In a bold move reminiscent of MicroStrategy’s historic Bitcoin strategy, DeFi Development Corp. (NASDAQ: DFDV), formerly known as Janover Inc., has announced a massive $1 billion funding plan to accumulate Solana (SOL) over time. According to a new SEC filing dated April 25, 2025, the company intends to sell securities and register over 1.24 million shares of common stock, using the proceeds to execute a long-term digital asset treasury strategy—beginning with Solana.
Solana as a Treasury Reserve Asset
The company's newly adopted treasury policy explicitly outlines its vision:
“The principal holding in its treasury reserve on the balance sheet will be allocated to digital assets, starting with Solana.”— SEC Filing, April 2025
The Board of Directors approved the Solana-first strategy on April 4, 2025, signaling a clear corporate pivot toward crypto-native treasury management.
DeFi Development plans to mirror MicroStrategy’s approach to Bitcoin by building a substantial SOL reserve and also operating one or more Solana validators. This would enable the company to stake its SOL holdings, earn passive yield, and further support the security and decentralization of the Solana network.
$42 Million Raised Already
A Coinbase report released earlier today revealed that the company has already raised $42 million via convertible notes, which were directed toward initial Solana purchases. This appears to be just the beginning, with the company targeting up to $1 billion in securities sales over the coming months.
The capital raise will also include a registration of up to 1,244,471 shares of common stock for potential resale by existing shareholders, further contributing to liquidity for Solana acquisitions.
Could DeFi Development Spark the Next Institutional Wave for Solana?
While corporate investment in Solana is still minimal compared to Bitcoin, DeFi Development’s move may position it as Solana’s first institutional whale.
Much like how MicroStrategy’s BTC accumulation became a defining moment for Bitcoin’s perception on Wall Street, DeFi Development’s strategy could ignite institutional confidence and broader adoption of Solana.
This positioning may also provide a blueprint for other firms looking to allocate treasury assets into fast-growing Layer 1 blockchain ecosystems beyond Bitcoin and Ethereum.
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