DeFi Development Plans to Raise $1 Billion to Buy More Solana

DeFi Development Corp. (JNVR), formerly known arsenic Janover, is doubling down connected its program to bargain much Solana for its treasury arsenic it looks to connection up to $1 cardinal worthy of securities.

The firm, formerly a commercialized existent property lending tech platform, revealed successful a U.S. Securities and Exchange Commission (SEC) filing that it plans connected utilizing the funds for “general firm purposes, including the acquisition of Solana.” The offering volition see communal and preferred stock, indebtedness instruments, warrants, and units.

DeFi Development has already acquired astir $48.2 million of SOL and plans to run validators connected the Solana blockchain to gain staking rewards.

Taking a playbook retired of Michael Saylor's bitcoin buying strategy, corporations person been progressively buying SOL for their equilibrium sheets to supply TradFi investors with vulnerability to the token.

SOL Strategies, the publically traded institution helmed by CEO Leah Wald—former co-founder of integer plus manager Valkyrie Investments—spearheaded the movement. Recently, the steadfast announced that it had secured an up to $500 cardinal convertible enactment installation to ramp up its investments successful the Solana network.

DeFi Development's caller offering comes aft a important enactment shakeup earlier this month. Former Kraken enforcement Joseph Onorati took implicit arsenic CEO and chairman, and Parker White, different ex-Kraken engineer, was named main operating serviceman and main concern officer. The institution besides brought connected John Han, a erstwhile Binance and Kraken executive, arsenic CFO. DeFi Development adopted a treasury strategy centered astir Solana arsenic portion of its caller direction.

In summation to the $1 cardinal support registration, DeFi Development besides filed to registry 1.24 cardinal shares connected behalf of aboriginal investors, including Pantera Capital, Payward (parent institution of Kraken), and Arrington Capital.

Shares of DeFi Development Corp surged much than 970% pursuing the enactment shakeup and moved up astir 4% successful after-hours trading connected Friday to present basal astatine $54 per share.

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