DeFi Development, formerly known as Janover, has reported a significant increase in its SOL token holdings, now exceeding 2 million. This event reflects the growing interest of public companies in cryptocurrencies.
Long-Term SOL Staking Plans
According to recent data, DeFi Development now holds approximately 2,027,817 SOL following the acquisition of 196,141 SOL at an average price of $202.76 per token. With SOL's current price at $206.63, the company's assets exceed $417 million. The newly acquired tokens will be held long-term and staked with various validators, including its own Solana validators, to earn a share of staking rewards.
Companies Mimic Michael Saylor's Strategy
Many companies, such as Metaplanet and Semler Scientific, are following Michael Saylor's lead by creating BTC-focused treasuries, while others are exploring alternative digital assets, including Solana. DeFi Development was taken over by a group of former executives from the digital asset platform Kraken and announced a treasury strategy centered around Solana in April.
Future of SOL: Towards $300?
SOL is the native token of the Solana blockchain, which was once considered an 'Ethereum killer' due to its high speeds. The Solana community recently voted in favor of the long-anticipated Alpenglow upgrade, which is expected to significantly improve transaction finality and network efficiency. Meanwhile, the first U.S.-listed Solana ETF was launched in July, albeit futures-based. Several investment managers, including VanEck and Fidelity, have submitted applications for spot SOL offerings, with decisions expected later this year.
With increased SOL holdings and the launch of ETFs, there may be significant price growth prospects for this token. The future of SOL remains uncertain, and only time will tell if it can reach the $300 mark.
