Source: Cointelegraph Original: "{title}"
DeFi Development Corporation (formerly Janover) is ramping up its Solana asset reserve strategy following an acquisition led by former Kraken executives.
According to an announcement on April 22, the company added 88,164 Solana (SOL) to its asset reserves, valued at $11.5 million, bringing its total Solana holdings to $34.4 million.
On April 7, DeFi Development Corporation was acquired by a group of former Kraken executives. As part of the deal, the company announced a shift towards cryptocurrency operations, including a rebranding and a focus on Solana-based reserve assets. Prior to the transition, Janover primarily operated in the real estate financing sector, connecting lenders with commercial real estate buyers.
Since the acquisition, the company has made multiple purchases of SOL, including a $10.5 million purchase on April 16. With the latest acquisition, DeFi Development Corporation's total holdings have reached 251,842 Solana tokens. The company plans to stake these tokens to generate additional returns.
According to Google Finance, as of the time of writing, DeFi Development Corporation's stock rose by 12.83% following this news.
Staking is the process of locking up cryptocurrency to help secure a blockchain network and earn rewards. On April 21, Solana briefly surpassed Ethereum (ETH) in total staking value, with over $5.39 billion of SOL held by more than 500,000 independent wallets, yielding an annual return of 8.31%.
Cryptocurrency asset reserve strategies gain attention
Since Michael Saylor's strategy began adding Bitcoin to balance sheets in August 2020, more companies have followed suit by establishing cryptocurrency reserves, often seeing their stock prices rise as a result.
Japanese company Metaplanet announced plans to establish a Bitcoin reserve in 2024, and its stock price surged by 4,800% on February 10, although it has since retreated. Medical technology company Semler Scientific saw its stock rise by 30% after announcing its BTC reserve. Other companies are also expanding their digital asset strategies, venturing into other cryptocurrencies like SOL. Nasdaq-listed supply chain company Upexi recently announced the creation of a SOL reserve to diversify its assets.
Related: Bitcoin (BTC) breaks downtrend, surges to $926,000; who is driving this price momentum?
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