Key Highlights:
- DeFi Development has expanded its Solana SOL holdings to over $100 million by acquiring an additional 172,670 tokens.
- Following this announcement, the company’s stock price rose 20%, building on a 30% increase from the previous Friday during a broader crypto rally.
- This purchase reflects a prevailing trend among public firms to include cryptocurrencies in their financial strategies, influenced by Michael Saylor’s approach.
DeFi Development, formerly known as Janover, has made significant strides in accumulating Solana’s native token, boosting its total crypto assets above $100 million, as revealed in a recent statement.
The latest acquisition of 172,670 SOL occurred at an average price of $136.81, totaling $23.6 million. The company now holds 595,988 SOL, evaluated at nearly $105 million based on current market prices.
The firm intends to stake the tokens with various validators to generate staking yields, adjusting its per-share exposure to 0.293 SOL or around $50.42 each.
Amidst rising crypto values, including Solana surging over 20% in the last week, DeFi Development’s shares experienced a notable spike, reaching $90 early in the trading day on Monday. This reflects a broader wave of interest in cryptocurrency acquisitions by public companies, diverging from traditional focuses like Bitcoin.
As DeFi Development pivots toward cryptocurrency, it aims to raise $1 billion to further accumulate SOL, signaling a strategic shift under new leadership from former executives at Kraken.
