Defi Development Corp. (JNVR), formerly known as Janover, is doubling its plans to buy Solana as it appears to offer up to $1 billion worth of securities.
The company, previously a commercial real estate lending technology platform, has filed with the U.S. Securities and Exchange Commission (SEC) that it plans to use the funds for “general corporate purposes, including the acquisition of Solana.” The offering includes general and preferred stocks, debt certificates, warrants and units.
Defi Development already has an SOL of about $48.2 million and plans to operate validators on the Solana blockchain to earn staking rewards.
Taking the playbook from Michael Saylor’s Bitcoin purchasing strategy, companies are increasingly purchasing Sol on their balance sheets to provide Tradfi investors with exposure to the tokens.
Sol Strategies has been captured by Sol Strategies, a publicly-owned company run by CEO Leah Wald, co-founder of digital asset manager Valkyrie Investments. Recently, the company announced that it has secured a convertible note facility of up to $500 million to increase its investment in the Solana network.
Defi Development’s new products will be coming after a significant leadership reform earlier this month. Former Kraken executive Joseph Onorati has taken over as CEO and chairman, while another former Kraken engineer, Parker White, has been appointed Chief Operating Officer and Chief Investment Officer. The company also brought former vinance and Kraken executive John Han as CFO. Defi Development adopted a financial strategy centered around Solana as part of a new direction.
In addition to the $1 billion shelving registration, Defi Development filed to register 1.24 million shares on behalf of early investors including Pantera Capital, Payward (Kraken’s parent company), and Arrington Capital.
Defi Development Corp stocks rose more than 970% after leadership reform, up about 4% in after-hours trading on Friday to $54 per share.
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