DeFi Development Corp. Boosts Solana Holdings to Over $100 Million with Latest Acquisition

DeFi Development Corp., a software company that has recently pivoted towards the cryptocurrency sector, has significantly expanded its Solana (SOL) holdings. The company purchased 172,670 SOL, valued at approximately $23.6 million, marking its 10th acquisition and pushing its total Solana stake to over $100 million.

The latest purchase was made at an average price of $136.81 per SOL, bringing the company's total holdings to 595,988 SOL, worth about $102.7 million, including staking rewards. This move follows DeFi Development's recent $24 million private placement, which closed on Tuesday. The company has indicated that the proceeds will be used for general corporate purposes, with a continued focus on accumulating more Solana.

DeFi Development Corp., which was previously known as Janover, underwent a rebranding after a team of former Kraken executives took a majority stake in the company in April. This shift marked the company's new direction into the crypto space, particularly focusing on Solana.

As part of its broader strategy, DeFi Development announced last week that it had agreed to acquire a Solana validator business for $3.5 million. This acquisition will allow the company to self-stake its SOL holdings, enhancing its position within the Solana ecosystem.

In terms of stock performance, DeFi Development saw a 2.53% increase in its share price on the Nasdaq on Tuesday, and a notable 5.67% rise in after-hours trading, according to Yahoo Finance. Earlier this month, the company also changed its ticker symbol from "JNVR" to "DFDV" to align with its new direction.

The price of Solana itself saw a 6.7% rise, reaching $180.3 at press time, with a market capitalization of $93.6 billion, securing its position as the sixth-largest cryptocurrency by market cap.