DeFi Development discloses details of $112.5 million financing, part of the funds will be used to purchase SOL

ChainCatcher news, according to The Block, Solana reserve strategy company DeFi Development Corp (DDC) (formerly Janover) disclosed details of its $112.5 million private placement financing for purchasing SOL tokens, which includes a financial arrangement to provide investors with a hedging mechanism. The company will use approximately $75.6 million to fund "prepaid forward" stock purchase transactions, with the remaining funds allocated for "general corporate purposes, including the acquisition of SOL."

According to the announcement on Wednesday, the company has secured a total of $112.5 million in convertible note principal—valued at approximately $132.2 million if the initial purchasers exercise all options—expected to close on July 7. The notes carry an annual interest rate of 5.5%, paid semi-annually, and will mature in 2030. The notes will also have a conversion premium of 10%, based on a closing price of $21.01 on July 1, 2025.