Former Janover, Now DeFi Development Corporation, Ramps Up Its Solana Treasury

The company added 88,164 Solana (SOL) to its treasury, worth $11.5 million and bringing its Solana stake to $34.4 million

DeFi Development Corporation, formerly known as Janover, is continuing to ramp up its Solana treasury strategy following a buyout led by former Kraken executives.

According to a press release on Friday, the company purchased 88,164 Solana (SOL), worth $11.5 million at current prices. This brings its total Solana stake to $34.4 million.

On April 7, the company was acquired by a group of former Kraken executives, who announced plans to shift the firm's focus toward crypto, including a rebrand and a Solana-based reserve treasury.

Prior to the transition, Janover operated in the real estate financing space, linking lenders with commercial property buyers.

Since the takeover, the company has made several purchases of SOL, including a buy of $10.5 million on April 16.

With the latest purchase, DeFi Development Corporation's total SOL holdings now stand at 251,842. The company plans to stake the tokens to generate additional yield.

As of this writing, shares of DeFi Development Corporation (JNVR) are up 12.83% on the news, according to Google Finance.

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

Company crypto treasury strategies are seeing increasing popularity since Michael Saylor's Strategy began buying Bitcoin (BTC) in August 2020 and disclosing its treasury holdings later that year.

Several companies that have followed suit with their own crypto treasuries have seen a boost in their stock prices as a result.

Japanese company Metaplanet announced its Bitcoin treasury in 2024 and saw a 4800% rise in its share price as of February 10, though it has fallen since then.

Semler Scientific (NASDAQ:SEML), a healthcare technology company, saw a 30% stock price rise after it announced its BTC reserve treasury in November 2023.

Other firms are expanding their digital assets approach to include other cryptocurrencies, such as SOL.

Nasdaq-listed supply chain firm Upexi announced the creation of a SOL treasury to diversify its assets in December 2023.