Solana Buying for Balance Sheet Gains Momentum as DeFi Development Raises Holdings to $48M

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.

"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.

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