DeFi Development Gains $5 Billion Line of Credit to Accumulate Digital Assets
DeFi Development Corp. said it gained a $5 billion equity line of credit.
[contact-form-7]The company, which was formerly known as Janover and says it is the first U.S. public company with a treasury strategy built to accumulate and compound Solana (SOL) digital assets, entered into a share purchase agreement (ELOC) with RK Capital Management, according to a Thursday (June 12) press release. Via the agreement, DeFi Development will have the right, but not an obligation, to issue and sell as much as $5 billion in shares of its common stock to RK Capital, DeFi Development said in
The ELOC enables DeFi Development to raise capital gradually, when it is strategically advantageous, the release said. The company expects to use the proceeds from the ELOC to continue accumulating SOL and accelerating growth in its SOL per share.
“We now have the flexibility and structure we need to scale,” DeFi Development CEO Joseph Onorati said in the release. “This is a clean, strategic path to continue growing SOL per share and compounding validator yield.”
DeFi Development is the new name of Janover, a company whose core business is a platform that provides data and software subscriptions and value-add services to multifamily and commercial property professionals.
Janover announced its plans to change its name in April while saying in a press release that it raised $42 million in an offering of convertible notes and warrants and planned to accelerate its acquisition of digital assets.
The company also said in April that majority ownership in the company had been acquired by a team of former leaders of crypto platform Kraken, including Onorati, who are “dedicated to bridging the liquidity gap between traditional finance (TradFi) and decentralized finance (DeFi).”
On June 5, DeFi Development announced a partnership with Amber International Holding, which provides institutional cryptocurrency financial services and solutions and operates under the brand name Amber Premium, in which the companies will collaborate across SOL-denominated treasury acquisition, structured products, staking and validator aggregation. Amber Premium may serve as a broker for DeFi Development Corp.’s treasury acquisitions, the companies said at the time.
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