DeFi Development Corp., a company with ambitious plans to acquire Solana, has filed a registration statement with the SEC to raise up to $1 billion in funding. The move marks a significant shift for the company, which aims to bolster its treasury strategy centered around Solana.
DeFi Development Corp.’s $1 Billion Plan for Solana
Solana is a high-performance, open-source blockchain platform designed to facilitate the creation of decentralized applications (dApps).
Developed by Anatoly Yakovenko and Greg Fitzgerald in 2017, Solana uses a proof-of-stake (PoS) consensus algorithm to achieve fast transaction processing times.
With a focus on scalability, security, and usability, Solana aims to provide a seamless user experience for developers and users alike.
Its architecture is based on a unique consensus mechanism called Turbine, which enables the network to process up to 65,000 transactions per second.
DeFi Development Corp., formerly Janover, has filed a registration statement with the SEC to offer up to $1 billion worth of securities. The company plans to use the proceeds for general corporate purposes, including the acquisition of Solana (SOL). This is part of DeFi Development’s treasury strategy centered around Solana, which has already acquired approximately $48.2 million worth of SOL.
Key Aspects of DeFi Development Corp.’s Plan
The offering will include common and preferred stock, debt instruments, warrants, and units. The company aims to operate validators on the Solana blockchain to earn staking rewards, similar to a playbook followed by corporations like SOL Strategies. This strategy provides TradFi investors with exposure to the token.
Leadership Shakeup and New Direction
A significant leadership shakeup earlier this month has led to a new direction for DeFi Development Corp. Former Kraken executive Joseph Onorati took over as CEO and chairman, while Parker White, an ex-Kraken engineer, was named chief operating officer and chief investment officer. John Han, a former Binance and Kraken executive, joined the company as CFO.
Early Investor Support
The company has also filed to register 1.24 million shares on behalf of early investors, including Pantera Capital, ‘parent company of Kraken’ , and Arrington Capital. Shares of DeFi Development Corp. surged more than 970% following the leadership shakeup and moved up roughly 4% in after-hours trading on Friday.
Solana Acquisition Strategy
DeFi Development’s new offering comes as the company continues to bolster its Solana-focused treasury strategy. The firm has adopted a playbook out of ‘Michael Saylor‘s bitcoin buying strategy’ , with corporations increasingly buying SOL for their balance sheets to provide TradFi investors with exposure to the token.
