DeFi Development Corporation, previously known as Janover, has significantly increased its holdings in Solana (SOL) following its acquisition by former Kraken executives. On April 22, the company announced the purchase of an additional 88,164 SOL tokens, valued at $11.5 million. This brings their total Solana holdings to around $34.4 million.

The recent transaction follows an earlier acquisition of $10.5 million worth of SOL on April 16. Now, DeFi Development Corp holds 251,842 SOL tokens, all of which it plans to stake. Staking SOL allows the company to earn passive income through securing the Solana blockchain. Solana briefly overtook Ethereum as the most-staked cryptocurrency on April 21, with more than $53.9 billion worth of SOL tokens staked, yielding an annual return of 8.31%.

Investors responded enthusiastically to this news, driving shares of DeFi Development Corporation (JNVR) up by nearly 13% immediately after the announcement.

The move into crypto treasury strategies has been gaining popularity among various businesses following the lead of Michael Saylor’s MicroStrategy, which began acquiring Bitcoin in 2020. Many companies adopting similar strategies have experienced significant stock price increases. For instance, Japanese firm Metaplanet saw its stock soar by 4800% after announcing its Bitcoin holdings in 2024, while healthcare company Semler Scientific's shares rose 30% following its BTC treasury announcement.

Expanding beyond Bitcoin, firms are now diversifying their crypto reserves with alternative cryptocurrencies like Solana. Nasdaq-listed supply chain company Upexi recently initiated a Solana-based treasury, illustrating the growing appeal of digital asset diversification among traditional businesses seeking enhanced shareholder value.