DeFi Development Corp. Files $1B Securities Offering with SEC to Boost Solana Holdings

DeFi Development Corp., a Nasdaq-listed firm, has filed a Form S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) to offer up to $1 billion in securities. The filing, submitted on April 25, 2025, outlines plans to issue a mix of common stock, preferred stock, debt instruments, warrants, and units, with proceeds primarily intended for general corporate purposes, including the acquisition of Solana tokens.

From Janover to Crypto Leader

The company, originally founded as Janover Inc. to provide SaaS solutions for commercial real estate debt financing, rebranded to DeFi Development Corp. on April 22, 2025, and planned to change its ticker from JNVR to DFDV. “This marks the beginning of a new chapter for the business,” said Joseph Onorati, Chief Executive Officer of DeFi Development Corporation. “Our mission is to bring transparent, crypto-native capital allocation into the public markets — and this name change reflects that commitment.”

Solana-Focused Treasury Strategy

To accompany the transition, it also launced a website which deature key treasury disclosures of the company. According to its disclosure, DeFi Development currently holds 317,273 SOL, approximately $47 million worth, including staking rewards. The shelf offering provides flexibility to issue securities over time, allowing the firm to scale its Solana-focused treasury strategy. Additionally, the filing includes a proposal to register up to 1,244,471 shares of common stock for resale by existing shareholders, tied to a prior $41.95 million convertible notes financing round.

The firm’s shift to a crypto-centric model began last year when it started accepting payments in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) for its services. Earlier this year, former Kraken executives Joseph Onorati and Parker White took over as CEO and CIO, respectively, accelerating the transition.

On April 7, an all-former-Kraken team acquired majority ownership of Janover. Joseph Onorati, former chief strategy officer at Kraken, has since been appointed as chairman and CEO. The new board of directors approved a new treasury policy, designating Solana as the primary digital asset for its reserves. The company aims to accumulate SOL and operate validator nodes on the Solana network, staking its holdings to generate yield while supporting network security. This approach mirrors Strategy’s Bitcoin accumulation strategy, which has amassed 538,200 Bitcoins. Risks and Regulatory Challenges

However, DeFi Developmemt's Solana acquisition may take higher risk than Strategy. The SEC filing highlights potential risks, including Solana’s price volatility, which could lead to conversions at values below the raised proceeds. The company also flagged the possibility of SOL being reclassified as a security, which might subject DeFi Development to additional regulatory scrutiny under the Investment Company Act of 1940.

Despite these concerns, market sentiment remains positive. Following its leadership shakeup and Solana-focused announcements, DeFi Development’s stock rose from $4 on April 4 to $74.45 on April 15, an increase of over 1,761%. On April 25, the stock, still trading under the ticker JNVR prior to the rebranding, closed at $51.91, with shares rising an additional 4.03% in after-hours trading to $54.00 per share.