DeFi Development Corp. has secured a $5 billion equity line of credit (ELOC) to expand its Solana (SOL) treasury aggressively.
The agreement with RK Capital Management LLC, announced Thursday, positions the Florida-based firm as the largest public holder of SOL and a pivotal liquidity provider within the Solana network.
The ELOC grants DeFi Development the right to sell up to $5 billion in shares to RK Capital over time, bypassing traditional lump-sum equity raises. This “capital-on-demand” model enables the company to strategically time-share sales and subsequent SOL purchases, optimizing market conditions and minimizing dilution and volatility risks.
Proceeds will fuel DeFi Dev’s core mission: increasing its SOL-per-share metric while compounding staking rewards from its validator operations.
DeFi Development Shift to Solana Powerhouse
DeFi Development was formerly known as Janover, a provider of commercial real estate software. However, it pivoted to a Solana-centric strategy in April 2025 after a leadership overhaul by former Kraken executives.
The company now holds 609,190 SOL ($107 million at current prices) and runs validator nodes that earn staking yields, aligning its growth with the health of the Solana ecosystem.
The $5 billion facility dwarfs its initial $1 billion shelf filing, which was withdrawn in May amid regulatory reviews. By opting for an ELOC instead, DeFi Dev sidesteps fixed pricing pressures while securing the firepower to potentially quintuple its SOL holdings.
Pillars Of Solana Reserve
DeFi Development’s strategy hinges on three pillars:
- Strategic Accumulation: Gradual SOL purchases using ELOC proceeds, avoiding market disruption.
- Validator Economics: Operating nodes to earn ~5-7% annual staking yields, reinvested into additional SOL.
- Shareholder Alignment: Linking equity value directly to SOL’s performance through transparent per-share metrics.
This framework contrasts with passive crypto holdings, positioning the company as both investor and infrastructure operator within Solana’s decentralized network.
However, as the company proceeds with its strategy, it will face challenges, including Solana’s volatility, regulatory scrutiny, and execution risk.
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