DeFi Development Corp Raises $24 Million to Expand Solana Treasury

• DeFi Development Invests Heavily in Solana with New PIPE
• Company bets on staking to expand treasury in SOL
• Joseph Onorati reinforces crypto-native focus of new strategy

DeFi Development Corp, formerly known as Janover, announced which will raise a total of US$24 million through a private investment in public equity (PIPE). The amount will be allocated to general corporate purposes, with an emphasis on expanding its position in Solana (SOL), including staking strategies.

The shift in focus came after the company rebranded in April, marking the transition from a former real estate software company to a crypto-focused company. As of May 1, the company held 317.273 SOL, valued at approximately $46,2 million, including staking earnings.

According to the statement, entities such as Galaxy Digital, Amber International Holding Limited, Arrington Capital, Republic Digital, Borderless Capital, RK Capital and Great Point Capital participated in the round. The transaction involves the sale of approximately 310.000 common shares and pre-funded warrants, with an option to purchase approximately 215.000 common shares at a price of US$ 46 per share. The company's shares, listed on Nasdaq under the code JNVR, were priced at US$ 76,36 at the time of the announcement.

Joseph Onorati, CEO of DeFi Development Corp, said: “This raise is a milestone in our mission to build the most transparent, crypto-native treasury vehicle in the public markets,” adding that the funds will allow us to “scale our SOL position rapidly — while continuing to deliver SOL per share growth to our investors.”

The company’s transformation was officially finalized on April 22. Prior to that, on April 7, a group of former Kraken executives acquired majority control of the company, cementing a strategic alliance with the exchange to conduct SOL staking operations.