DeFi Development Corporation, formerly Janover, saw its shares jump 12% after announcing the addition of $11.5 million in Solana (SOL) to its holdings. The firm moved from financing mortgages to crypto. Now, it funds its increases with a Solana treasury worth more than $34 million and plans to stake its entire crypto treasury for yield.
On April 7, DeFi Development Corporation was bought by a consortium of ex-Kraken executives. Prior to the merger, the firm focused on the development finance market. Then called Janover, it matched lenders with buyers of commercial real estate. The company has since made a hard pivot in the direction of crypto, from a full-blown rebranding to development of a Solana-based reserve treasury.
16 that DeFi Development Corporation had made a $10.5 million investment in SOL. Only a few days later, on April 22, they went on to make another equally large purchase of around 88,164 Solana (SOL) for $11.5 million. The company’s Solana stake is about $34.4 million today.
On April 21, Solana temporarily overtook Ethereum in total value staked. At that point in time, more than $53.9 billion worth of SOL was staked. As a result, over 500k unique wallet holders staked SOL, earning an impressive 8.31% annualized return.
After announcing its crypto treasury plans, stock price of the incubator behind DeFi Development Corporation soared. Other firms such as MicroStrategy have enjoyed meteoric increases to their stock price. This increase follows their recent purchase of crypto to their balance sheets. The Japanese company Metaplanet, however, captured the zeitgeist in 2024. It had a mind-boggling 4800% increase in its stock price following the revelation of its Bitcoin treasury.
