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DeFi Development Soars 20% as Solana Holdings Top $100M With Latest Purchase
The Nasdaq-listed firm has accumulated 595,988 in Solana's SOL, worth nearly $105 million, in the month since its crypto pivot.
Updated May 13, 2025, 12:47 p.m. Published May 12, 2025, 2:02 p.m.
What to know:
- DeFi Development increased its holdings of Solana's SOL to over $100 million with the purchase of another 172,670 tokens.
- The company's shares rose 20% after the market opened, following a 30% gain on Friday amid a broader crypto rally.
- The move aligns with a trend among public companies to add cryptocurrencies to their balance sheets, following the playbook of Michael Saylor's Strategy (MSTR).
DeFi Development (DFDV), the Nasdaq-listed real estate tech firm formerly known as Janover, bought more of Solana's SOL , taking its total crypto holdings above $100 million, the company announced on Monday.
The firm said it acquired 172,670 SOL at an average price of $136.81. The $23.6 million purchase is the largest since its crypto pivot last month. The Florida-based company now holds 595,988 SOL, worth nearly $105 million at current prices.
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The company said the tokens will be held long-term and staked with a range of validators, including its own, to earn staking yield. DeFi Development's updated per-share exposure now stands at 0.293 SOL or about $50.42 per share.
The company's shares surged 20% to $90 in the early minutes of the Monday session, adding to the 30% gain on Friday as crypto prices rallied over the past few days. SOL advanced over 20% over the past week, touching $180 for the first time since February.
The move reflects a growing trend of public companies buying cryptocurrencies for their balance sheets, mimicking the playbook of Michael Saylor's Strategy (MSTR).
While many companies are following Saylor's lead and focusing on bitcoin , the largest cryptocurrency, others are looking at alternatives. Last month, Janover was taken over by a group of former executives of crypto exchange Kraken and pivoted to focus on the Solana blockchain, accumulating the network's native token and operating validators to earn a staking yield. The firm recently laid out plans to raise $1 billion for acquiring SOL.
Read more: DeFi Development Plans to Raise $1 Billion to Buy More Solana
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.
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