- Defi Development Corporation filed a $1 billion securities offering plan, aiming to expand treasury holdings in Solana.
- Despite strong Solana-driven gains, the company remains cautious about potential regulatory risks impacting future operations.
Defi Development Corporation, previously known as Janover Incorporated, submitted Form S-3 registration statement to the U.S. Securities and Exchange Commission (SEC) on April 25. The company intends to offer and sell securities with the maximum cap of $1 billion. All this comes after the company focused on buying Solana (SOL) tokens as the new treasury management plan.
The company plans to offer a variety of securities, such as common stocks, preferred stocks, debt instruments, and more. Defi Development Corp. stated:
“We intend to use the net proceeds from the sale of any securities offered under this prospectus primarily for general corporate purposes, including the acquisition of Solana, unless otherwise indicated in the applicable prospectus supplement.”
However, no exact timeline was mentioned for when these offerings would commence, leaving it subject to regulatory approval.
In addition to raising fresh capital, Defi Development Corporation’s filing allows for the possible resale of up to 1,244,471 shares of common stock by existing shareholders. These shares are linked to an earlier financing agreement where the company raised $41.95 million through convertible notes. The firm made it clear that it does not intend to allocate a fixed amount of the net proceeds to any particular use.
Solana Holdings Already Boosting Stock Value
The crypto-centric pivot began in April 2025 when the company’s board underwent a major reshuffle, welcoming former Kraken executives into key leadership roles. As part of the transition, the company rebranded from Janover Incorporated to Defi Development Corporation on April 22. Alongside its rebranding, the firm introduced Solana into its treasury, a move that had an immediate impact on its market performance.
At present, the firm holds approximately $48.2 million in Solana assets, including returns from staking rewards. The decision to invest in Solana has paid off quickly. After purchasing an additional $11.5 million worth of Solana tokens on April 22, Defi Development Corporation’s share price rose by more than 12%.
Chris Chung, founder of Solana-based swap platform Titan, shared his optimism, saying:
“The decision by commercial property platform Janover to add SOL to its treasury is truly groundbreaking. I’m confident we will see many other businesses follow suit before long as crypto becomes increasingly adopted by traditional finance.”
Regulatory Clouds Still Loom Large
While the company’s focus on Solana shows strong growth potential, the risks involved cannot be overlooked. Defi Development Corporation expressed concerns about uncertain regulatory developments in the crypto sector. The company warned that new rules around digital assets could “adversely affect our business, financial condition, and results of operations.”
A specific concern for the company is the potential reclassification of Solana as a security. Such a development could force Defi Development Corporation to register as an investment company under the Investment Company Act of 1940, a move that would bring heavier regulatory burdens. The firm admitted that regulatory changes might negatively impact the price of Solana and, consequently, the market value of its common stock.
