Immy Dorse 
DeFi Development Corp Doubles Down on Solana Acquisition Plans
DeFi Development Corp—the company that used to go by Janover—isn’t backing down from its push to buy up Solana (SOL). Even after hitting a snag earlier this year, the Nasdaq-listed firm is pushing ahead, almost mirroring MicroStrategy’s aggressive Bitcoin strategy.
The company just announced plans to raise $100 million through convertible senior notes, earmarking some of that cash for SOL purchases. It’s a smaller move than their original $1 billion IPO plan, which fell apart back in March due to paperwork issues. But it’s clear they’re still betting big on Solana.
Where the Money’s Going
The $100 million from those notes—set to mature in 2030—isn’t just for crypto. Some will go toward general operations, maybe even buying back stock. But the Solana reserve idea is still front and center.
“We’re issuing these notes to qualified institutional buyers under Rule 144A,” the company said in a statement. No flashy promises, just the facts. It’s a quieter approach compared to their earlier, more ambitious pitch.
Back then, they’d hoped to use part of that $1 billion IPO haul to scoop up SOL. That didn’t pan out when their 10-K filing lacked a required internal controls report. A small hiccup, maybe, but enough to derail the whole offering.
Why Solana?
It’s not just DeFi Development Corp betting on SOL. Some analysts think institutional interest could pick up later this year, especially if crypto regulations get clearer. Solana’s had its ups and downs, but the network’s speed and lower costs keep it in the conversation.
Then again, crypto’s a volatile space. Even with regulators slowly defining the rules, there’s no guarantee demand will spike. But DeFi Development seems willing to take the risk.
Whether this move pays off is anyone’s guess. For now, it’s another sign that some firms still see Solana as a long-term play—even if the road there is bumpy.
*Not financial advice, obviously. Just the news.
