DeFi Dev Corp.’s 7-for-1 Split Fuels SOL Treasury Surge in 2025

On May 7, 2025, DeFi Development Corp. (Nasdaq: DFDV) announced a 7-for-1 forward stock split, a move designed to increase its outstanding shares from approximately 2.01 million to 14.08 million and enhance market liquidity. The split, approved by the company’s board, is set to take effect on May 20, 2025, pending Nasdaq Capital Market approval, with trading on a split-adjusted basis expected to begin at market open. This follows the firm’s aggressive expansion of its Solana (SOL) treasury, including a recent purchase of 82,404 SOL, bringing its total holdings to 400,091 SOL, valued at roughly $60.2 million as of May 8, 2025.

Details of the Stock Split and Solana Strategy

The stock split will grant shareholders of record as of May 19, 2025, six additional shares for every share held, with no change to the company’s authorized share capital. DeFi Development Corp., formerly Janover Inc., stated that the split aims to make its shares more accessible to a broader investor base, supporting its crypto-forward treasury model centered on Solana accumulation and infrastructure ownership. The firm’s stock (DFDV) closed at $63.99 on May 7, down by 12.03% from a previous close of $72.74.

DeFi Development Corp. has rapidly scaled its Solana holdings, with its treasury now comprising 400,091 SOL, equivalent to 0.199 SOL per share based on 2.01 million outstanding shares before the split. The recent $11.5 million purchase of 82,404 SOL, partially sourced via BitGo’s OTC desk with locked tokens, follows a $24 million private investment in public equity (PIPE) deal announced on May 1, 2025, backed by investors like Galaxy Digital and Arrington Capital. The company also plans to acquire a Solana validator business for $3.5 million to enable self-staking of its SOL holdings, further embedding itself in the Solana ecosystem.

Strategic Pivot and Market Context

Formerly a real estate software provider, DeFi Development Corp. rebranded from Janover Inc. on April 22, 2025, after a majority stake acquisition by former Kraken executives. The firm has since adopted a treasury policy allocating its primary reserve to Solana, aiming to provide investors with exposure to the Solana ecosystem. This strategy, likened to Strategy’s Bitcoin playbook, includes partnerships with Kraken for SOL staking delegation and BitGo for locked token acquisitions. As of May 8, Solana traded at around $150, with a market capitalization of $78.08 billion, ranking it as the sixth-largest cryptocurrency.

DeFi Development Corp.’s Solana focus aligns with a growing trend of companies stockpiling Solana as part of their treasury strategies. Upexi has raised $100 million to build a SOL treasury, driving a 335% share price surge on April 21, 2025. Firms like SOL Strategies and WonderFi have also added SOL to their portfolios, targeting a sharper cost-return ratio than Bitcoin with belief that Solana has significant future price upside.