DeFi Development Acquires $23.6 Million in Solana, Total Holdings Over $100M
DeFi Development (DFDV), previously known as Janover, has increased its crypto holdings above $100 million by acquiring more of SOL. Key details include:
- The firm purchased 172,670 SOL at an average price of $136.81 for a total of $23.6 million.
- DeFi Development now holds 595,988 SOL, valued at approximately $105 million.
- The tokens will be held long-term and staked with various validators to earn yields.
- Per-share exposure is now 0.293 SOL or about $50.42 per share.
- Shares surged 20% to $90 following the announcement, adding to a 30% gain from Friday.
- SOL has risen over 20% in the past week, reaching $180 for the first time since February.
- The company's strategy aligns with a trend of public firms investing in cryptocurrencies, similar to Michael Saylor's approach.
- Following a management change, the firm aims to raise $1 billion to acquire more SOL.