DeFi Development Soars 20% as Solana Holdings Top $100M With Latest Purchase

DeFi Development (DFDV), the Nasdaq-listed existent property tech steadfast formerly known arsenic Janover, bought much of Solana's SOL SOL, taking its full crypto holdings supra $100 million, the institution announced connected Monday.

The steadfast said it acquired 172,670 SOL astatine an mean terms of $136.81. The $23.6 cardinal acquisition is the largest since its crypto pivot past month. The Florida-based institution present holds 595,988 SOL, worthy astir $105 cardinal astatine existent prices.

The institution said the tokens volition beryllium held semipermanent and staked with a scope of validators, including its own, to gain staking yield. DeFi Development's updated per-share vulnerability present stands astatine 0.293 SOL oregon astir $50.42 per share.

The company's shares surged 20% to $90 successful the aboriginal minutes of the Monday session, adding to the 30% summation connected Friday arsenic crypto prices rallied implicit the past fewer days. SOL precocious implicit 20% implicit the past week, touching $180 for the archetypal clip since February.

The determination reflects a increasing inclination of nationalist companies buying cryptocurrencies for their equilibrium sheets, mimicking the playbook of Michael Saylor's Strategy (MSTR).

While galore companies are pursuing Saylor's pb and focusing connected bitcoin BTC, the largest cryptocurrency, others are looking astatine alternatives. Last month, Janover was taken implicit by a radical of erstwhile executives of crypto speech Kraken and pivoted to absorption connected the Solana blockchain, accumulating the network's autochthonal token and operating validators to gain a staking yield. The steadfast precocious laid retired plans to rise $1 cardinal for acquiring SOL.

Read more: DeFi Development Plans to Raise $1 Billion to Buy More Solana

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