DeFi Development Corp. (DFDV), the Nasdaq-listed firm pursuing a solana SOL treasury strategy, is planning to get some more dry powder to boost its SOL stack.
According to a Thursday press release, the company has secured a $5 billion equity line of credit with RK Capital Management. The agreement allows DeFi Dev to sell shares at its discretion, so long as it meets conditions like filing a resale registration with the U.S. Securities and Exchange Commission. The company said it plans to file the necessary paperwork soon.
“We now have the flexibility and structure we need to scale,” said Joseph Onorati, Chief Executive Officer. “This is a clean, strategic path to continue growing SOL per share and compounding validator yield.”
DFDV shares rebounded from early losses and were up 12% during the Thursday session.
The company, formerly known as real estate tech platform Janover, is part of a growing trend of publicly-traded firms raising funds by selling shares and debt to add cryptocurrencies on their balance sheet, following Strategy’s playbook with bitcoin BTC.
The firm focuses on Solana, accumulating the network’s native token and operating validators. It held over 609,00 SOL tokens as of May 16, worth $96 million at current prices.
The latest move comes shortly after the firm withdrew a previous filing for a $1 billion share sale, with plans to refile again.