DeFi Growth Corp. (JNVR), previously often known as Janover, is doubling down on its plan to purchase extra Solana for its treasury because it seems to be to supply as much as $1 billion price of securities.
The agency, previously a industrial actual property lending tech platform, revealed in a U.S. Securities and Trade Fee (SEC) submitting that it plans on utilizing the funds for “normal company functions, together with the acquisition of Solana.” The providing will embrace frequent and most well-liked inventory, debt devices, warrants, and items.
DeFi Growth has already acquired roughly $48.2 million of SOL and plans to function validators on the Solana blockchain to earn staking rewards.
Taking a playbook out of Michael Saylor’s bitcoin shopping for technique, firms have been more and more shopping for SOL for his or her stability sheets to offer TradFi traders with publicity to the token.
SOL Methods, the publicly traded firm helmed by CEO Leah Wald—former co-founder of digital asset supervisor Valkyrie Investments—spearheaded the motion. Not too long ago, the agency introduced that it had secured an as much as $500 million convertible be aware facility to ramp up its investments within the Solana community.
DeFi Growth’s new providing comes after a big management shakeup earlier this month. Former Kraken govt Joseph Onorati took over as CEO and chairman, and Parker White, one other ex-Kraken engineer, was named chief working officer and chief funding officer. The corporate additionally introduced on John Han, a former Binance and Kraken govt, as CFO. DeFi Growth adopted a treasury technique centered round Solana as a part of its new route.
Along with the $1 billion shelf registration, DeFi Growth additionally filed to register 1.24 million shares on behalf of early traders, together with Pantera Capital, Payward (father or mother firm of Kraken), and Arrington Capital.
Shares of DeFi Growth Corp surged greater than 970% following the management shakeup and moved up roughly 4% in after-hours buying and selling on Friday to now stand at $54 per share.
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