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A Wild Bet on Solana
DeFi Development wants to raise $100 million by selling special bonds to buy Solana (SOL). If enough investors bite, they might push it to $125 million. That’s serious cash for one coin.
Who Are These Guys?
This company used to be Janover, focused on real estate. Then it changed its name in April to DeFi Development and went all-in on Solana.
The Plan: Stack SOL Like Saylor Stacks BTC
Just like MicroStrategy hoards Bitcoin, DeFi Development wants to be the top SOL holder. But there’s a twist — they’re using convertible notes, which are like fancy IOUs that turn into shares later.*
*(*Convertible notes: debt that can be exchanged for stock down the line.)
Stock Tanks, SOL Slumps
Right after they made the announcement, their stock dropped over 9%. Solana’s price also slipped by 6% today. That’s not a great combo.
Risky Business
Some of the money will be used for stock buybacks to reduce risk. Smart move? Maybe. But buying $100 million of any crypto is always a gamble.
Why It Matters
If this works, DeFi Development could move the SOL market like MicroStrategy moved Bitcoin. Or… it could flop hard. Either way, the market’s watching.
