#solana

DeFi Development Plans to Raise $1 Billion to Buy More Solana

DeFi Development Corp. (JNVR), formerly known as Janover, is doubling down on its plan to buy more Solana for its treasury as it looks to offer up to $1 billion worth of securities.

The firm, formerly a commercial real estate lending tech platform, revealed in a U.S. Securities and Exchange Commission (SEC) filing that it plans on using the funds for “general corporate purposes, including the acquisition of Solana.” The offering will include common and preferred stock, debt instruments, warrants, and units.

DeFi Development has already acquired approximately $48.2 million of SOL and plans to operate validators on the Solana blockchain to earn staking rewards.

Taking a playbook out of Michael Saylor's bitcoin buying strategy, corporations have been increasingly buying SOL for their balance sheets to provide TradFi investors with exposure to the token.

SOL Strategies, the publicly traded company helmed by CEO Leah Wald—former co-founder of digital asset manager Valkyrie Investments—spearheaded the movement. Recently, the firm announced that it had secured an up to $500 million convertible note facility to ramp up its investments in the Solana network.