DeFi Development Corp. Becomes First U.S.-Listed Crypto Treasury Firm With Tokenized Shares on Kraken

DeFi Development Corp. (DFDV), a Nasdaq-listed firm known for its crypto treasury strategy centered on Solana, has announced that its shares will be tokenized and made available on blockchain through Kraken’s xStocks platform.

The company will issue tokenized equity under the ticker DFDVx on the Solana network, joining the ranks of other blue-chip stock tokens like Apple and Tesla on xStocks — a collaborative platform between Kraken and tokenization specialist Backed, according to a Monday press release.

With this move, DFDV claims the distinction of becoming the first publicly traded U.S. crypto treasury firm to offer on-chain equity, signaling a major step forward in bridging traditional markets and blockchain finance.

Tokenization — the process of issuing real-world assets (RWAs) such as equities, real estate, and funds as blockchain-based tokens — is gaining traction for its ability to provide 24/7 trading, faster settlement, and seamless integration into decentralized finance (DeFi) ecosystems. According to a report by BCG and Ripple, the total market for tokenized RWAs could hit $18.9 trillion by 2033, with tokenized equities playing a central role.

“We view the tokenization of our stock as a DeFi lego block — one that developers and institutions can build on top of,” said Joseph Onorati, CEO of DeFi Dev.

Val Gui, general manager of xStocks at Kraken, added: “We’ve seen incredible demand for access to U.S. equities through xStocks. The crypto community is especially excited to gain on-chain exposure to firms like DFDV, which blend real assets with crypto-native strategies.”

Meanwhile, rival exchange Coinbase is also reportedly exploring tokenized stock trading, pending regulatory approval — a sign that competition in the tokenized asset space is heating up.