TLDR
- Former Kraken executives acquired controlling stake in Janover, rebranding to DeFi Development Corporation
- Janover raised $42 million from crypto venture funds including Pantera Capital and Kraken
- New strategy focuses on acquiring Solana (SOL) as its principal treasury holding
- Stock surged up to 1,000% on announcement day, clo 842.5%
- Company plans to acquire validators and stake SOL to generate additional yield
In a dramatic shift for the publicly traded software company, Janover Inc. announced Monday that it has been acquired by a group of former Kraken cryptocurrency exchange executives who plan to transform the real estate data platform into a Solana-focused entity.
The company will rebrand as DeFi Development Corporation and implement a new treasury strategy centered on acquiring Solana’s SOL token. The move appears aimed at creating a public market vehicle for Solana exposure, similar to how MicroStrategy (now Strategy) has become known for its Bitcoin holdings.
Janover’s stock responded with extreme enthusiasm to the news. Shares rocketed as much as 1,000% during trading on Monday before closing with an 842.5% gain for the day.
To this new direction, the company has raised approximately $42 million through convertible notes and warrants. This funding came from well-known crypto venture capital firms including Pantera Capital, Kraken, and Arrington Capital, along with other investors.
New Leadership and Direction
The acquisition brings a leadership overhaul to Janover. Joseph Onorati has been appointed Chairman and CEO, while Parker White steps in as Chief Investment Officer and Chief Operating Officer. Both executives come from the group that acquired the controlling stake.
Marco Santori, who previously served as Kraken’s Chief Legal Officer, will Janover’s board. The company’s founder, Blake Janover, and audit committee chair, William Caragol, will maintain their board positions. CFO Bruce Rosenbloom will continue involvement in daily operations.
The new management team plans to begin acquiring SOL “immediately,” according to statements from Onorati. While specific purchase schedules weren’t detailed, he indicated that the approach would be “transparent, methodical, and deeply aligned with the Solana ecosystem.”
Solana Strategy and Rationale
Janover’s new leadership team sees Solana as complementary to Bitcoin rather than competitive.
“Bitcoin has and always will be the most powerful store of value, but Solana is the foundation for an entirely new, high-performance financial system,” Onorati stated.
The company plans to do more than simply hold Solana tokens. Janover intends to acquire validators – computers that help transactions on the Solana network – and stake its SOL holdings to generate additional yield.
This staking approach creates what Onorati describes as a “flywheel for long-term accumulation and ecosystem participation” rather than just a static treasury asset. Revenue earned from staking will be reinvested to increase the company’s SOL reserves.
The convertible notes issued to raise funds carry a 2.5% annual interest rate, payable quarterly, and mature in April 2030. Investors can convert earlier if Janover’s market capitalization reaches $100 million, with a minimum conversion price of $4.81 per share.
Warrant holders received additional options to purchase shares at $120 and $150 per share based on their investment amount. These funds will be directed toward acquiring Solana assets.
Market Position and Context
Janover appears to be positioning itself as the first U.S. public company to adopt a Solana-focused treasury strategy. This follows Canada’s Sol Strategies, which has similar aims.
The move comes as several asset managers have filed to launch ETFs tracking SOL’s performance, including Grayscale, Franklin Templeton, VanEck and Bitwise, suggesting growing institutional interest in Solana exposure.
While Janover pivots to this new crypto-focused strategy, the company states it will continue to operate its core real estate data platform as it shifts toward a Software-as-a-Service (SaaS) model.
The company expects to change both its name and ticker symbol soon to reflect its new direction and focus. The transformation represents a clear attempt to tap into investor enthusiasm for cryptocurrency exposure through traditional market vehicles.
Though Solana has outperformed many major cryptocurrencies following Donald Trump’s second inauguration in January, it has declined more than 45% in 2025 compared to Bitcoin’s 16% drop, highlighting potential volatility in Janover’s new strategy.
