DeFi Development Corp. Tokenizes Nasdaq Stock for Crypto Treasury Strategy

DeFi Development Corp. has announced a groundbreaking initiative to tokenize its Nasdaq-listed stock, becoming the first U.S. public company to implement a crypto treasury strategy. This move, detailed in a June 24 press release, involves a partnership with Kraken and blockchain tokenization firm Backed. The company, which trades under the ticker DFDV, aims to bring its equity onchain, marking a significant step in the convergence of traditional finance and decentralized finance (DeFi).

The tokenized version of its stock, DFDVx, will be listed on xStocks, a new platform developed by Backed in collaboration with Kraken and Solana. This platform enables 24/7 trading of tokenized equities and expands access to U.S. stocks via blockchain technology. By tokenizing its stock, DeFi Development Corp. is opening the door to new use cases that blend equity ownership with decentralized finance, as stated by the company's chief executive officer, Joseph Onorati.

This launch will allow developers and institutions to integrate tokenized equity into various onchain applications, such as lending and yield farming. This initiative has the potential to open a new chapter for capital markets and DeFi convergence. DeFi Development, formerly known as Janover Inc., rebranded in April following a leadership shakeup led by former Kraken executives. Since the transition, the company has adopted a treasury policy centered on accumulating and staking Solana, turning its balance sheet into a vehicle for SOL exposure.

The company now operates Solana validator infrastructure and holds more than 600,000 SOL. It has also signed a letter of intent with Kamino Finance to integrate its liquid staking token, dfdvSOL, into Solana’s DeFi protocols. The company’s stock has surged significantly since April, with shares trading at $24.70 as of the press release. It has also indicated interest in a possible Nasdaq dual listing for its U.S. subsidiary and announced a $5 billion equity line to support its treasury expansion.

The tokenized stock launch comes at a time when demand for real-world assets on Solana continues to accelerate. Kraken’s xStocks seeks to provide a globally accessible gateway to U.S. stocks, increasing investor participation and liquidity. DFDVx is expected to go live in the coming weeks, positioning DeFi Development as a first mover at the intersection of public equity and onchain finance. This initiative reflects a broader shift towards decentralized asset management and could set a precedent for other public companies, potentially redefining equity ownership.