DeFi Development (DFDV), the Nasdaq-listed tech firm formerly known as Janover, has made a major move in the cryptocurrency space by significantly increasing its holdings in Solana’s SOL token. The company revealed on Monday that it acquired an additional 172,670 SOL at an average price of $136.81, bringing its total holdings to 595,988 SOL, valued at approximately $105 million at current prices.
This $23.6 million purchase marks the largest investment since the company’s pivot into the crypto sector last month. DeFi Development plans to hold these tokens for the long term, with intentions to stake them through a variety of validators, including its own, to generate staking rewards.
With this acquisition, the company’s per-share exposure has risen to 0.293 SOL, or about $50.42 per share. DeFi Development’s stock surged 20% in early Monday trading, following a 30% jump on Friday, as the broader cryptocurrency market experienced a bullish rally. Solana’s SOL has risen over 20% in the past week, touching $180 for the first time since February.
This latest move highlights a growing trend among public companies adopting cryptocurrency as part of their balance sheets, following in the footsteps of Michael Saylor’s Strategy (MSTR). While many companies are focused on Bitcoin (BTC), DeFi Development is doubling down on Solana’s ecosystem, having pivoted last month under new leadership from former Kraken executives. The company is also preparing to raise $1 billion to continue acquiring more SOL and expand its validator infrastructure.
