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Nasdaq-listed DeFi Development Corp, formerly known as Janover, is insisting on continuing its acquisition of Solana (SOL).
Following the tactic of MicroStrategy, the largest institutional Bitcoin bull, DeFi Development announced that it aims to raise funds to establish the Solana strategic reserve.
The company said it will issue $100 million worth of convertible senior notes to qualified institutional buyers.
The proceeds are planned to be used for general corporate activities, as well as the repurchase of common stock and the Solana acquisition.
“We will issue $100 million of convertible senior notes due 2030 to investors classified as qualified institutional buyers under Rule 144A of the Securities Act.”
DeFi Development was previously forced to withdraw its $1 billion IPO offering due to a missing management report on internal controls in its 10-K form. The company was planning to acquire Solana (SOL) with a portion of the $1 billion funds.
Analysts also expect institutional investors’ demand for SOL to increase with increasing clarity in crypto regulations, with a possible rise later in the year.
*This is not investment advice.
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