Solana treasury company DeFi Development Corp. (formerly Janover) announced plans to tokenize its shares through a partnership with the cryptocurrency exchange Kraken.
According to a Monday announcement, the company will use the tokenization platform xStocks created by Backed to put its shares on-chain. Kraken announced its partnership with xStocks in May, promising to offer tokenized shares of U.S. listed companies, such as Apple, Tesla, and Nvidia, to users in other regions. The platform is built on the Solana blockchain.
“We view stock tokenization as a DeFi Lego block that developers and institutions can build upon,” said Joseph Onorati, CEO of DeFi Development Corporation, in a statement.
DeFi Development has joined other publicly listed companies actively accumulating Solana. In April, Nasdaq-listed Upexi announced it raised $100 million, with over 90% allocated for purchasing SOL. In Canada, Sol Strategies, despite reporting a $3.5 million revenue loss in Q2 2025, continues to accumulate Solana.
DeFi Development's stock price rose over 3% in early trading on Nasdaq, but the gains later receded. As of the time of this writing, the stock was up 0.6% for the day, trading at $25.03.
Asset tokenization involves issuing traditional financial instruments (such as stocks) as tokens on the blockchain. These tokens can be fractionalized, allowing investors to own a portion of the asset. They can also be transferred and traded peer-to-peer at any time on blockchain protocols.
A group of former Kraken executives took over Janover in April, renaming it DeFi Development Corp. and refocusing on Solana. Since the takeover, the company has purchased $11.5 million worth of SOL and is seeking an additional $1 billion in funding to increase its holdings.
According to RWA.xyz, stock tokenization remains a niche area compared to other assets. Of the total $24.3 billion market cap of real-world assets (RWA), tokenized stocks account for only $365 million, or 1.5%.
Kraken is not the only company planning to offer tokenized stocks to non-U.S. investors. In May, a report indicated that Robinhood is building a blockchain network to provide U.S. securities trading for European investors.
In 2021, Binance hinted at a similar initiative but ultimately suspended the plan due to regulatory challenges in multiple countries.
Related: Jupiter suspends DAO voting until 2026 to focus on DeFi growth
Original article: “DeFi Development Corp stock to go on-chain via Kraken”
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