DeFi Technologies, a publicly traded Canadian company, is expanding its crypto portfolio by acquiring more Bitcoin and other digital assets like Solana to its treasury, according to a July 18 statement shared with CryptoSlate.

Olivier Roussy Newton, CEO of DeFi Technologies, said:

“Our increased BTC holdings, strategic investment in SOL, CORE and participation in CORE’s staking facility reflect our commitment to leveraging the most promising opportunities in the decentralized finance landscape. These actions not only diversify our balance sheet but also align with our mission to bridge traditional capital markets with the innovative world of DeFi.”

Bitcoin purchase

On July 18, the firm announced the purchase of 94.34 BTC, boosting its total Bitcoin holdings to 204.34 BTC.

The company stated that its BTC purchase reinforces its commitment to being the leading digital asset and recognizes its potential as an inflation hedge and safeguard against monetary debasement.

DeFi Technologies recently made Bitcoin its primary treasury reserve asset by purchasing 110 BTC for $7.6 million. Last month, the firm also staked over $100 million worth of BTC on the Core Chain, marking a significant move in its Bitcoin adoption approach.

According to Google Finance data, the company’s shares increased by around 200% on the year-to-date metrics following the move.

Adds Solana to the treasury

Furthermore, DeFi Technologies has acquired 12,775 SOL tokens for its reserves.

The company explained that it was adding Solana to its treasury because the asset is a “promising investment” that offers a scalable and efficient platform for a wide range of decentralized applications. It added that the blockchain network’s unique growth rate makes it a viable choice for its treasury.

Solana is the fifth-largest digital asset by market capitalization and has enjoyed strong growth over the past year thanks to institutional adoption from payment giants like PayPal.

CORE staking

Meanwhile, the company plans to participate in CORE DAO’s staking facility with 1,484,148 CORE tokens.

The firm explained that CORE’s innovative staking solution enables holders to stake BTC non-custodially, enhancing yield opportunities while contributing to network security and stability.

DeFi Technologies said its participation in this staking facility diversifies its income streams and strengthens its collaborative relationship with the CORE Foundation, involving it further in the broader DeFi ecosystem.

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DeFi Technologies, a publicly listed Canadian fintech firm, is set to stake over $100 million worth of BTC on Core Chain. According to the company’s June 11 announcement, 1,498 BTC will be staked on the network. The company also revealed that it has set up a Core Chain validator node, which allows it to operate as an independent validator on the network.

This announcement comes shortly after the firm adopted Bitcoin as its primary treasury reserve asset, starting with a purchase of 110 BTC.

Bitcoin staking

Core Chain, an Ethereum Virtual Machine-compatible Layer-1 blockchain powered by Bitcoin, offers BTC miners and stakers the opportunity to earn yield through its consensus mechanism, Satoshi Plus. This innovative system combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS).

Network validators are crucial for transaction validation and block production in this framework. With the launch of its node, DeFi Technologies will process transactions and support the network’s consensus, boosting its performance. The company will also earn rewards for staking Bitcoin.

Traditionally, staking rewards are exclusive to proof-of-stake blockchains like Ethereum and others. Bitcoin, which relies on a proof-of-work mechanism, does not natively support token staking. However, Core Chain’s unique approach enables non-custodial Bitcoin staking. This means any Bitcoin holder can earn yield by staking their tokens without relinquishing custody.

Olivier Roussy Newton, CEO of DeFi Technologies, said the initiative was significant as it reflected the company’s commitment to the DeFi ecosystem and its partnership with the Core Foundation. He stated:

“By staking 1,498 BTC and participating in network consensus, we are advancing our mission to bridge traditional finance with innovative blockchain technology, specifically leveraging Bitcoin’s potential.”

According to Core Chain’s website, DeFi Technologies’ move will substantially increase the staked BTC on the network, which currently stands at 2,813 BTC.

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