DeFi Development seeks $1B to boost Solana investments

DeFi Development Corp (formerly Janover) plans to raise over $1 billion to invest in Solana (SOL), the sixth-largest cryptocurrency. The Nasdaq-listed firm, previously a real estate financing platform, announced the plans in an SEC filing. The funds will be used for general corporate purposes, including Solana token acquisitions. The company also warned that fluctuations in Solana’s price could lead to losses. Joseph Onorati, former chief strategy officer at Kraken, is now chairman and CEO. The firm’s new Solana investment treasury has drawn comparisons to Michael Saylor’s Bitcoin strategy. Regulatory concerns remain, particularly regarding potential reclassification of Solana as a security.