From Real Estate to Solana Treasury Strategy
DeFi Development Corp, once a real estate financing company, has pivoted into a Solana-focused treasury firm, now holding over 609,000 SOL tokens valued at approximately $97 million. This strategic shift reflects a broader trend of corporations embracing crypto assets as part of their financial infrastructure.
The company began accumulating Solana on April 8, starting with 2,858 SOL, and made its 11th purchase on May 15, acquiring 16,447 SOL at an average price of $139.66.
$1 Billion Capital Raise Blocked—Temporarily
The firm had filed a Form S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) on April 25, aiming to raise $1 billion. The capital was intended for general corporate use, with plans to expand its Solana holdings.
However, on June 5, DeFi Development Corp withdrew the filing after the SEC flagged an issue: the lack of a management report on internal controls over financial reporting, which made the firm ineligible for an S-3 form at this time.
The company stated the withdrawal is “in the public interest and for the protection of investors.”
Refiling Planned, Solana Strategy Remains Strong
Despite the setback, DeFi Development Corp has confirmed it will refile under a resale registration in the near future. Its intention to continue building a substantial Solana treasury remains unchanged.
In addition to acquiring SOL, the firm announced on May 28 that it had started adopting liquid staking strategies by allocating some assets to dfdvSOL, a Solana liquid staking token, adding yield generation to its treasury approach.
Leadership and Institutional Support
The company is now led by Joseph Onorati, a former Kraken Chief Strategy Officer, who became CEO and Chairman following a stock purchase on April 7 by a group of ex-Kraken executives. The team acquired 728,632 shares of DeFi Development Corp’s common stock, signaling confidence in the company’s direction.
Conclusion
While DeFi Development Corp’s $1B Solana capital raise has been temporarily halted by the SEC, the company remains committed to its Solana treasury strategy. With over $97 million in SOL, liquid staking initiatives, and backing from seasoned crypto executives, DeFi Development Corp continues to position itself at the forefront of corporate blockchain finance.