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DeFi Development Surges 30% on BONK Validator Partnership, More SOL Purchases
The real estate tech enterprise turned Solana-focused public company now holds 609,190 SOL tokens worth over $107 million.
What to know:
- Solana-focused DeFi Development hit fresh record prices after partnering with Solana-based memecoin community BONK to co-manage a validator, and purchasing more SOL tokens.
- The company, formerly known as Janover, aligns with a growing trend of public firms adding cryptocurrencies to their balance sheets.
- DFDV shares advanced as much as 30% on Friday and were up 2,800% since the pivot to Solana.
Nasdaq-listed DeFi Development Corp. (DFDV) jumped 30% on Friday to fresh record highs after unveiling a partnership with Solana’s top memecoin BONK and purchasing another batch of Solana's SOL
tokens.The company said it will co-manage a Solana validator with BONK, claiming to be the first time a memecoin community and a public company sharing staking infrastructure on Solana, according to a press release. The cooperation also expands to integrate BONK's own liquid staking token, BONKSOL. Both parties will grow the validator’s stake and split the rewards.
STORY CONTINUES BELOW
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"This validator partnership is a natural next step in BONK’s mission to empower our community and accelerate the adoption of Solana," said Nom, core contributor at BONK. "By teaming up with DeFi Dev Corp., we’re not only reinforcing the decentralized infrastructure of Solana but also creating a new standard for how community tokens can scale and sustain their ecosystems."
The announcement came one day after the firm bought another 16,447 SOL tokens, bringing its holdings to 609,190 SOL, worth around $107 million. The firm acquired the tokens for $2.3 million at an average price of $139.66, below spot prices. The company earlier shared plans to acquire locked-up tokens at a discount.
The company, formerly known as real estate tech platform Janover, is part of a growing roster of public firms putting digital assets on their balance sheet, taking a page of the Strategy's playbook centered around bitcoin
. DeFi Development pivoted to focus on Solana, stacking the network's native tokens and operating validators, after a group of former Kraken executives acquired a majority stake last month.DFDV shares gained over 2,800% since the firm's pivot, hitting $118 during the Friday session.
Read more: DeFi Development Plans to Raise $1 Billion to Buy More Solana
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
