DeFi Development Company, the ‘MSTR of Solana,’ files $1 billion shelf offering with SEC

The so-called MSTR of Solana, DeFi Development Company (ticker JNVR) has filed a $1 billion shelf offering with the U.S. Securities and Exchange Commission, according to a filing on Friday. 

A shelf offering, also known as a shelf registration, allows a company to register a new securities issuance without necessarily selling the entire issue at once. The filing notes DeFi Development Company, which rebranded from Janover earlier this week, could offer common stock, preferred stock, warrants, debt securities and other instruments. 

“We may sell any combination of these securities in one or more offerings, at prices and on terms to be determined prior to the time of the offering, with an aggregate offering price of up to $1,000,000,000,” the company wrote. 

The timeframe for the shelf offering is unclear. The proposal must be approved by the SEC. 

DDC is one of many publicly traded companies that have recently taken an eye to Solana. The company, like Sol Strategies, Upexi and Galaxy Digital, is purchasing SOL to provide investors an alternative route of gaining exposure to the cryptocurrency. 

The strategy is similar to Michael Saylor’s approach to building a massive bitcoin treasury, but different in that DDC and Sol Strategies are also spinning up validators and staking their tokens, thereby turning their holdings into a productive asset.

DDC’s main business, inherited from Janover, involves offering "software as a service" for commercial property debt financing. The firm first became involved in crypto by accepting BTC, ETH and SOL for its services last year and brought on former Kraken executives to lead its transition earlier this year.

The firm currently holds approximately $34.4 million worth of SOL. JNVR, was up nearly 5% on the day.