DeFi Development Corporation, formerly Janover, has significantly expanded its Solana (SOL) holdings, triggering a 12% jump in its share price. The company now holds over $34 million worth of SOL and plans to stake its crypto treasury for yield, following a strategic pivot after being acquired by former Kraken executives.
Strategic Shift to Crypto Following Acquisition
In a bold move announced on April 22, DeFi Development Corp revealed it had purchased 88,164 SOL tokens worth approximately $11.5 million, raising its total Solana holdings to 251,842 SOL, valued at $34.4 million.
This acquisition follows an earlier $10.5 million SOL purchase on April 16, highlighting the company’s aggressive expansion into crypto treasury strategies. The shift came after DeFi Development Corp was acquired on April 7 and rebranded from its previous focus in real estate financing to a crypto-first firm.
SOL Staking and Yield Generation Plans
DeFi Development Corp plans to stake its SOL holdings, generating passive income while contributing to the security and efficiency of the Solana blockchain. As of April 21, Solana briefly overtook Ethereum in total staked value, with over $53.9 billion worth of SOL staked by more than 500,000 unique wallets, yielding an 8.31% annualized return.
Staking allows holders to earn rewards by locking up tokens, a strategy increasingly adopted by companies managing crypto treasuries.
Crypto Treasury Strategies Gain Popularity
DeFi Development Corp’s move mirrors a growing trend among public companies. Since Michael Saylor led MicroStrategy’s adoption of Bitcoin (BTC) in 2020, many firms have followed suit.
- Metaplanet, a Japanese firm, added BTC in 2024, briefly boosting its share price by 4800%.
- Semler Scientific experienced a 30% rise after its BTC treasury announcement.
- Upexi, a Nasdaq-listed supply chain firm, also announced a Solana treasury, diversifying beyond Bitcoin.
These developments reflect a broader acceptance of digital assets as viable treasury reserves, not just limited to Bitcoin but expanding to include Solana and other cryptocurrencies.
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