Ken Griffin, billionaire founder and CEO of Citadel, has disclosed a 4.5% stake in DeFi Development Corp. (DFDV), a digital asset treasury company focused on accumulating Solana.
According to a filing with the U.S. Securities and Exchange Commission, Griffin holds more than 1.3 million shares in the firm, representing roughly 4.5% of its total stock.
Separately, Citadel Advisors LLC and related entities reported ownership of around 800,000 shares, or 2.7% of the company.
Wall Street Moves Deeper Into Crypto
Griffin’s investment adds to a growing list of traditional financial institutions venturing into digital assets.
A recent a16z Crypto report highlighted increasing institutional participation, citing BlackRock, JPMorgan Chase, Fidelity, and Citigroup as key players expanding into blockchain-based markets.
Citadel Advisors, which manages about $65 billion across its funds, has historically been cautious about crypto investments but now appears to be adopting a more direct approach.
DeFi Development Corp Builds Solana Treasury
DeFi Development Corp has become the second-largest Solana treasury company, amassing more than 2.19 million SOL, valued at around $400 million before the latest market correction.
In early September, the company purchased $117 million worth of SOL over just eight days.
Despite a decline in Solana’s market price, the firm’s cost basis of roughly $236 million keeps it in profit.
Forward Industries currently holds the largest Solana treasury, with about 6.82 million SOL — nearly three times more than DFDV.
Analysts Warn of Market Pressures
The digital asset treasury trend reflects growing corporate interest in holding crypto assets as balance sheet reserves, though experts warn of potential volatility risks.
David Duong, head of institutional research at Coinbase, said “regulatory shifts, liquidity, and market pressures” could trigger consolidation across the sector.
Standard Chartered analysts have also cautioned that prolonged weakness in crypto markets could lead to a “valuation crunch” among digital asset treasury firms.
The bank cited DeFi Development Corp as one of the companies currently facing compressed valuations as investors reassess risk exposure.