DeFi Development Corp., a Solana treasury company formerly known as Janover, announced plans to tokenize its shares through a partnership with crypto exchange Kraken.
According to a Monday announcement, the company will use Kraken’s xStocks platform to bring its shares onchain. Kraken announced its tokenization platform in May, promising to offer investors tokenized shares of US-listed companies such as Apple, Tesla and Nvidia to users in other regions. The platform is built on the Solana blockchain.
“We view the tokenization of our stock as a DeFi Lego block, one that developers and institutions can build on top of,” Joseph Onorati, CEO of DeFi Development Corporation, said in a statement.
DeFi Development has joined other publicly traded companies actively stacking Solana. In April, the Nasdaq-listed Upexi announced a raise of $100 million, with over 90% allocated for SOL purchases. In Canada, Sol Strategies has stockpiled Solana despite reporting a $3.5 million income loss for Q2 2025.
DeFi Development’s share price rose more than 3% during the early hours of the Nasdaq trading session before paring gains. At the time of this writing, the stock is up 0.6% on the day, trading at $25.03.
Asset tokenization involves issuing traditional financial instruments, such as stocks, as tokens on a blockchain. These tokens can be fractionalized, letting investors own a portion of an asset. They can also be transferred peer-to-peer and traded at any time on blockchain protocols.
A group of former Kraken executives took over Janover in April and rebranded it DeFi Development Corp., with a renewed focus on Solana. Since the takeover, the company has made an $11.5 million SOL buy and has sought an additional $1 billion in capital to increase its holdings.
Related: 9GAG founder’s MemeStrategy gains 29% after first Solana buy
Stocks tokenization still rare
According to RWA.xyz, the tokenization of stocks remais a small segment compared to other assets. Of the total real-world asset (RWA) market cap of $24.3 billion, tokenized stocks make up just $365 million or 1.5%.
Kraken is not the only company planning to offer tokenized stocks to non-US investors. In May, a report revealed that Robinhood is building a blockchain network to offer trading of US securities to European investors.
In 2021, Binance hinted at a similar initiative but ultimately halted the plans due to regulatory challenges in several countries.
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