DeFi Development Corp (formerly Janover) aims to raise over $1 billion worth of capital to invest in Solana, the industry’s sixth-largest cryptocurrency by market capitalization.

The Nasdaq-listed firm, previously a real estate financing platform connecting commercial property lenders and buyers, announced its plans in a Form S-3 registration statement filed with the US Securities and Exchange Commission (SEC) on April 25.

The filing states that the funds will be used for general corporate purposes, including Solana (SOL) token acquisitions.

According to the filing, the company may use proceeds from the offering to purchase more Solana, noting:

“Solana does not pay interest, but staking rewards can be earned on Solana. The ability to generate a return on investment from the net proceeds from this offering will depend on whether there is appreciation in the value of Solana following our purchases of Solana with the net proceeds from this offering.”

The company also warned that fluctuations in Solana’s price could lead to it converting the tokens into cash at a value “substantially below” the net proceeds raised.

Related: Deloitte predicts $4T tokenized real estate on blockchain by 2035

Janover was a real estate financing company connecting lenders and buyers of commercial properties before a team of former Kraken exchange executives bought 728,632 shares of its common stock on April 7. Joseph Onorati, former chief strategy officer at Kraken, has since been appointed as chairman and CEO.

The announcement comes shortly after the leadership of DeFi Development Corp adopted a Solana treasury reserve, “by applying a proven public-market treasury model to an asset that’s earlier in its lifecycle, structurally reflexive, and vastly underexposed as compared to Bitcoins.”

The firm’s new Solana investment treasury has drawn comparisons to Michael Saylor’s Strategy, which has amassed over 538,200 Bitcoin (BTC) as of April 20 — the world’s largest corporate Bitcoin holder.

The firm’s board of directors approved the company’s Solana-focused treasury policy on April 4, authorizing long-term accumulation and the launch of Solana validators to enable the staking of its treasury asset.

Parker White, the firm’s chief investment officer, who previously served as an engineering director at Kraken exchange, already runs a Solana validator with $75 million in delegated stake.

Related: US banks are ‘free to begin supporting Bitcoin’ — Michael Saylor

Regulatory concerns remain for Solana investment

While the Solana-focused treasury implementation marks a significant step for altcoin adoption, the firm remains concerned by the potential effects of opaque crypto regulations, according to the filing:

“We may be subject to regulatory developments related to crypto assets and crypto asset markets, which could adversely affect our business, financial condition, and results of operations.”

The firm cites unclear regulations around digital assets, which may “adversely affect the price of Solana” and, in turn, impact “the market price of our common stock.”

The firm noted that Solana’s potential “reclassifying” as a security remains a particular concern, which may lead to the firm being classified as an investment company under the Investment Company Act of 1940.

However, the firm’s share price has been benefiting from its Solana acquisitions. Its shares rose by over 12% when DeFi Development Corp added $11.5 million worth of Solana tokens to its treasury on April 22, Cointelegraph reported.

“The decision by commercial property platform Janover to add SOL to its treasury is truly groundbreaking,” Chris Chung, founder of Solana-based swap platform Titan, told Cointelegraph. “I’m confident we will see many other businesses follow suit before long as crypto becomes increasingly adopted by traditional finance.” 

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Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.

The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.

The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.

“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).

“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.

“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.

Related: Blockchain needs regulation, scalability to close AI hiring gap

The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.

Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.

The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank

Related: US banks are ‘free to begin supporting Bitcoin’ — Michael Saylor

Blockchain innovation could drive regulatory clarity

Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.

“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:

“Tokenization is similar — as demand increases, regulatory clarity will follow.”

He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.

However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.

“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.

“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added. 

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Spot Bitcoin exchange-traded funds (ETF) in the United States saw over $3 billion in inflows this week, marking the first full week of consecutive inflows in five weeks.

On April 25, the 11 spot Bitcoin (BTC) ETFs saw $380 million in inflows, bringing the total for the week to around $3.06 billion over five consecutive inflow days, according to Farside data. The last time spot Bitcoin ETFs had a full week of inflow days was the week ending March 21.

Strong inflow week turns April into positive month

ETF analyst Eric Balchunas said in an April 24 X post that “ETFs are on a Bitcoin bender.”

“What’s really notable here is just HOW FAST the flows can go from 1st gear to 5th gear,” Balchunas said, forecasting that some of those flows may be due to the “basis trade back in effect.”

Amid ongoing financial and macroeconomic uncertainty, spot Bitcoin ETFs have experienced a volatile April, with nine out of the total 18 trading days so far being outflow days. 

However, a strong surge of inflows over the past week has turned the month positive, bringing total net inflows for April to approximately $2.26 billion.

On the same day, Strategy founder Michael Saylor reportedly said at the Bitwise Invest Bitcoin Corporations Investor Day that BlackRock’s iShare Bitcoin ETF “will be “the biggest ETF in the world in ten years.”

Related: 5 Bitcoin charts predicting BTC price rally toward $100K by May 

Just two days prior, on April 23, BlackRock’s iShare Bitcoin ETF (IBIT) was awarded the “Best New ETF” at the annual etf.com ETF awards. IBIT was also the recipient of Crypto ETP of the year.

Meanwhile, Bitcoin’s spot price continues to hover around the $95,000 price level, currently trading at $94,613 at the time of publication, according to CoinMarketCap data. Institutions are continuing to raise their bullish price targets.

Billion-dollar asset manager ARK Invest recently raised its “bull case” Bitcoin price target from $1.5 million to $2.4 million by the end of 2030, driven largely by institutional investors and Bitcoin’s increasing acceptance as “digital gold.”

ARK’s “bear” and “base” case scenarios for the price of Bitcoin were also bumped up to $500,000 and $1.2 million.

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Strike CEO Jack Mallers said his new role as CEO of Bitcoin treasury firm Twenty One Capital won’t distract him from heading Strike, revealing the platform processed over $6 billion in volume in 2024.

“This is not a shift in my commitment; it’s an extension of it,” Mallers said in an April 25 letter to Strike investors.

Every decision based on if it is “good for Bitcoin”

“If Bitcoin wins, humanity wins. Every business decision I make starts with one question: Is this good for Bitcoin? Twenty One exists because I believe it is good for Bitcoin and, therefore, good for the world,” Mallers said.

Mallers explained that Strike, a Bitcoin payments platform, and Twenty One Capital have different goals. He said Strike focuses on making “Bitcoin accessible globally,” while Twenty One aims to increase “Bitcoin ownership per share (BPS) and pioneer Bitcoin-native financial tools.”

“These are separate companies, but they share the same ethos: Bitcoin wins, we win,” he said.

It comes after Twenty One Capital announced its launch on April 23, with the backing of Tether, SoftBank and Cantor Fitzgerald.

The firm is looking to challenge Michael Saylor’s Strategy to become the “superior vehicle for investors seeking capital-efficient Bitcoin exposure.” It revealed its plans to launch with 42,000 Bitcoin (BTC).

Mallers shared key metrics for Strike publicly for the first time, revealing that in 2024, the firm posted over $6 billion in volume, recorded 600% year-on-year growth, maintained an 85% gross profit margin, and reported zero customer acquisition costs.

Mallers said that despite maintaining a team of 75 employees, the company expects to “generate 8-9 figures in net profit in 2025.”

Several crypto enthusiasts had taken to social media to ask how the logistics would work for Mallers, being the CEO of Strike and Twenty One Capital.

Related: 5 Bitcoin charts predicting BTC price rally toward $100K by May

Crypto commentator “Alex” asked in an April 25 X post, “What will be the fate of Strike? New incoming CEO? Or will he pull an Elon Musk?” Similarly, Domingo Guerra asked, “Who will be running Strike!?”

Meanwhile, several crypto industry participants have publicly speculated that Twenty One Capital may acquire Strike in the future. Swan Bitcoin CEO Cory Klippsten said it is “probably safe to assume that this company will acquire strike.” 

Daniel Sempere Pico said, “How long before Twenty One acquires Strike?” However, neither Mallers or Strike has indicated any intention of doing so.

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