.4%. As of Aug. 12, DFDV reported 2,311,523 SOL and SOL equivalents, 35.3 million fully converted shares and fully converted SOL per share of 0.066, up about 24% from 0.053 a year earlier. The company also reported total debt equal to 216% of its market capitalization and net debt equal to 104% of SOL and SOL equivalents as of Aug. 12. DFDV said it will originate no additional Treasury Accelerator transactions, though its ZeroStack and Allied Architects investments remain in place to be managed or monetized when appropriate. The company said debt repurchases and lower costs support per-share economics, while at-the-market issuance dilutes them, leaving future SOL-per-share growth dependent on how it balances treasury accumulation, future share issuance and financing costs, with equity value and net asset value still exposed to SOL's price.