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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.
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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.
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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
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