DeFi Development Corp (Formerly Janover) Continues Solana Buying Spree
DeFi Development Corp (Nasdaq: JNVR), formerly known as Janover, is aggressively expanding its Solana (SOL) treasury, further signaling its strategic pivot towards the cryptocurrency market following a recent takeover by former Kraken executives. The company announced today the purchase of an additional 65,305 SOL, valued at approximately $9.9 million.
This latest acquisition boosts DeFi Development Corp’s total Solana holdings to an impressive 317,273 SOL. This follows a prior announcement on April 22nd, where the company revealed the purchase of 88,164 SOL worth $11.5 million, which had already triggered a 12% jump in its stock price.
The company’s rapid accumulation of Solana began after a buyout on April 7th by a team of former executives from the cryptocurrency exchange Kraken. This acquisition marked a clear shift in the company’s focus from its previous operations in the real estate financing sector towards a crypto-centric strategy, with Solana identified as the primary asset for its reserve treasury.
Since this strategic overhaul, DeFi Development Corp has executed multiple substantial Solana purchases, including a $10.5 million acquisition on April 16th. The company has explicitly stated its intention to stake its growing SOL holdings, a process of locking up cryptocurrency to support the blockchain network and earn additional yield. Solana has recently seen significant staking activity, briefly surpassing Ethereum in total staked value with a substantial annualized return.
The market’s reaction to DeFi Development Corp’s focused Solana accumulation has been overwhelmingly positive. The consistent stock price increases following each major purchase highlight a growing investor appetite for publicly listed companies with a clear and aggressive cryptocurrency treasury strategy, particularly one centered around a prominent altcoin like Solana.
Other companies, such as Upexi, are also beginning to explore diversifying their digital asset strategies beyond Bitcoin, further validating the growing trend of corporate crypto treasuries.
SOL is currently trading at $147.81, 2.27% down overnight but 9.42% up over the past week.