DeFi Development Corp. (JNVR), previously known as Janover, is significantly increasing its investment in Solana (SOL), announcing plans to offer up to $1 billion in securities. According to a recent filing with the US Securities and Exchange Commission (SEC), the company intends to use the proceeds for “general corporate purposes, including the acquisition of Solana.” The offering will encompass a variety of securities, including common and preferred stock, debt instruments, warrants, and units.
This move signals a firm commitment to Solana as a core treasury asset for DeFi Development, which has already amassed approximately $48.2 million in SOL. The company also intends to operate validators on the Solana blockchain to generate staking rewards.
DeFi Development’s strategy echoes that of MicroStrategy under Michael Saylor, as a growing number of corporations explore adding SOL to their balance sheets to provide traditional finance investors with exposure to the cryptocurrency. SOL Strategies, led by former Valkyrie Investments co-founder Leah Wald, has been a prominent driver of this trend, recently securing a convertible note facility of up to $500 million to further invest in the Solana network.
This development follows a recent leadership overhaul at DeFi Development, which saw former Kraken executive Joseph Onorati appointed as CEO and chairman. Parker White, also a former Kraken engineer, joined as COO and CIO, and John Han, with prior experience at Binance and Kraken, was named CFO. The company’s shift towards a Solana-centric treasury strategy is a key element of this new direction.
