Update (June 23, 2025 at 10:02 PM UTC): This article has been updated to state that Backed created the xStocks platform.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 xStocks, a tokenization platform created by Backed, to bring its shares onchain.
Kraken announced a partnership with xStocks 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 Developments 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.
DeFi Development Corp shares intraday performance on June 23.
Source: Google FinanceAsset 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 founders MemeStrategy gains 29% after first Solana buyAccording to RWA.xyz, the tokenization of stocks remains 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.Magazine: Memecoins are ded But Solana 100x better despite revenue plunge