DeFi Dev Corp is tokenizing its DFDV stock on Solana, partnering with Kraken to support the rollout. The launch marks the first tokenized U.S.-listed crypto treasury stock, merging equity ownership with on-chain finance.
DeFi Dev Corp Taps Kraken For Stock Tokenization
Today, DeFi Development Corp. announced a partnership with Kraken to tokenize its DFDV stock on Solana. According to a press release, the Solana-based treasury company will list the tokenized version of its stock on Kraken’s xStocks platform.
In May, Kraken unveiled the xStocks platform to offer tokenized versions of U.S. equities to non-U.S. investors. Following the latest announcement, DeFi Dev Corp’s stock will be listed on xStocks as DFDVx, joining an exclusive group of companies embracing tokenization.
DFDVx will join the tokenized stocks of Apple, Tesla, and Nvidia on Kraken’s Solana-based xStocks platform. DeFi Dev Corp is currently the only tokenized public company in the cohort actively accumulating SOL. In early June, the company secured $5 billion via an equity line to continue its Solana accumulation spree.
“By putting DFDVx on-chain, we will unlock the next phase of innovation,” said DeFi Dev Corp CEO Joseph Onorati. “We’re ready to explore new use cases that merge equity ownership with on-chain finance.”
The tokenized version of DFDV stock will enable protocols and developers to offer consumers a new suite of products. From the outset, institutions can integrate traditional finance (TradFi) with tokenized equity, broadening access to the asset class.
RWA on Solana Booms
Interest in real-world assets (RWAs) on Solana is soaring to new all-time highs, with institutions increasingly adopting the blockchain. Alongside Kraken, Securitize has expanded its RWA offerings on the network, joining firms like Ondo Finance and Robinhood.
These companies are turning to Solana for its diverse capabilities despite its reputation as a “meme coin” blockchain. The network continues to attract institutional attention, notably emerging as a preferred blockchain for Wyoming’s state-backed stablecoin initiative.
Additionally, Solana-based treasury companies such as DeFi Dev Corp and Sol Strategies are setting the blueprint for new entrants into the space.
On the other hand, ETF interest in Solana has also surged to record levels, with approval odds reaching 95% in recent polls. Amid the wave of institutional adoption, activity in Solana’s meme coin sector has declined, potentially putting downward pressure on the price of SOL.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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