Here's How Digital Asset Treasuries Work

Welcome back to Talking Tokens.

We’re on the ground at the Wyoming Blockchain Symposium in Jackson Hole this week.

I’ll be talking to some of the biggest people in the industry and getting an inside look at how asset allocators, institutions and other market players (alongside policymakers) are looking at the industry. We’ll also roll out some IRL interviews in the coming weeks so stay tuned for that.

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The latest Talking Tokens podcast 🎙️

For this week’s Tuesday episode, I interviewed Joseph Onorati, CEO of DeFi Development Corp (DFDV), formerly known as Janover, for its publicly traded digital asset treasury focused on Solana.

Joseph shares his journey from gaming economies and early Bitcoin meetups to nearly a decade at Kraken, before rebranding Janover into DeFi Dev Corp. They discuss why the company chose to focus on Solana over Bitcoin or Ethereum, how it’s aiming to drive Sol-per-share growth, and what makes its strategy different from traditional ETFs.

He also talks about working with Pantera and Cantor Fitzgerald, acquiring Solana from Alameda’s bankruptcy estate, running validators, launching the dfdvSOL liquid staking token, and why treasury companies can outperform the assets they hold.

Timestamps
00:00 – Intro: Who is Joseph Onorati?

01:35 – From gaming economies to Bitcoin and Kraken

04:28 – Rebranding Janover into DeFi Dev Corp

06:45 – Why buy Solana instead of Bitcoin or Ethereum

09:10 – Solana yield, volatility, and ecosystem integration

12:22 – Sol-per-share growth as the North Star metric

15:14 – Working with Pantera and Cantor Fitzgerald

18:05 – Retail vs institutional demand for treasury stocks

20:42 – Buying Solana from Alameda’s bankruptcy estate

24:18 – Launching validators and dfdvSOL liquid staking

27:56 – Competition and where treasury companies fit in

31:20 – Surviving bear markets and building long-term

34:12 – Treasury Accelerator & expansion plans

37:45 – What’s next for Solana ecosystem opportunities

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Money and people moves

1. Coinbase closed its acquisition of Deribit, a crypto derivatives platform, expanding the exchange’s crypto options

2. Circle acquired Malachite to help power its Arc blockchain

3. g8keep co-founders have sunsetted their startup and joined Limit Break to expand its blockchain tech

4. Jason Zhao, the cofounder of Story, is “stepping out” of its full-time role and into a strategic advisor position

5. “Vezzabel” joins Relay Protocol as head of business development

6. Galaxy backs DoubleZero in a “strategic investment” for an undisclosed amount

Talking points for the road

Crypto-focused headlines or research that caught my eye…and should catch yours, too.

1. Ethereum Treasury Aims to Foil Short Sellers With 'Loyalty Payment' as Shares Trade at Discount to Holdings (Decrypt)

2. Ethereum’s Big Backers Unleash Billions to Push Into Wall Street (Bloomberg)

3. Why Circle and Stripe (And Many Others) Are Launching Their Own Blockchains (CoinDesk)

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.