Share this article
Tokenized Shares of Solana Treasury Company Defi Dev Coming to Kraken
The company has claimed the bragging rights of becoming the first U.S.-listed crypto treasury firm with on-chain equity on Backed's xStocks launch with Kraken.
Updated Jun 23, 2025, 8:10 p.m. Published Jun 23, 2025, 2:34 p.m.
Make us preferred on Google
What to know:
- DeFi Development Corp. will tokenize its shares on the Solana network through upcoming xStocks platform of Backed and Kraken.
- The tokenized shares, DFDVx, will allow for integration into DeFi applications, enabling new financial uses.
- The move reflects growing interest in tokenizing real-world assets like equities, funds and debt, with the market potentially reaching $18.9 trillion by 2033.
DeFi Development Corp. (DFDV), the Nasdaq-listed firm with a crypto treasury strategy focused on Solana , is bringing its equity onto blockchain rails on crypto exchange Kraken.
The company's shares will be tokenized under the ticker DFDVx on the Solana network, joining a select group of tokenized versions of major stocks like Apple and Tesla on the xStocks platform, the tokenized stock trading venue of tokenization specialist Backed and Kraken, a Monday press release said.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The listing comes as interest in tokenization of real-world asset (RWA) such as equities, funds and real estate is rising. Tokenization allows traditional financial products to trade around-the-clock, settle faster and develop use cases in decentralized finance (DeFi) applications. It's potentially a massive opportunity: the market size of all tokenized RWAs could reach $18.9 trillion by 2033 with on-chain equities being one of the main group of assets, according to a report by BCG and Ripple. Rival exchange Coinbase reportedly also seeks regulatory approval to offer tokenized stock trading.
"We view the tokenization of our stock as a DeFi lego block, one that developers and institutions can build on top of," said Joseph Onorati, CEO of DeFi Dev.
"As part of the xStocks alliance, we have seen incredible demand for access to US equities; the crypto community is excited for on-chain access to crypto treasury strategy companies like DFDV," said Val Gui, general manager of xStocks for Kraken.
Read more: Crypto for Advisors: Trends in Tokenizing Real-World Assets
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here's what bitcoin bulls are saying as price remains stuck during global rally
It's about a lot more than "zooming out." Supply overhangs and investor "muscle memory" regarding gold help explain bitcoin's poor absolute and relative performance.
What to know:
- Bitcoin has failed so far to act as an inflation hedge or safe-haven asset, lagging badly behind gold, which has surged amid high inflation, wars, and interest rate uncertainty.
- Crypto advocates argue that bitcoin’s weakness reflects a temporary supply overhang, investor “muscle memory” favoring familiar precious metals and its correlation with risk assets, rather than a collapse in long-term demand.
- Many bitcoin proponents still see BTC as a superior long-term store of value and “digital gold,” predicting that, once traditional hard assets are overbought, capital will rotate into bitcoin, allowing it to “catch up” to gold.
Top Stories
