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By Krisztian Sandor, AI Boost|Edited by Aoyon Ashraf
Apr 23, 2025, 10:44 p.m.
- DeFi Development Corp added $9.9 million in Solana’s SOL to its treasury, raising its total holdings to 317,273 tokens worth $48 million.
- The company, formerly known as Janover, said it made the purchase through BitGo’s over-the-counter desk, acquiring locked SOL at below market prices.
- The firm pivoted from real estate data to focus on the Solana ecosystem, now offering investors direct exposure to SOL through its balance sheet, taking a page from Michael Saylor’s bitcoin-centered Strategy.
DeFi Development Corp (JNVR), formerly known as Janover, added another $9.9 million in Solana’s SOL to its corporate treasury, pushing total crypto holdings to 317,273 SOL or about $48 million, the company said on Wednesday.
The purchase, made through BitGo’s over-the-counter desk, includes a tranche of locked SOL. These are tokens typically tied to vesting or bankruptcy proceedings that can’t yet move on-chain but are cheaper than spot prices.
STORY CONTINUES BELOW
“By gaining access to locked discounted inventory through a trusted partner like BitGo, we’re able to accumulate some of our SOL below market prices while deepening our alignment with the Solana ecosystem,” CEO Joseph Onorati said in a statement.
Janover, which was renamed to DeFi Development earlier this week, began as a real estate data and software company but has shifted to position itself as U.S. public company offering direct exposure to the Solana ecosystem to investors through its balance sheet. The pivot happened after a group of former executives of crypto exchange Kraken, including Onorati, acquired a majority stake in the firm this month.
The company noted that with the latest purchase, each of the firm’s 1.5 million outstanding shares now represents 0.22 SOL, up 40% from earlier disclosures.
Corporations have been buying SOL to provide TradFi investors with exposure to the token, and this trend has been gaining momentum recently. SOL Strategies, the publicly traded company helmed by CEO Leah Wald—former co-founder of digital asset manager Valkyrie Investments—spearheaded the movement. Earlier today, the firm announced that it had secured an up to $500 million convertible note facility to ramp up its investments in the Solana network.
Read more: Janover Takes Page From Saylor Playbook, Doubling SOL Stack to $20M as Stock Soars 1700%
Disclaimer: This article, or parts of it, was generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University’s business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
