DeFi Development Corp Adds $11.5 Million to Solana (SOL), Stock Up 12%

After rebranding from Janover, the company holds over $34 million in Solana tokens and plans to stake its crypto reserve for yield.

DeFi Development Corporation, formerly Janover, is ramping up its Solana reserve strategy following an acquisition led by Kraken executives.

According to an April 22 announcement, the company added 88,164 Solana (SOL) to its reserve, valued at $11.5 million, bringing its total Solana holdings to $34.4 million.

On April 7, DeFi Development Corporation was acquired by a group of former Kraken executives. As part of the deal, the company announced a shift to cryptocurrency, including a name change and a Solana-based reserve asset reserve. Prior to the transition, Janover operated primarily in the real estate financing space, connecting lenders and commercial property buyers.

Since the acquisition, the company has made multiple purchases of SOL, including one on April 16 for $10.5 million. With the latest purchase, DeFi Development Corporation’s total holdings reach 251,842 Solana tokens. The company plans to stake these tokens to generate additional yield.

As of this writing, DeFi Development Corporation’s shares 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. On April 21, Solana briefly surpassed Ethereum (ETH) in total staked value, with more than $5.39 billion of SOL held by more than 500,000 unique wallets, an annualized return of 8.31%.

Crypto asset reserve strategies gain traction

Since Michael Saylor’s strategy began adding Bitcoin to its balance sheet in August 2020, more companies have followed suit to set up cryptocurrency reserves, often seeing their stock prices rise as a result.

Japanese company Metaplanet announced a Bitcoin reserve in 2024, sending its stock up 4,800% on February 10, though it has since retreated. Medical technology company Semler Scientific saw its stock rise 30% after announcing its BTC reserve. Other companies are also expanding their digital asset strategies and dabbling in other cryptocurrencies such as SOL. Nasdaq-listed supply chain company Upexi recently announced the creation of a SOL reserve to diversify its assets.