DeFi Development Corp. (JNVR), formerly known as Janover, is intensifying its strategy to acquire more Solana (SOL) for its treasury, aiming to raise up to $1 billion through the issuance of securities.
In a recent filing with the U.S. Securities and Exchange Commission (SEC), the company, previously focused on commercial real estate lending technology, outlined plans to use the funds for “general corporate purposes, including the acquisition of Solana.” The offering will consist of common and preferred stock, debt instruments, warrants, and units.
The company has already purchased approximately $48.2 million worth of SOL and intends to participate in Solana’s blockchain network by operating validators, which will allow it to earn staking rewards.
Taking cues from the strategy of Michael Saylor, the CEO of MicroStrategy, who has heavily invested in Bitcoin, more companies are now accumulating SOL to offer traditional finance (TradFi) investors exposure to the token. One such example is SOL Strategies, a publicly traded firm led by Leah Wald, the former co-founder of Valkyrie Investments. SOL Strategies recently secured a convertible note facility of up to $500 million to bolster its investments in the Solana network.
DeFi Development’s move follows a major leadership reshuffle earlier this month, which saw Joseph Onorati, a former Kraken executive, appointed as CEO and chairman. Parker White, another ex-Kraken engineer, took on the roles of chief operating officer and chief investment officer. Additionally, John Han, a former executive at both Binance and Kraken, was named CFO. This leadership overhaul marks the company’s shift toward Solana as a core element of its updated treasury strategy.
In conjunction with the $1 billion offering, DeFi Development also filed to register 1.24 million shares on behalf of early investors, including Pantera Capital, Payward (the parent company of Kraken), and Arrington Capital.
Following the leadership changes, DeFi Development Corp.’s stock has skyrocketed by over 970%, rising by approximately 4% in after-hours trading on Friday, reaching $54 per share.
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