DeFi Growth Rises 20% as Solana’s Total Holdings Cross the $100M Mark With New Purchase

DeFi Development (DFDV), the Nasdaq-listed firm formerly known as Janover, has continued its crypto strategy by acquiring a significant amount of Solana’s SOL. The company announced on Monday that it had purchased 172,670 SOL at an average price of $136.81, pushing its total holdings to 595,988 SOL, now worth nearly $105 million at current market prices.

This $23.6 million purchase is the largest since the company made its pivot to cryptocurrency last month. The Florida-based firm stated that the tokens will be held long-term and staked with a variety of validators, including its own, to earn staking yields.

DeFi Development’s shift toward crypto continues to gain traction, with its per-share exposure now standing at 0.293 SOL, or about $50.42 per share. The company’s stock price saw a strong 20% rise in early trading on Monday, building on a 30% increase from Friday, as the crypto market saw a rally. Solana’s SOL token itself has advanced over 20% in the past week, reaching $180 for the first time since February.

This move aligns with a growing trend of publicly listed companies adding cryptocurrencies to their balance sheets, similar to the strategy employed by Michael Saylor’s Strategy (MSTR). While many companies continue to focus on Bitcoin (BTC), DeFi Development is taking a different approach by acquiring and staking Solana’s SOL. The firm, now led by former Kraken executives, has outlined plans to raise $1 billion to continue acquiring SOL and build out its validator operations.