DeFi Development Corp buys $11.2 million more in solana, pushing total holdings to 400,091 SOL

DeFi Development Corp., a real estate software firm that has pivoted into building a solana-focused treasury, purchased 82,404.50 SOL worth approximately $11.2 million, according to a statement released Tuesday.

The buy follows a $24 million private investment in public equity (PIPE) deal announced five days earlier, through which the company committed to acquiring additional solana.

As of May 6, DeFi Development Corp. holds 400,091 SOL, which is worth roughly $58.5 million, including staking rewards, the company said. Based on 2,001,887 outstanding shares, the firm’s SOL per share is 0.199, with each share valued at approximately $29.24.

"A portion of the Solana acquired includes locked SOL sourced via BitGo’s OTC desk, which facilitates purchases from institutional sellers subject to time-based unlock schedules," the firm wrote in a statement. "Any tokens acquired through this program will be held long-term and staked to generate native yield."

The Block reached out to DeFi Development Corp. for comment. 

DeFi Development Corp's crypto pivot

Formerly known as Janover, DeFi Development Corp. rebranded and pivoted toward crypto after former Kraken executives acquired a majority stake on April 22, as previously reported by The Block.

In addition to its growing SOL treasury, DeFi Development Corp agreed to acquire an unnamed Solana validator business for $3.5 million to let it self-stake its SOL holdings, The Block previously reported. 

Solana is the sixth-largest cryptocurrency by market capitalization, worth around $74.4 billion. SOL changed hands at $143.38 as of 10:43 a.m. ET Tuesday (14:43 UTC), down about 1% on the day, according to The Block's solana price page.