DeFi Development (DFDV), the Nasdaq-listed real estate technology firm formerly known as Janover, has significantly increased its exposure to Solana’s native token, SOL, following its strategic pivot to cryptocurrency. The company revealed on Monday that it had acquired 172,670 SOL at an average price of $136.81, bringing its total holdings to 595,988 SOL, valued at nearly $105 million at current market prices.

This $23.6 million purchase represents the largest acquisition since DeFi Development transitioned into the crypto sector last month. The firm has stated that it intends to hold these tokens long-term and will stake them with various validators, including its own, to earn staking rewards.

Following the announcement, DeFi Development’s per-share exposure increased to 0.293 SOL, or approximately $50.42 per share. The company’s stock saw a 20% increase in early Monday trading, adding to the 30% gain from the previous Friday, as crypto prices saw a positive surge. SOL, in particular, has risen more than 20% over the past week, reaching $180 for the first time since February.

This latest move aligns with a broader trend of public companies increasing their crypto holdings, mirroring the strategies of companies like Michael Saylor’s Strategy (MSTR). While Bitcoin remains a popular choice for many, DeFi Development is focusing on Solana, having pivoted to the blockchain last month under new leadership from former Kraken executives. The company plans to raise $1 billion to further acquire SOL and expand its validator operations.