DeFi Development Corp adds $11.5M SOL, shares jump 12%

DeFi Development Corporation, formerly known as Janover, is ramping up its Solana treasury strategy following a buyout led by Kraken executives.According to an April 22 announcement, the company added 88,164 Solana (SOL) to its treasury, worth $11.5 million and bringing its Solana stake to $34.4 million.On April 7, DeFi Development Corporation was acquired by a group of former Kraken executives. As part of the deal, the company announced a shift toward crypto, including a rebrand and a Solana-based reserve treasury. Before the transition, Janover operated in the real estate financing space, linking lenders with commercial property buyers.Since the takeover, the company has made multiple purchases of SOL, including a buy of $10.5 million on April 16. With the latest purchase, DeFi Development Corporation’s total holdings stand at 251,842. The company plans to stake the tokens to generate additional yield.As of this writing, shares of DeFi Development Corporation (JNVR) are up 12.83% on the news, according to Google Finance.DeFi Development Corporation's intraday performance. Source: Google FinanceStaking is the process of locking up cryptocurrency to help secure a blockchain network and earn rewards in return. Solana briefly surpassed Ethereum in total staked value on April 21, with over $53.9 billion worth of SOL staked by more than 500,000 unique wallet holders, yielding an 8.31% annualized return.Crypto treasury strategies gaining tractionSince Michael Saylor’s Strategy began adding Bitcoin (BTC) to its balance sheet in August 2020, more companies have followed suit with crypto treasuries, often seeing a boost in their stock prices as a result.Japanese company Metaplanet announced its Bitcoin treasury in 2024 and recorded a 4800% rise in its share price as of Feb. 10, though it has fallen since then. Semler Scientific, a healthcare technology company, saw a 30% stock price rise after it announced its BTC reserve treasury.Other companies are expanding their digital assets approach to other cryptocurrencies, such as SOL. Upexi, a Nasdaq-listed supply chain firm, recently announced the creation of a SOL treasury to diversify its assets.Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge