DeFi Development, formerly known as Janover, has expanded its Solana (SOL) portfolio by acquiring $11.2 million worth of SOL tokens, bringing its total holdings to more than 400,000 SOL tokens.

The firm acquired an additional 82,404 SOL at an average price of $143 per token, pushing its total to 400,091 SOL. At current market prices, this acquisition increases DeFi Development’s total SOL holdings to approximately $57 million.

The purchase includes a portion of locked SOL, bought through BitGo’s OTC desk. These tokens will remain locked temporarily, with full access granted once unlocked. However, they can still be traded off-chain between institutional players.

The company plans to stake these new tokens as part of its strategy to increase its Solana-based validator operations. This is part of DeFi Development’s broader initiative to generate yield and protocol-native cashflow from its SOL assets.

Following the announcement, DeFi Development’s stock saw a 3.8% decline, mirroring the broader market’s 2% dip in SOL’s price.