DeFi Development (formerly Janover) has announced the acquisition of $11.2 million in Solana (SOL) tokens, bringing its total holdings to over 400,000 SOL tokens.
The company purchased 82,404 SOL for $11.2 million at an average price of $143 per token. This latest acquisition brings DeFi Development’s total Solana holdings to 400,091 SOL, valued at approximately $57 million at current market prices.
Part of this acquisition includes locked SOL tokens, which were purchased through BitGo’s over-the-counter (OTC) desk. These tokens are temporarily locked, with access to them restricted until they become unlocked, but they remain tradable between institutional investors.
The firm plans to stake its entire SOL treasury, including the newly purchased tokens, in order to earn staking rewards and generate protocol-native cashflow. This move follows their recent purchase of a validator operation, further solidifying their presence within the Solana ecosystem.
Following the announcement, shares of DeFi Development fell by 3.8%, in line with a 2% drop in SOL’s price on Tuesday.
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