Citadel, the multinational hedge fund, and its CEO, Ken Griffin, have disclosed a significant 4.5% stake in DeFi Dev Corp, a company focused on accumulating and staking Solana (SOL) tokens. The disclosure, revealed in a recent filing, highlights growing institutional interest in Solana and its expanding ecosystem.

DeFi Dev Corp operates as a Solana Digital Asset Treasury (DAT) company, employing a strategy of acquiring and staking SOL tokens to enhance shareholder value through on-chain exposure. The company stakes its newly acquired Solana tokens, contributing to the security of the Solana network while generating yields for its shareholders. As of late October 2025, DeFi Dev Corp holds approximately 2.2 million SOL tokens.

Citadel's investment, made through a combination of direct ownership by Ken Griffin and holdings by Citadel subsidiaries, positions the hedge fund among the top stakeholders in DeFi Dev Corp. Specifically, Citadel Advisors LLC, Citadel Advisors Holdings LP, and Citadel GP LLC collectively hold 2.7% of the shares outstanding. Citadel Securities LLC holds another 1.4%, while Citadel Securities Group LP and Citadel Securities GP LLC together own 1.8% of the shares.

Market analysts view Citadel's stake as a sign of confidence in DeFi Dev Corp and the Solana ecosystem. The investment suggests a strategic, long-term bet on the blockchain treasury model. Moreover, Griffin and Citadel may become eligible for upcoming warrants with a $22.50 exercise price.

DeFi Dev Corp has demonstrated substantial growth, increasing its SOL per share holdings by 375% since initiating its treasury strategy. This growth is partially attributed to the unique ability of Solana treasury companies to organically increase SOL per share through staking rewards, without needing to access capital markets or dilute shareholder stakes. These companies can further accelerate growth by acquiring validators. The staking activities of DAT companies have resulted in an average passive yield of 7.7%.

Solana treasuries, while smaller and newer than Bitcoin treasuries, offer unique advantages. Unlike Bitcoin, Solana allows for staking and validator operations, providing corporate treasuries with more tools to generate returns. Solana's architecture supports thousands of transactions per second, with low fees, making it attractive for DeFi applications.

Ken Griffin's investment in DeFi Dev Corp is not his first foray into the crypto world. Known for his open-mindedness to diverse asset classes and quantitative investing approach, Griffin's Citadel has generated over $74 billion in net gains since its inception in 1990. This move into a cryptocurrency treasury company aligns Citadel with other major corporations that have been increasing their exposure to digital assets.

DeFi Dev Corp, formerly Janover, shifted its focus to digital asset management, specifically Solana. The company's strategy involves generating revenue through staking and transaction fees by holding SOL and operating validators on the Solana network. This approach combines traditional and digital finance, aligning DeFi Dev Corp with the growing trend of crypto-backed public equity investments.