DeFi Development Boosts SOL Holdings by $11.2M, Pushing Total to More Than 400K Tokens

DeFi Development (formerly Janover), a company now focusing on Solana (SOL), announced it has added $11.2 million worth of SOL tokens to its holdings, increasing its total assets in the cryptocurrency to over 400,000 SOL.

The company purchased an additional 82,404 SOL tokens, bringing its total holdings to 400,091 SOL. At SOL’s current market price of $143, this acquisition places the total value of DeFi Development’s holdings at approximately $57 million.

The newly acquired tokens include locked SOL, which the company bought through BitGo’s over-the-counter (OTC) desk. These tokens are temporarily locked, with their full access to be granted once they are unlocked. However, they are still tradeable off-chain between institutions, the company clarified.

DeFi Development intends to stake its entire SOL treasury, including the newly purchased tokens, to earn staking rewards. This move follows the company’s recent acquisition of a validator operation, further cementing its position in the Solana ecosystem.

In Tuesday morning trading, DeFi Development’s stock saw a 3.8% drop, aligning with a general 2% dip in SOL’s price.