DeFi Development Corporation Boosts Solana Holdings by 88,164 Tokens

DeFi Development Corporation, previously known as Janover, has significantly expanded its Solana treasury strategy following a buyout led by former Kraken executives. The company announced on April 22 that it had added 88,164 Solana (SOL) tokens to its treasury, valued at $11.5 million. This acquisition brings the company's total Solana holdings to $34.4 million.

On April 7, DeFi Development Corporation was acquired by a group of former Kraken executives. As part of the acquisition, the company announced a strategic shift towards cryptocurrency, including a rebranding and the establishment of a Solana-based reserve treasury. Prior to this transition, Janover operated in the real estate financing sector, facilitating connections between lenders and commercial property buyers.

Since the takeover, the company has made several purchases of SOL, including a $10.5 million buy on April 16. With the latest purchase, DeFi Development Corporation’s total holdings now stand at 251,842 SOL. The company plans to stake these tokens to generate additional yield.

Staking is the process of locking up cryptocurrency to help secure a blockchain network and earn rewards in return. Solana briefly surpassed Ethereum in total staked value on April 21, with over $53.9 billion worth of SOL staked by more than 500,000 unique wallet holders, yielding an 8.31% annualized return.

Crypto treasury strategies have gained traction since Michael Saylor’s company began adding Bitcoin (BTC) to its balance sheet in August 2020. More companies have followed suit with crypto treasuries, often seeing a boost in their stock prices as a result. Japanese company Metaplanet announced its Bitcoin treasury in 2024 and recorded a 4800% rise in its share price as of Feb. 10, though it has fallen since then. Semler Scientific, a healthcare technology company, saw a 30% stock price rise after it announced its BTC reserve treasury.

Other companies are expanding their digital assets approach to other cryptocurrencies, such as SOL. Upexi, a Nasdaq-listed supply chain firm, recently announced the creation of a SOL treasury to diversify its assets.