Solana News: DeFi Development Files Application to Buy More SOL Worth $1B

DeFi Development Seeks to Raise $1 Billion to Boost Its Solana Reserves

DeFi Development Corp. plans to use the raised funds to support its Solana-focused treasury strategy and fund enterprise projects.

Francisco Rodriguez, AI Boost | Edited by Aoyon Ashraf on April 26, 2025, 4:20 PM

Key points:

• DeFi Development Corp. (JNVR) has filed with the SEC to register a securities offering of up to $1 billion.
• The Company intends to use the proceeds for general corporate purposes, including the acquisition of SOL.
• It has already implemented an asset management strategy focused on Solana, with $48.2 million in SOL purchases.

DeFi Development Corp. (JNVR), formerly known as Janover, is stepping up its plan to increase Solana holdings for its treasury as it looks to offer up to $1 billion in securities.

The company, which previously operated as a technology platform for commercial real estate lending, said in a filing with the U.S. Securities and Exchange Commission (SEC) that it plans to use the proceeds for “general corporate purposes, including the acquisition of Solana.” The offering will include common and preferred stock, debt, warrants, and units.

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DeFi Development has already acquired SOL worth approximately $48.2 million and plans to launch validators on the Solana blockchain to earn staking rewards.

Inspired by Michael Saylor's Bitcoin buying strategy, companies are increasingly acquiring SOL for their balance sheets to give TradFi investors access to the token.

SOL Strategies, a public company led by CEO Leah Wald, who previously co-founded digital asset manager Valkyrie Investments, is leading the charge. The firm recently announced that it has secured up to $500 million in convertible debt to increase its investment in the Solana network.

DeFi Development’s new offering comes after significant leadership changes earlier this month. Former Kraken CEO Joseph Onorati has taken over as CEO and chairman, while Parker White, another former Kraken engineer, has been named COO and chief investment officer. John Han, who previously held senior positions at Binance and Kraken, has also joined the company as CFO. DeFi Development has adopted a Solana-focused asset management strategy as part of its new direction.

In addition to the $1 billion shelf registration, DeFi Development also filed to register 1.24 million shares on behalf of early investors including Pantera Capital, Payward (Kraken's parent company), and Arrington Capital.

Shares of DeFi Development Corp. have surged more than 970% following the management changes and are up about 4% in after-hours trading on Friday to $54 per share.

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