DeFi Development Corp. (NASDAQ: JNVR), previously Janover, is intensifying its technique to develop 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 models. The funds can be used for basic company functions, with a robust give attention to buying extra Solana.
DeFi Development 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 corporations adopting crypto-centric treasury methods, much 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 word facility.
The push into Solana comes amid main management adjustments. Former Kraken govt 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 staff is steering DeFi Development towards a crypto-focused future.
In a associated transfer, the corporate additionally filed to register 1.24 million shares for early traders, together with Pantera Capital, Payward (Kraken’s mum or dad firm), and Arrington Capital. Following these bulletins, DeFi Development’s inventory surged over 970% and climbed one other 4% in after-hours buying and selling, reaching $54 per share.
DeFi Development’s aggressive Solana technique highlights a broader shift amongst public corporations looking for publicity to main blockchain ecosystems.
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