DeFi Development Corporation announced Monday it has purchased 172,670 Solana tokens for approximately $23.6 million, marking its largest single crypto acquisition to date.
The move brings the company’s total Solana (SOL) holdings to 595,988, valued at roughly $102.7 million, including staking rewards, the company said.
The latest buy is part of DeFi Dev Corp’s digital asset treasury strategy, launched following its rebrand from Janover Inc. earlier this year.
Under the leadership of former Kraken executive, including CEO Joseph Onorati and CIO Parker White, the company has pivoted from traditional real estate SaaS to operating as a public crypto treasury vehicle with a focus on Solana.
As of May 12, 2025, the firm reports 2,037,531 shares outstanding, translating to 0.293 SOL per share — or $50.42 at current valuation. All acquired tokens are staked across a range of validators, including the company’s own, in order to generate yield and support Solana network operations.
Since the news of its Solana purchases, DeFi Dev Corp’s stock has surged over 2200%.
10 Solana purchases
This marks the company’s 10th SOL purchase since the strategy launched, following previous investments including an $11.5 million buy in April, funded by a $42 million raise.
The firm’s website now provides real-time updates on treasury metrics, including SOL balances and staking data.
“Our mission is to bring transparent, crypto-native capital allocation into the public markets,” said Onorati in a previous statement. DeFi Dev Corp’s staking and validator operations aim to both support the Solana ecosystem and deliver yield to shareholders.
With its current holdings, DeFi Dev Corp is among the largest publicly traded holders of Solana. The company plans to continue updating investors on its treasury and strategies via public filings and its dedicated digital asset disclosures platform.
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