DeFi Development to raise $1 billion in bid to expand Solana portfolio

DeFi Development, formerly known as Janover, is expanding its Solana investment strategy with plans to offer up to $1 billion in securities to finance further token acquisitions.

The company previously operated as a commercial real estate lending technology platform. Now, in a recent SEC filing, it mentioned that it plans to use proceeds from the offering for “general corporate purposes, including the acquisition of Solana.” The shelf registration includes financial instruments such as common and preferred stock, debt securities, warrants, and units.

DeFi Development has already accumulated approximately $48.2 million worth of Solana ( SOL ) and plans to operate validators on the Solana blockchain to generate staking rewards.

The company’s move toward Solana follows a leadership transformation earlier this month. Joseph Onorati, a former Kraken executive, has assumed the positions of CEO and chairman. At the same time, Parker White, another Kraken veteran, has assumed the roles of chief operating officer and chief investment officer.

John Han, who previously worked at both Binance and Kraken, has joined as CFO. This new leadership team has implemented a treasury strategy centered around Solana as part of the company’s strategic redirection.

To speed up its investments in the Solana network, the publicly traded company recently obtained a convertible note facility of up to $500 million. In addition to the $1 billion shelf registration, DeFi Development has applied to register 1.24 million shares on behalf of early investors.

This includes prominent crypto venture capital firms Pantera Capital and Arrington Capital and Payward, the parent company of cryptocurrency exchange Kraken.