DeFi Development to tokenize stock on Solana via Kraken

DeFi Development Corp. is bringing its Nasdaq-listed stock onchain, becoming the first U.S. public company to tokenize equity under a crypto treasury strategy.

The announcement was made in a June 24 press release, detailing a partnership with Kraken and blockchain tokenization firm Backed. The Nasdaq-listed firm, which trades under the ticker DFDV, will become the first U.S. public crypto treasury strategy to bring its equity onchain.

The tokenized version of its stock, DFDVx, will be listed alongside companies like Apple and Tesla on xStocks, a new offering developed by Backed in partnership with Kraken and Solana. It enables 24/7 trading of tokenized equities and expands access to U.S. stocks via blockchain rails.

“We view the tokenization of our stock as a DeFi lego block,” said DeFi Development chief executive officer Joseph Onorati. “By putting DFDVx onchain, we are opening the door to new use cases that blend equity ownership with decentralized finance.”

The launch will allow developers and institutions to integrate tokenized equity into lending, yield farming, and other onchain applications, potentially opening a new chapter for capital markets and DeFi convergence.

DeFi Development, formerly Janover Inc., rebranded in April following a leadership shakeup led by former Kraken executives. Since the transition, the company has adopted a treasury policy centered on accumulating and staking Solana, turning its balance sheet into a vehicle for SOL exposure.

It now operates Solana validator infrastructure, holds more than 600,000 SOL, and 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 over 500% since April, with shares trading at $24.70 as of press time. It has also indicated 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 tokenized stock launch arrives as demand for real-world assets on Solana continues to accelerate. Using blockchain technology, Kraken’s xStocks seeks to provide a globally accessible gateway to U.S. stocks, increasing investor participation and liquidity. 

DFDVx is expected to go live in the coming weeks, positioning DeFi Development as a first mover at the intersection of public equity and onchain finance.