Chiara Bianchi
DeFi Development Corp., a firm formerly focused on real estate tech, has made headlines by acquiring 82,404.50 SOL — a transaction valued at approximately $11.2 million, according to a company press release on Tuesday.
This move comes just days after the firm disclosed a $24 million PIPE (private investment in public equity) agreement, reinforcing its aggressive push into the Solana (SOL) ecosystem.
Company Now Holds Over $58 Million Worth of SOL
As of May 6, the company’s total Solana treasury stands at 400,091 SOL, now estimated at $58.5 million with staking rewards included.
With 2,001,887 shares in circulation, the SOL per share is calculated at 0.199, placing the per-share value at roughly $29.24.
“A portion of the newly acquired SOL came through BitGo’s OTC desk, which sources tokens from institutional sellers with time-based lockups,” the company stated. “These assets are intended for long-term holding and will be staked to generate yield.”
Rebrand and Acquisition Signal Long-Term Commitment to Solana
Previously operating under the name Janover, the company underwent a major transformation following the April 22 acquisition by former Kraken executives, which resulted in a full rebrand to DeFi Development Corp.
Further cementing its commitment to the Solana network, the firm also entered into an agreement to purchase a Solana validator business for $3.5 million — a move that will enable it to self-stake its SOL holdings and directly participate in the network’s consensus process.
Solana’s Position in the Market
Currently the sixth-largest cryptocurrency by market cap, Solana is valued at approximately $74.4 billion. At the time of reporting, SOL was trading at $143.38, reflecting a 1% drop on the day, according to PRIME.
