Defi Development (DFDV) bought more of Solana's (CRYPTO: SOL) SOL, disclosing a new purchase of 172,670 tokens at an average price of $136.81, according to a filing on Monday.
The Nasdaq-listed real estate technology firm, formerly known as Janover, is rapidly expanding its crypto portfolio, and this latest purchase marks its biggest since pivoting to crypto last month.
The Florida-based company, which is now focusing on defi and Web3 technologies, previously disclosed a series of smaller SOL purchases in March, and its previous reporting showed a smaller holding of 423,318 SOL at an average price of $126.7.
This latest purchase, valued at $23.6 million, brings Defi Development's total SOL holdings to 595,988, which is currently worth nearly $105 million. 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.
Its shares rose 20% to $90 in early Monday trading, adding to the 30% gain on Friday as crypto prices continued to rally. SOL was up more than 20% over the past week, trading at $180 on Monday. The token hit a high of $182 earlier in the session, marking its highest level since February.
The move comes as several public companies are buying cryptocurrencies and putting them on their balance sheets, following the strategy of Michael Saylor's Strategy (NYSE:MSTR).
While many firms are following Saylor's lead and focusing on bitcoin (BTC), the largest cryptocurrency, others are considering 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 more SOL.
