#Solana

DeFi Development Corp plans to raise more capital to increase its reserves in Solana

The company, formerly known as Janover, strengthens its strategy of reserves based on Solana, for which it expects to raise about USD $24 million through the sale of shares and other assets.

Key investors such as Galaxy Digital and Arrington Capital are part of the operation. The company already owns more than 317,000 SOL valued at USD $46.2 million.

DeFi Development announced a key financing operation that marks a new chapter in its transition to the crypto ecosystem, with which it plans to increase its reserves in the native digital currency of the Solana network, SOL.

According to several reports published today, the company plans to finance itself through a private investment in public equity (PIPE). As such, they expect to raise USD $24 million, capital that will be allocated to general corporate purposes, including the expansion of its Solana-based treasury.

This strategy is complemented by a growing focus on asset staking, particularly SOL, the sixth largest cryptocurrency by market capitalization.

The company reported that as of today it owns 317,273 SOL, valued at approximately USD $46.2 million, a figure that includes rewards obtained from staking.

In mid-April, its holdings in SOL were estimated at USD $34.4 million, reflecting considerable growth in less than a month.

According to the statement, the funds from the fundraising will allow them to increase their SOL holdings as part of a broader crypto treasury strategy. Joseph Onorati, president and CEO of DeFi Development Corp, stated that this operation marks a milestone in our mission to build the most transparent crypto treasury vehicle in public markets.

The fundraising allows us to quickly expand our position in SOL while continuing to provide growth of SOL per share to our investors, Onorati added.