TLDR
- Ken Griffin owns 4.5% of DeFi Development Corp, equal to 1.3 million shares.
- Citadel holds 800,000 shares in DeFi Development Corp, or 2.7% of the firm.
- DeFi Development Corp holds over 2.19 million SOL valued under $400 million.
- Forward Industries is the largest SOL holder with 6.82 million tokens held.
Ken Griffin, CEO of Citadel, has taken a notable position in DeFi Development Corp., a company building a large Solana (SOL) reserve. A recent filing with the U.S. Securities and Exchange Commission (SEC) shows Griffin and Citadel-linked entities now own millions worth of shares in the company. This move comes amid growing institutional involvement in digital asset treasuries, especially those focusing on Solana.
Ken Griffin Reports Stake in DeFi Development Corp.
A Schedule 13G filing with the SEC shows that Ken Griffin holds a 4.5% stake in DeFi Development Corp. (DFDV). The filing states Griffin owns over 1.3 million shares of DFDV’s common stock. These shares represent around 4.5% of the company’s total outstanding stock.
Citadel Advisors LLC, the investment management division of Griffin’s firm, also disclosed ownership of 800,000 shares in DeFi Development Corp. This holding makes up about 2.7% of the company’s total outstanding shares. Together, Griffin and Citadel hold a combined stake of over 7% in DFDV.
Citadel Advisors is a registered investment adviser with the SEC. It manages an estimated $65 billion in assets across various strategies. This disclosure signals further interest from traditional finance in companies with large crypto holdings.
DeFi Development Corp. Builds Major Solana Position
DeFi Development Corp. is one of the largest corporate holders of Solana. It recently gained attention for buying over $117 million worth of SOL in just over a week. The company now holds more than 2.19 million SOL tokens, even though market prices have dropped from earlier highs.
According to data from CoinGecko, DFDV has added over 86,000 SOL in the past 30 days alone. The company’s total SOL holdings are valued just under $400 million, though its cost basis remains lower at $236 million. This places the firm in a profitable position despite recent market weakness.
Only one other company, Forward Industries, has a larger SOL treasury. Forward Industries currently holds about 6.82 million SOL, nearly three times more than DeFi Development Corp.
Growing Interest from Wall Street Firms
The disclosure from Citadel adds to a broader trend of institutional investors entering the digital asset space. Recent industry reports, including one from a16z Crypto, show increased activity from major financial firms such as BlackRock, Fidelity, Citigroup, and JPMorgan.
These firms are either building out crypto investment services or increasing direct exposure through treasury assets. DeFi Development Corp.’s strategy aligns with this trend, focusing on acquiring and holding large amounts of Solana.
Citadel’s new stake in the company points to more hedge funds and investment firms exploring opportunities linked to specific digital assets, especially those with active ecosystems and developer support.
Analysts Warn of Valuation Pressures in Crypto Treasury Sector
Although more companies are adopting digital asset treasury models, analysts warn of potential risks. Standard Chartered and Coinbase have both reported that many of these companies face challenges as the market cools.
David Duong, head of institutional research at Coinbase, said in an interview, “Regulatory shifts, liquidity, and market pressures could drive consolidation in the sector.”
DeFi Development Corp. was named among those facing compressed valuations. Its market net asset value (mNAV), which measures the value of its crypto holdings versus company valuation, has been under pressure. Lower token prices can reduce the ability of such companies to raise funds or expand their holdings.
Standard Chartered has noted that prolonged weakness in the crypto markets could make it harder for companies to maintain or grow their digital treasuries. This environment may lead to larger firms absorbing smaller competitors, shifting the structure of the sector.
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