Janover Doubles Solana Holdings to $21M, Sees 1,700% Stock Surge After Crypto Pivot
Janover, a real estate-focused fintech company, has ramped up its investments in Solana (SOL), now holding a total of 163,651 tokens, valued at approximately $21.2 million. This is part of the company's strategy to focus its treasury on cryptocurrency, specifically Solana, making it the first publicly traded U.S. firm to take such an approach.
On April 15, Janover announced the purchase of 80,567 SOL tokens for $10.5 million, adding to previous buys made earlier this month. The company's treasury strategy, approved by the board on April 4, also includes staking the tokens and potentially operating Solana validators. Janover seems to be following MicroStrategy's Bitcoin moves by becoming a major player in Solana.
Former Kraken executives Joseph Onorati and Parker White, who took control of Janover earlier this year, are leading the charge on this pivot. Onorati, a former Kraken chief strategy officer, now serves as chairman and CEO of Janover, while White, previously Kraken's engineering director, is the company's chief investment officer and COO. Under their leadership, Janover raised $42 million through convertible notes to fund its acquisition of Solana tokens and further its digital asset strategy.
Janover's stock has seen a dramatic rise since the announcement of its crypto pivot in early April, increasing by 1,700%. On April 15, the stock price reached $73.74, a 12% jump following the latest SOL purchase. The company's stock surge highlights the growing institutional confidence in its new strategy.
The company's shift to cryptocurrency does not mean it is abandoning its real estate roots. Janover's AI-powered platform for commercial real estate will continue to operate under the guidance of founder Blake Janover and CFO Bruce Rosenbloom.
In addition to its focus on Solana, Janover is also exploring ways to participate more directly in blockchain infrastructure, including the potential operation of Solana validators. This would allow the company to earn rewards through Solana's proof-of-stake network.
The company's strategy has drawn attention in the crypto world, particularly with its efforts to become the largest corporate holder of Solana in the United States. By focusing on a crypto treasury strategy, Janover is positioning itself as a forward-thinking player in both the real estate and blockchain industries. The move also highlights the increasing interest in digital assets among institutional investors as blockchain technology continues to gain mainstream acceptance.
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