DeFi Development Corp. (DFDC), a Nasdaq-listed firm formerly known as Janover, has become the first publicly traded company to adopt liquid staking tokens (LSTs) on the Solana blockchain, further enhancing its position as a crypto-native treasury model.
Quick Highlights
- Holdings: 609,190 SOL (~$105.8M)
- Staking Protocol: dfdvSOL built on Sanctum’s infrastructure
- Strategy: Increase validator stake and retain asset liquidity
- Market Cap of SOL: $90.3B — the 6th largest cryptocurrency
Why Liquid Staking?
DFDC plans to allocate part of its SOL holdings into dfdvSOL, enabling the company to:
- Retain liquidity while staking
- Boost validator participation
- Grow SOL holdings with rewards
Chief Investment Officer Parker White noted this approach “creates additional ways to drive stake to our validators and increase SOL holdings.”
Recent Moves
- Private Placement Raised: $24 million (May 2025)
- Last SOL Purchase: 16,447 SOL on May 15
- Rebrand: From Janover to DeFi Development Corp after ex-Kraken execs’ takeover in April
Stock Reaction
Despite the strategic shift, DFDC shares dropped 16.95% on Nasdaq, closing at $22.19 on May 28, according to Yahoo Finance. Meanwhile, Solana (SOL) traded slightly down to $173.4, maintaining a strong market cap of $90.3B.
Significance
DeFi Dev Corp’s move into liquid staking marks a pivotal moment in public-market crypto strategy:
First public company with LST exposure on Solana
Demonstrates confidence in Solana’s long-term scalability
Paves the way for crypto-native treasury models in traditional finance
As more publicly listed companies explore blockchain-based asset management, DFDC is staking its claim — literally — in the next wave of institutional crypto adoption.