DeFi Development Corp (JNVR), previously known as Janover, has announced it has added a further $9.9 million in Solana’s SOL to its corporate treasury. This latest acquisition increases the company’s total crypto holdings to 317,273 SOL, equivalent to roughly $48 million, as per the disclosure made on Wednesday.
The purchase was transacted through BitGo’s over-the-counter desk and includes a tranche of locked SOL. These tokens, typically tied to vesting or bankruptcy proceedings, cannot yet move on-chain but are cheaper than spot prices, providing an opportunity for strategic buying.
CEO of DeFi Development Corp, Joseph Onorati, emphasized the strategic nature of the purchase in a statement. “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,” he said.
DeFi Development, renamed from Janover earlier this week, began as a real estate data and software company. The firm has since pivoted and now positions itself as a U.S. public company offering direct exposure to the Solana ecosystem to investors through its balance sheet. This strategic shift occurred following the acquisition of a majority stake in the company by a group of former executives from the crypto exchange Kraken, including Onorati.
With this latest addition, the company noted that each of its 1.5 million outstanding shares now represents 0.22 SOL, marking a 40% increase from previous disclosures.
Corporations have been increasingly investing in SOL to offer TradFi investors exposure to the token. This trend has been gaining momentum recently, spearheaded by companies like SOL Strategies. The publicly traded company, led by CEO Leah Wald, former co-founder of digital asset manager Valkyrie Investments, announced earlier today that it had secured a $500 million convertible note facility to further its investments in the Solana network.
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