DeFi Dev Corp plans $24m for Solana push, stock keeps surging

DeFi Development Corp. announced Thursday it has secured $24 million through a private investment in public equity (PIPE) deal to scale its Solana accumulation strategy.

The round attracted prominent investors including Galaxy Digital, Arrington Capital, Republic Digital, Borderless Capital, and Amber International Holding Limited.

The company is issuing roughly 310,000 shares and 215,000 pre-funded warrants at $46.00 per share. The net proceeds will go toward general corporate purposes, with a focus on growing the firm’s Solana (SOL) reserves.

CEO Joseph Onorati called the raise a “milestone” in the company’s effort to become the “most transparent, crypto-native treasury vehicle” in the public markets.

“It enables us to scale our SOL position with speed—while continuing to deliver SOL-per-share growth to our investors,” he said.

Solana reserve strategy

As of May 1, DeFi Dev Corp holds approximately 317,273 SOL, valued at $46.2 million including staking rewards. The company plans to hold and stake its SOL long-term, underscoring its alignment with the Solana ecosystem.

Janover’s stock is up over 1,300.59% on the year, surging recently on its Solana-reserve strategy.  

The securities are being issued in a private placement under exemptions from SEC registration. The company has committed to filing a registration statement for the resale of the securities.

The PIPE deal still requires standard closing conditions.