DeFi Development is transitioning from real estate to crypto by planning a $100 million convertible note offering to build a corporate treasury focused on Solana (SOL).
The SEC's rejection of the company's initial $1 billion plan led to a strategic shift towards accumulating crypto assets, leading to the current focus on SOL.
Despite the ambitious move, DeFi Development's stock dropped over 9% after the announcement, indicating investor caution due to SOL's recent price volatility.
The plan involves a strategic acquisition of SOL, similar to MicroStrategy's approach with Bitcoin, but tailored for the Solana ecosystem, aiming to transform Solana's perception as a corporate asset class.