DeFi Development Corp Boosts Solana Holdings by 40%

DeFi Development Corp, formerly known as Janover, has increased its holdings of Solana's SOL tokens by $9.9 million, bringing its total crypto holdings to 317,273 SOL, valued at approximately $48 million. This purchase was made through BitGo’s over-the-counter desk and includes a tranche of locked SOL tokens, which are typically tied to vesting or bankruptcy proceedings and are cheaper than spot prices.

According to CEO Joseph Onorati, the company's strategy involves acquiring locked, discounted inventory through trusted partners like BitGo. This approach allows DeFi Development to accumulate SOL below market prices while strengthening its alignment with the Solana ecosystem. The company, which initially started as a real estate data and software firm, has pivoted to become a U.S. public company offering direct exposure to the Solana ecosystem through its balance sheet. This shift occurred after a group of former executives from a prominent crypto exchange acquired a majority stake in the firm earlier this month.

With the latest purchase, each of the firm's 1.5 million outstanding shares now represents 0.22 SOL, marking a 40% increase from earlier disclosures. This move is part of a broader trend where corporations are buying SOL to provide traditional finance (TradFi) investors with exposure to the token. This trend has been gaining momentum, with SOL Strategies, a publicly traded company led by former co-founder of a digital asset manager, spearheading the movement. Earlier today, SOL Strategies announced securing an up to $500 million convertible note facility to increase its investments in the Solana network.