DeFi Development Corp, a former real estate software firm known as Janover, said Thursday that it expects to receive a total of $24 million for a private investment in public equity (PIPE) that will help the firm finance general corporate purposes, including buying more Solana.
After rebranding in mid-April, the PIPE furthers DeFi Development Corp’s quest to expand its Solana treasury strategy, which includes staking its holdings. As of May 1, the firm held 317,273 SOL valued at around $46.2 million, with staking rewards included.
Participants in the PIPE include Galaxy Digital, Amber International Holding Limited, Arrington Capital, Republic Digital, Borderless Capital, RK Capital, and Great Point Capital, according to a Thursday release.
As part of the deal, DeFi Development Corp is selling around 310,000 shares of common stock and pre-funded warrants to buy about 215,000 shares of its common stock at around $46 per share, the release continues. Shares of the company, which trades on Nasdaq under the ticker JNVR, were priced at $76.36 as of publication.
“This raise is a milestone in our mission to build the most transparent, crypto-native treasury vehicle in public markets,” said DeFi Development Corp Chairman and CEO Joseph Onorati in a statement, adding that “it enables us to scale our SOL position with speed — while continuing to deliver SOL-per-share growth to our investors.”
DeFi Development Corp completed its rebrand from Janover on April 22, The Block previously reported. At the time, the firm’s SOL holdings were valued at $34.4 million. A team of former Kraken executives acquired a majority stake in the firm on April 7, and DeFi Development Corp maintains a partnership with Kraken to facilitate its SOL staking.
Solana is the sixth most valuable cryptocurrency, with a market capitalization of $79.8 billion. SOL traded at $153, a price increase of 7% in the past 24 hours, and with $3.5 billion in trading volume in the past day, according to The Block’s solana price page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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