Étienne Girard
DeFi Development Corp, formerly known as Janover, announced Thursday that it is set to raise $24 million through a private investment in public equity (PIPE), which will support its expansion into the Solana ecosystem and general corporate initiatives.
The capital injection is part of the company’s broader strategy to scale its Solana (SOL) holdings, which currently include 317,273 SOL valued at approximately $46.2 million, factoring in staking rewards as of May 1.
The PIPE offering has attracted participation from several major players in the digital asset space, including:
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Galaxy Digital
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Amber International Holding Limited
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Arrington Capital
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Republic Digital
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Borderless Capital
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RK Capital
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Great Point Capital
According to the press release, the company is issuing 310,000 shares of common stock and pre-funded warrants for an additional 215,000 shares, priced at approximately $46 per share. As of the announcement, JNVR shares were trading at $76.36 on the Nasdaq.
Driving Toward a Transparent, Solana-Focused Public Treasury Model
Company Chairman and CEO Joseph Onorati commented that the funding marks a significant step toward the company’s mission of becoming “the most transparent, crypto-native treasury vehicle in public markets.” He added that the deal would allow DeFi Development Corp to quickly scale its SOL holdings and enhance SOL-per-share value for investors.
From Real Estate Tech to Blockchain Innovation
The firm officially completed its rebrand to DeFi Development Corp on April 22, pivoting from its previous identity as a real estate software company. Back on April 7, a group of former Kraken executives acquired a majority stake, strengthening ties with the exchange. The company also maintains an active partnership with Kraken for staking operations.
At the time of the rebrand, DeFi Development Corp’s SOL assets were valued at $34.4 million, demonstrating rapid growth in just a few weeks.
Solana’s Momentum Continues
Solana (SOL) remains a top-tier digital asset, currently ranking as the sixth-largest cryptocurrency by market cap, which now stands at $79.8 billion. As of the latest data, SOL is trading at $153, showing a 7% price increase in the past 24 hours, with a daily trading volume of $3.5 billion, according to PRIME’s Solana price tracker.
