DeFi Development (JNVR) Increases Solana Assets to $48M Through Discounted Token Acquisition via BitGo
DeFi Development Corp (JNVR), previously known as Janover, has added another $9.9 million in Solana’s SOL to its corporate treasury, bringing total crypto holdings to 317,273 SOL, valued at approximately $48 million, the company announced on Wednesday. The acquisition, made through BitGo’s over-the-counter desk, includes a portion of locked SOL, which are tokens typically tied to vesting or bankruptcy proceedings that cannot yet move on-chain but are priced lower than market rates.
“By gaining access to locked discounted inventory through a trusted partner like BitGo, we’re able to accumulate some of our SOL below market prices while deepening our alignment with the Solana ecosystem,” stated CEO Joseph Onorati.
Renamed earlier this week, DeFi Development began as a real estate data and software company but has shifted focus to position itself as a U.S. public company providing direct exposure to the Solana ecosystem for investors through its balance sheet. This transformation occurred after a group of former executives from a prominent crypto exchange acquired a majority stake in the firm this month.
The company also mentioned that with the latest purchase, each of its 1.5 million outstanding shares now represents 0.22 SOL, reflecting a 40% increase from prior disclosures.
There has been a notable trend of corporations purchasing SOL to offer traditional finance investors exposure to the token, gaining momentum in recent times. SOL Strategies, a publicly traded company led by CEO Leah Wald, who is also a former co-founder of a digital asset manager, is at the forefront of this movement. Earlier today, the firm revealed it had secured a convertible note facility of up to $500 million to enhance its investments in the Solana network.
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