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

DeFi Growth Corp. (NASDAQ: JNVR), previously Janover, is intensifying its technique to increase its Solana (SOL) treasury. In a brand new SEC submitting, the corporate introduced plans to supply as much as $1 billion in securities, together with widespread and most well-liked inventory, debt devices, warrants, and items. The funds will probably be used for basic company functions, with a robust give attention to buying extra Solana.

DeFi Growth has already invested round $48.2 million into SOL and plans to function validators on the Solana blockchain to earn staking rewards. The transfer follows a rising development amongst firms adopting crypto-centric treasury methods, just like Michael Saylor’s Bitcoin playbook. SOL Methods, led by former Valkyrie Investments co-founder Leah Wald, has additionally ramped up Solana investments, not too long ago securing a $500 million convertible notice facility.

The push into Solana comes amid main management modifications. Former Kraken government Joseph Onorati has taken over as CEO and chairman, with Parker White, one other ex-Kraken engineer, stepping in as COO and CIO. Moreover, John Han, a veteran from Binance and Kraken, was named CFO. The brand new management crew is steering DeFi Growth towards a crypto-focused future.

In a associated transfer, the corporate additionally filed to register 1.24 million shares for early buyers, together with Pantera Capital, Payward (Kraken’s mum or dad firm), and Arrington Capital. Following these bulletins, DeFi Growth’s inventory surged over 970% and climbed one other 4% in after-hours buying and selling, reaching $54 per share.

DeFi Growth’s aggressive Solana technique highlights a broader shift amongst public firms searching for publicity to main blockchain ecosystems.