This Company Is Betting $1 Billion on Solana — And Its Stock Just Exploded 970%

DeFi Development Corp. (NASDAQ: JNVR) has laid out plans to raise up to $1 billion as part of a major effort to increase its holdings of Solana (SOL) and realign its business around blockchain technology. The move follows a complete transformation for the company, which previously operated under the name Janover in the real estate lending sector.

According to a filing with the U.S. Securities and Exchange Commission (SEC), DeFi Development intends to offer a mix of securities — including shares, debt instruments, and warrants — to generate fresh capital. A major portion of the funds is earmarked for purchasing more Solana tokens and expanding the company’s presence within the Solana network.

At present, DeFi Development has already committed about $48.2 million toward acquiring SOL. In addition to buying the cryptocurrency, the company plans to actively participate in the Solana blockchain by running validator nodes — specialized servers that help maintain the network and validate transactions. By operating validators, the company expects to earn rewards in the form of additional Solana tokens, further growing its digital asset base.

Leadership Overhaul Sets the Stage for a Blockchain-Focused Future

This strategic pivot arrives on the heels of significant leadership changes. Joseph Onorati, formerly an executive at crypto exchange Kraken, now leads the company as CEO and chairman. Parker White, another former Kraken engineer, has been appointed to oversee operations and investments, while John Han, with previous experience at Binance and Kraken, has taken on the role of chief financial officer.

The new executive team brings deep experience in digital assets, signaling a clear departure from the company’s earlier real estate focus. Under their guidance, DeFi Development has embraced a treasury strategy built around Solana, aiming to tap into the growing influence of next-generation blockchain networks.

Investor sentiment has been quick to respond. Shares of DeFi Development surged more than 970% following the announcement of the leadership transition. The rally continued with a further 4% increase in after-hours trading on Friday, pushing the stock to $54 per share.

Early Support from Major Crypto Investors

As part of its updated strategy, the company also filed to register 1.24 million shares linked to its early investors. Well-known names in the crypto investment space — including Pantera Capital, Payward (the parent of Kraken), and Arrington Capital — are among those backing the company's new direction. Their continued involvement adds credibility to DeFi Development’s blockchain-focused ambitions.

Solana Gains Favor Among Corporate Treasuries

DeFi Development’s decision to prioritize Solana reflects a broader shift in the corporate world, where blockchain assets are beginning to show up more frequently on company balance sheets. While Bitcoin once dominated this space, interest is expanding to include faster, lower-cost networks like Solana.

By committing a sizable portion of its future fundraising to Solana, DeFi Development isn’t simply holding crypto — it’s positioning itself as an active participant in the infrastructure of a leading blockchain network. For investors, this approach offers a potential new pathway to gain exposure to the growth of digital assets through traditional equity markets.

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