DeFi Development Corp. Embraces Liquid Staking to Expand Solana Holdings.
DeFi Development Corp., a Nasdaq-listed firm, has adopted liquid staking token (LST) technology to enhance its treasury management and validator operations.
The company owns 609,190 SOL (Solana tokens) as of May 15, worth approximately $105.8 million based on current market prices.
The company plans to allocate a portion of its SOL holdings into dfdvSOL, an LST built on the staking infrastructure of Sanctum.
Liquid staking tokens allow investors to retain asset liquidity while staking their tokens.
This move makes DeFi Development Corp. the first publicly traded company to own LSTs on Solana.
Parker White, the company's CIO and COO, highlighted that the adoption of dfdvSOL helps drive stake to the company's validators and increase SOL holdings.
The company, previously known as Janover, rebranded after former Kraken executives acquired a majority stake in April.
It closed a $24 million private placement earlier this month to fund general corporate purposes and Solana accumulation.
DeFi Development's stock dropped 16.95% on the Nasdaq, closing at $22.19 on Wednesday.
Solana's price traded down 0.7% in the past 24 hours, currently valued at $173.4, with a market capitalization of $90.3 billion, ranking as the sixth-largest cryptocurrency.
#sol #solana
DeFi Development Corp., a Nasdaq-listed firm, has adopted liquid staking token (LST) technology to enhance its treasury management and validator operations.
The company owns 609,190 SOL (Solana tokens) as of May 15, worth approximately $105.8 million based on current market prices.
The company plans to allocate a portion of its SOL holdings into dfdvSOL, an LST built on the staking infrastructure of Sanctum.
Liquid staking tokens allow investors to retain asset liquidity while staking their tokens.
This move makes DeFi Development Corp. the first publicly traded company to own LSTs on Solana.
Parker White, the company's CIO and COO, highlighted that the adoption of dfdvSOL helps drive stake to the company's validators and increase SOL holdings.
The company, previously known as Janover, rebranded after former Kraken executives acquired a majority stake in April.
It closed a $24 million private placement earlier this month to fund general corporate purposes and Solana accumulation.
DeFi Development's stock dropped 16.95% on the Nasdaq, closing at $22.19 on Wednesday.
Solana's price traded down 0.7% in the past 24 hours, currently valued at $173.4, with a market capitalization of $90.3 billion, ranking as the sixth-largest cryptocurrency.
#sol #solana
2 days ago
