Formerly known as Janover, DeFi Development Corporation continued to double down on its Solana buying spree.
The Nasdaq-listed real estate software firm has added an additional 110,466 Solana (SOL) tokens to its treasury at $166.61 per token, the firm announced on Monday. This brings DeFi Development’s total stack to 1,293,562 SOL, valued at approximately $215 million at current prices.
“All newly acquired $SOL is being staked immediately, earning native yield while helping secure the Solana network,” the firm said in an X post on Monday.
The purchase was funded through a combination of cash on hand and proceeds from its previously established $5 billion equity line of credit (ELOC).
DeFi Development Corp was mainly a real estate financing company that used an AI-powered online platform connecting lenders and commercial property buyers. The Boca Raton-based firm made its first SOL purchase of 2,858 tokens on April 8 after being acquired by former Kraken executives. Since that time, it’s gone on to acquire a Solana validator business and adopt creative financing solutions to accelerate its treasury’s SOL stockpile.
The success of corporate Bitcoin treasuries from the likes of Michael Saylor’s Strategy has resulted in a rise in both BTC and altcoin treasuries.
In July, Upexi announced plans to raise $200 million to expand its treasury to 1.65 million SOL, while BIT Mining made a strategic shift into the Solana ecosystem with a plan to raise up to $300 million to establish a Solana treasury. Moreover, Nasdaq-listed Mercurity Fintech entered into a $200 million equity line of credit agreement with “Solana Ventures Ltd.” to launch a Solana-focused treasury strategy.
Meanwhile, Solana has jumped 2.57% in the last 24 hours, but has retraced 9.9% over the last week to $167 as of publication time, CoinMarketCap data shows. The sixth-largest crypto asset by market cap sits about 43% off its January historic high of $293.31.
It remains to be seen whether the Treasury SOL building could activate a strong rally above the psychologically important $200 threshold.
