DeFi Development (DFDV), the Nasdaq-listed real estate tech firm previously known as Janover, has ramped up its cryptocurrency investments, accumulating a significant amount of Solana’s SOL token. The company announced on Monday that it had acquired an additional 172,670 SOL at an average price of $136.81, bringing its total holdings to 595,988 SOL — now valued at approximately $105 million.
This latest purchase, totaling $23.6 million, marks the largest acquisition since DeFi Development made its strategic pivot to the crypto space last month. The firm emphasized that these SOL tokens will be held for the long term and staked with a variety of validators, including its own, to generate staking yields.
As a result of this acquisition, DeFi Development’s per-share exposure now stands at 0.293 SOL, equating to about $50.42 per share. The firm’s stock experienced a 20% boost, reaching $90 in early trading on Monday, following a 30% gain on Friday as crypto prices rallied. SOL itself has surged more than 20% in the past week, reaching $180 for the first time since February.
This move underscores a growing trend of public companies diversifying their balance sheets by purchasing cryptocurrencies, emulating strategies like that of Michael Saylor’s Strategy (MSTR). While many companies are focusing primarily on Bitcoin (BTC), DeFi Development is taking a different approach by acquiring Solana’s native token and operating validators to earn staking rewards.
DeFi Development, after its leadership change by former Kraken executives, is actively working to raise $1 billion to continue acquiring more SOL. This shift in focus highlights the company’s commitment to the Solana blockchain as its primary investment strategy.
