Share this article
Solana Buying for Balance Sheet Gains Momentum as DeFi Development Raises Holdings to $48M
The firm, formerly known as Janover, continued its buying spree for its long-term crypto holdings acquiring locked SOL tokens below spot prices
Updated Apr 24, 2025, 1:09 p.m. Published Apr 23, 2025, 10:44 p.m.
What to know:
- DeFi Development Corp added $9.9 million in Solana's SOL to its treasury, raising its total holdings to 317,273 tokens worth $48 million.
- The company, formerly known as Janover, said it made the purchase through BitGo's over-the-counter desk, acquiring locked SOL at below market prices.
- The firm pivoted from real estate data to focus on the Solana ecosystem, now offering investors direct exposure to SOL through its balance sheet, taking a page from Michael Saylor's bitcoin-centered Strategy.
DeFi Development Corp (JNVR), formerly known as Janover, added another $9.9 million in Solana's SOL to its corporate treasury, pushing total crypto holdings to 317,273 SOL or about $48 million, the company said on Wednesday.
The purchase, made through BitGo’s over-the-counter desk, includes a tranche of locked SOL. These are tokens typically tied to vesting or bankruptcy proceedings that can’t yet move on-chain but are cheaper than spot prices.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"By gaining access to locked discounted inventory through a trusted partner like BitGo, we’re able to accumulate some of our SOL below market prices while deepening our alignment with the Solana ecosystem," CEO Joseph Onorati said in a statement.
Janover, which was renamed to DeFi Development earlier this week, began as a real estate data and software company but has shifted to position itself as U.S. public company offering direct exposure to the Solana ecosystem to investors through its balance sheet. The pivot happened after a group of former executives of crypto exchange Kraken, including Onorati, acquired a majority stake in the firm this month.
The company noted that with the latest purchase, each of the firm's 1.5 million outstanding shares now represents 0.22 SOL, up 40% from earlier disclosures.
Corporations have been buying SOL to provide TradFi investors with exposure to the token, and this trend has been gaining momentum recently. SOL Strategies, the publicly traded company helmed by CEO Leah Wald—former co-founder of digital asset manager Valkyrie Investments—spearheaded the movement. Earlier today, the firm announced that it had secured an up to $500 million convertible note facility to ramp up its investments in the Solana network.
Read more: Janover Takes Page From Saylor Playbook, Doubling SOL Stack to $20M as Stock Soars 1700%
Disclaimer: This article, or parts of it, was generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
What to know:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
Top Stories
