Formerly a real estate software company, DeFi Development Corp (formerly Janover) announced on Thursday that the company expects to raise $24 million through a post-IPO private investment (PIPE), which will be used for general corporate purposes, including further purchases of the Solana native token SOL.
DeFi Development Background and PIPE Financing
DeFi Development Corp completed a rebranding in mid-April, and a team consisting of a former Kraken executive acquired the majority of the company's shares on April 7. Currently, DeFi Development Corp maintains a partnership with Kraken to assist in the staking operations of SOL.
This PIPE financing will further support its expansion of the Solana reserve strategy, which includes using the held SOL reserves for staking. As of May 1, the company holds a total of 317,273 SOL (including staking rewards), valued at approximately $46.2 million.
According to a press release issued on Thursday, participants in this PIPE round include:
Galaxy Digital
Amber International Holding Limited
Arrington Capital
Republic Digital
Borderless Capital
RK Capital
Great Point Capital
PIPE Details and Market Performance
As part of the transaction, DeFi Development Corp will sell approximately 310,000 shares of common stock, as well as warrants to purchase approximately 215,000 shares of common stock at an exercise price of about $46 per share. At the time of writing, the company's stock (JNVR) was trading at approximately $82.28, having risen over 10% yesterday.
Joseph Onorati, Chairman and CEO of DeFi Development Corp, stated in a press release:
This financing is a milestone in our efforts to create the most transparent, crypto-native treasury tool in the public market, allowing us to quickly expand our SOL holdings while continuing to deliver growth in per-share SOL value for investors.
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