DeFi Development Corp Targets $1 Billion to Supercharge Solana Investments and Treasury Expansion
DeFi Development Corp Bets Big on Solana’s Future
DeFi Development Corp, the company formerly known as Janover, is making headlines after announcing plans to raise over $1 billion to expand its Solana treasury and cover operational costs.
The Nasdaq-listed firm, which once specialized in connecting commercial real estate lenders and buyers, revealed its ambitious new direction in a Form S-3 registration statement filed with the U.S. Securities and Exchange Commission (SEC) on April 25.
According to the filing, the massive funding round will be used for general corporate purposes, including the strategic acquisition of Solana (SOL) tokens.
“Solana does not pay interest, but staking rewards can be earned,” the company noted. “Returns will depend on Solana’s value appreciation after purchases.”
However, the firm cautioned that volatility in Solana’s price could result in converting tokens into cash at values substantially lower than the raised capital.
A Shift from Real Estate to Crypto: Leadership with Kraken Roots
DeFi Development’s pivot into crypto comes shortly after a major leadership shake-up. On April 7, a team of former Kraken exchange executives acquired 728,632 shares of the firm’s common stock.
Among them, Joseph Onorati, former Chief Strategy Officer at Kraken, was appointed as Chairman and CEO, signaling a bold new era for the company.
The leadership move coincided with the company’s adoption of a Solana treasury reserve strategy. Their approach mirrors Michael Saylor’s legendary Bitcoin accumulation model at MicroStrategy, but focuses on Solana, an asset they describe as “vastly underexposed compared to Bitcoin.”
Building a Strong Solana Treasury
On April 4, DeFi Development’s board officially approved a Solana-focused treasury policy, authorizing:
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Long-term accumulation of Solana assets.
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Launch of Solana validators to earn staking rewards.
The company’s Chief Investment Officer, Parker White, another Kraken veteran, currently operates a Solana validator with $75 million in delegated stake, reinforcing the firm’s confidence in the blockchain’s future.
“Applying a proven public-market treasury model to Solana is a game-changer,” White emphasized.
Regulatory Uncertainty Clouds the Ambitious Move
While the strategy represents a milestone in altcoin adoption, DeFi Development acknowledges regulatory risks could threaten the plan.
In the filing, the company warned:
“We may be subject to regulatory developments related to crypto assets, which could adversely affect our business and financial results.”
Especially concerning is the possibility that Solana could be classified as a security, which might reclassify DeFi Development itself as an investment company under the Investment Company Act of 1940 — bringing heavier regulations.
Despite regulatory concerns, DeFi Development’s early Solana investments are paying off. On April 22, the company’s shares rose over 12% after it added $11.5 million worth of Solana to its treasury.
Crypto insiders are optimistic. Chris Chung, founder of Solana-based swap platform Titan, told Cointelegraph:
“Janover’s decision to add SOL to its treasury is groundbreaking. I believe many businesses will follow as crypto adoption accelerates in traditional finance.”
With a billion-dollar war chest in sight and confidence in Solana’s growing ecosystem, DeFi Development Corp is betting big — and rewriting the playbook for corporate crypto treasuries.
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