DeFi Development Corp Boosts Solana Holdings with $1B Securities Plan

DeFi Development Corp. (NASDAQ: JNVR), formerly Janover, is intensifying its strategy to expand its Solana (SOL) treasury. In a new SEC filing, the company announced plans to offer up to $1 billion in securities, including common and preferred stock, debt instruments, warrants, and units. The funds will be used for general corporate purposes, with a strong focus on acquiring more Solana.

DeFi Development has already invested around $48.2 million into SOL and plans to operate validators on the Solana blockchain to earn staking rewards. The move follows a growing trend among companies adopting crypto-centric treasury strategies, similar to Michael Saylor’s Bitcoin playbook. SOL Strategies, led by former Valkyrie Investments co-founder Leah Wald, has also ramped up Solana investments, recently securing a $500 million convertible note facility.

The push into Solana comes amid major leadership changes. Former Kraken executive Joseph Onorati has taken over as CEO and chairman, with Parker White, another ex-Kraken engineer, stepping in as COO and CIO. Additionally, John Han, a veteran from Binance and Kraken, was named CFO. The new leadership team is steering DeFi Development toward a crypto-focused future.

In a related move, the company also filed to register 1.24 million shares for early investors, including Pantera Capital, Payward (Kraken’s parent company), and Arrington Capital. Following these announcements, DeFi Development’s stock surged over 970% and climbed another 4% in after-hours trading, reaching $54 per share.

DeFi Development’s aggressive Solana strategy highlights a broader shift among public companies seeking exposure to major blockchain ecosystems.