On April 25, DeFi Development Corp, formerly Janover, announced plans to raise over $1 billion to invest in Solana (SOL), the sixth-largest cryptocurrency by market capitalization. The Nasdaq-listed firm filed a Form S-3 registration statement with the SEC, detailing the intended use of funds for general corporate purposes, including SOL acquisitions.
The company's board approved a Solana-focused treasury policy on April 4, authorizing long-term accumulation and the launch of Solana validators. The firm's new Solana investment treasury has drawn comparisons to Michael Saylor's Strategy, which has amassed over 538,200 Bitcoin (BTC) as of April 20.
Shares of DeFi Development Corp rose by over 12% on April 22 after the company added $11.5 million worth of Solana tokens to its treasury. The firm also acknowledged regulatory risks, particularly the potential reclassification of Solana as a security, which could impact the company's operations.