DeFi Development (DFDV), the Nasdaq-listed real estate tech firm formerly known as Janover, bought more of Solana’s SOL SOL$174.07, taking its total crypto holdings above $100 million, the company announced on Monday.
The firm said it acquired 172,670 SOL at an average price of $136.81. The $23.6 million purchase is the largest since its crypto pivot last month. The Florida-based company now holds 595,988 SOL, worth nearly $105 million at current prices.
The company said the tokens will be held long-term and staked with a range of validators, including its own, to earn staking yield. DeFi Development’s updated per-share exposure now stands at 0.293 SOL or about $50.42 per share.
The company’s shares surged 20% to $90 in the early minutes of the Monday session, adding to the 30% gain on Friday as crypto prices rallied over the past few days. SOL advanced over 20% over the past week, touching $180 for the first time since February.
The move reflects a growing trend of public companies buying cryptocurrencies for their balance sheets, mimicking the playbook of Michael Saylor’s Strategy (MSTR).
While many companies are following Saylor’s lead and focusing on bitcoin BTC$102,859.45, the largest cryptocurrency, others are looking at alternatives. Last month, Janover was taken over by a group of former executives of crypto exchange Kraken and pivoted to focus on the Solana blockchain, accumulating the network’s native token and operating validators to earn a staking yield. The firm recently laid out plans to raise $1 billion for acquiring SOL.
Read more: DeFi Development Plans to Raise $1 Billion to Buy More Solana
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