‘Microstrategy of Solana’ DefiDevCorp Purchases $10.5M of Solana - Partners with Kraken

DefiDevCorp, a TradFi firm running Michael Saylor’s crypto treasury company playbook, has announced another significant $SOL purchase.

Within two weeks of announcing its majority acquisition of Janover, a real estate financing firm, DefiDevCorp has acquired over 163.6k $SOL, valued at over $21.2M.

Leveraging its ties to the CEX, the new ‘Microstrategy of Solana’ has secured a strategic partnership with Kraken to boost its delegated stake even further.

DefiDevCorp Brings $SOL Holdings to 163.6k

On April 15, DefiDevCorp announced its purchase of 80,567 $SOL, currently valued at just over $10M. The purchase marks DefiDevCorp’s third significant $SOL acquisition since the firm raised $42M in an offering of convertible notes and warrants from Pantera Capital, Kraken, and Arrington Capital.

DefiDevCorp’s latest acquisition brings the company’s total Solana holdings to 163.6k $SOL, valued at roughly $20.5M at press time. According to the firm’s press release, DefiDevCorp immediately staked the newly purchased $SOL to secure the network and begin earning rewards.

DefiDevCorp has also indicated its intention to “operate one or more” validators, suggesting the firm is currently delegating its $SOL to another operator.

Since DefiDevCorp announced its majority acquisition and rebrand of Janover, the firm’s stock has been on a tear. 

$JNVR surged an additional 12.91% following the latest announcement, up over 1,240% since the 4th of April. However, it should be noted that trading volume for $JNVR remains low. For example, TradingView data indicates that $JNVR witnessed $627k in volume in its last day's trading, representing just 0.58% of its $106M market capitalization. 

Comparatively, more liquid assets like Solana have a much higher MCAP/Volume ratio. In the last 24 hours, $SOL witnessed over $3.3B in trading volume, representing 5.09% of its $64.8B market cap.

Kraken Delegates Stake to DefiDevCorp

In addition to accumulating over $20M worth of Solana, DefiDevCorp has also secured a strategic partnership with Kraken, a popular centralized exchange.

In a non-binding Letter of Intent, Kraken has agreed to delegate a portion of its current and future $SOL stake to Janover-operated validators. Onchain data suggests that Kraken currently boasts over 2.5M $SOL in delegated stake.

Ties between DefiDevCorp and the CEX run deep, with the bulk of the new firm’s Executive Suite holding previous positions at Kraken. 

“Kraken has always been one of the most principled and mission-driven platforms in the crypto industry. After eight incredible years at the company, I’m thrilled we now get to work together again – this time as partners focused on pushing the crypto space forward.” - Joseph Onorati, DefiDevCorp CEO

As one of the investors that helped fund the firm’s majority acquisition of Janover, Kraken’s delegated stake will now help fund operations through validator revenue and enable DefiDevCorp to continue building its SOL position over time.

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