DeFi Development Corp. (formerly Janover Inc.) is attempting to raise $1 billion by selling securities to purchase Solana (SOL) over time.
This morning, a report from Coinbase indicated that the company has raised $42 million to buy SOL through similar sales. Clearly, these activities are just the beginning of a much larger ambition.
DeFi Development Places Large Bet on Solana
In a trend that the cryptocurrency community calls "Solana MSTR", companies have been buying SOL tokens. According to the SEC filing today, DeFi Development is attempting to fund this Solana purchase through a method similar to Strategy:
"[DeFi Development] has adopted a treasury policy whereby the primary holdings in treasury reserves on the balance sheet will be allocated to digital assets, starting with Solana. The board of directors approved the company's new treasury policy on 04/04/2025, allowing long-term Solana accumulation," the filing states.
In addition to selling securities up to $1 billion, DeFi Development also plans to register up to 1,244,471 common shares that can be resold by current shareholders to use this liquidation to buy Solana.
Specific details about each offering will appear in an appendix provided at the time of sale.
Coinbase has noted DeFi Development's Solana ambitions and described them in a report released this morning. The report describes the company's efforts to raise $42 million through convertible notes, using those funds to build SOL reserves.
The company recently changed its name from Janover and is currently trading on Nasdaq under the ticker DFDV. DeFi Development also aims to operate one or more Solana validators, allowing the company to stake its treasury assets, participate in network security, and earn potentially reinvestable rewards.
Corporate Solana investments are still small compared to Bitcoin, but DeFi Development may just be the first whale. MicroStrategy's plan to become the largest BTC holder not only changed its own nature; it also transformed Bitcoin.
The company now serves as a major pillar of public confidence in Bitcoin. Perhaps DeFi Development could have a similar impact on SOL.
