Tokenizing Stocks on Solana: Advancing DeFi with Kraken
DeFi Development Corp. is making significant progress by transitioning its Nasdaq-listed stock onchain, becoming the first U.S. public company to tokenize equity with a crypto treasury strategy.
The announcement, released on June 24, emphasized a partnership with Kraken and blockchain tokenization firm Backed. Trading under the ticker DFDV, the company is poised to be the first U.S. public crypto treasury strategy to migrate its equity onto the blockchain.
The tokenized version of its stock, DFDVx, will debut on xStocks, a new platform developed by Backed alongside Kraken and Solana. This platform allows for 24/7 trading of tokenized equities, expanding access to U.S. stocks via blockchain technology.
“The tokenization of our stock signifies a foundational piece in DeFi,” said Joseph Onorati, CEO of DeFi Development. “By moving DFDVx onchain, we are unlocking fresh opportunities that merge equity ownership with decentralized finance.”
The launch will enable developers and institutions to utilize tokenized equity in lending, yield farming, and various onchain applications, potentially ushering in a new era for capital markets and the integration of DeFi.
Previously known as Janover Inc., DeFi Development underwent a rebrand in April following leadership changes led by former Kraken executives. Since the transition, the company has adopted a treasury strategy aimed at acquiring and staking Solana, effectively evolving its balance sheet into a channel for SOL exposure.
At present, it operates Solana validator infrastructure, holds over 600,000 SOL, and has recently signed a letter of intent with Kamino Finance to integrate its liquid staking token, dfdvSOL, into Solana’s DeFi protocols.
The company’s stock has surged more than 500% since April, with shares priced at $24.70 as of the latest update. It has also expressed interest in a possible Nasdaq dual listing for its U.S. subsidiary and announced a $5 billion equity line to support its treasury expansion.
The introduction of the tokenized stock aligns with the rising demand for real-world assets on Solana. Kraken’s xStocks aims to establish a globally accessible gateway to U.S. stocks using blockchain technology, enhancing investor engagement and liquidity.
DFDVx is set to launch in the coming weeks, positioning DeFi Development as a trailblazer at the intersection of public equity and onchain finance.