DeFi Development Corp. Takes Stock On-Chain with Kraken as NYSE Explores Tokenized Equities

DeFi Development Corp. (NASDAQ: DFDV), a U.S.-listed firm betting big on accumulating Solana (SOL) as its core treasury strategy, has partnered with crypto exchange Kraken to tokenize its stock on the Solana blockchain.

This move positions DFDV as the first publicly traded crypto-treasury company to bring its shares on-chain, with the tokenized stock, dubbed “DFDVx,” set to trade on Kraken’s xStocks platform alongside giants like Apple, Tesla, and Nvidia.

Announced on June 23, the collaboration with Kraken and blockchain tokenization firm Backed leverages xStocks, a Solana-based platform built by Backed to offer non-U.S. investors 24/7 access to tokenized U.S. equities.

“As part of the xStocks alliance, we have seen incredible demand for access to US equities; the crypto community is excited for onchain access to crypto treasury strategy companies like DFDV,” said Val Gui, GM of xStocks for Kraken. “We are excited to be offering DFDVx on the Kraken exchange.”

This initiative marks a major milestone in Kraken’s broader strategy to bridge traditional finance (TradFi) and crypto. It builds on the exchange’s recent launch of equities trading for U.S. clients, which provides millions of Americans access to over 11,000 U.S.-listed stocks and ETFs directly within the Kraken app. The platform plans to expand this offering to clients in the U.K., Europe, and Australia in the near future.

Tokenization Trends and NYSE’s Crypto Engagement

The tokenization of assets like DFDV’s stock reflects a rising interest in blockchain-based securities. Cointelegraph reports that tokenized stocks, though small at $339 millionof the $24.3 billion market, are gaining momentum.

Other players are also advancing this trend. Nasdaq-listed Upexi raised $100 million in April 2025, with over 90% invested in Solana (SOL), while Canada’s Sol Strategies persists in accumulating SOL despite a $3.5 million Q2 2025 revenue loss.Robinhood is also exploring tokenized U.S. equities for European markets.

A significant development emerged on June 24, 2025, when the New York Stock Exchange (NYSE) engaged with the Crypto Task Force, as highlighted by @martypartymusic.

The post revealed an agenda from a meeting where NYSE representatives, including General Counsel Jaime Klima, Chief Product Officer Jon Herrick, Associate General Counsel Patrick Troy, and Chief Regulatory Officer Tony Frouge, discussed critical topics with regulators. The agenda focused on three key areas:

• Promoting competition on a level playing field by ensuring parity among market participants and avoiding disparate regulatory regimes for similar assets;

• Considerations for trading tokenized equities, including structures to facilitate such trades;

• The development of crypto exchange-traded products, including potential generic listing standards for spot crypto products and the regulatory treatment of other crypto-based exchange-traded products.

This document, shared via the post, signals NYSE’s active exploration of integrating crypto assets into traditional markets, aligning with the tokenization trend.

Market Buzz and What’s Next

DFDV’s stock reached a peak above $26 during the trading session on June 23, 2025. DFDV has emerged as the most crypto-centric stock, surging around 3,009% year-to-date.

This meteoric rise is largely driven by its rebrand to DeFi since its rebrand to DeFi Development Corp. in April 2025, under former Kraken executives, which saw its stock skyrocket over 500%. The company now holds more than 600,000 SOL and operates Solana validator infrastructure, cementing its position as a crypto powerhouse.

DFDVx is slated to launch on Kraken in the coming weeks, with plans to integrate with DeFi protocols for enhanced liquidity and new financial tools. The company has also signed a letter of intent with Kamino Finance to incorporate its liquid-staked token, dfdvSOL, into Solana’s DeFi ecosystem.

As tokenization continues gaining momentum — from DFDVx to NYSE’s own crypto exploration — the convergence of traditional capital markets and blockchain rails is no longer theoretical. It’s underway.