Janover Rebrands to DeFi Development Corporation, Tops SOL Holdings

Janover, the commercial real estate company committed to a steady SOL acquisition, has rebranded its name to DeFi Development Corporation. Still, it retains its Nasdaq-listed stock ticker, JNVR.

The real estate firm also added 88,164 SOL, valued at around $11.5 million, to its holdings. This brings its total holdings to 251,842 SOL, worth approximately $34.4 million. Notably, this amount includes staking rewards.

DeFi Development Corporation also stated that it would immediately stake its newly purchased SOL holdings to boost its yield. The United States-based firm remains committed to operating one or more Solana validators, which would help to enhance Solana’s security.

Janover Delves Deeper Into Crypto

The public company’s crypto journey began earlier this month, when it disclosed plans to stack SOL, one of the largest altcoins. Its initial move toward this goal was to raise $42 million from convertible notes and warrant sales. It has since used this fund to acquire SOL strategically. Notably, this sudden gear toward crypto was helmed by former Kraken officials who acquired a majority stake in the real estate firm.

While revealing its SOL acquisition goal, the firm appointed Joseph Onorati, a former executive at Kraken, as its new CEO. At the time, the firm disclosed plans to change its name and ticker. Since the firm has changed its business name, it is likely to change its ticker soon. The company has also partnered with crypto exchange Kraken to receive some of the exchange’s current and future staked SOL.

The company’s new name is a bold nod toward growing the Solana decentralized finance (DeFi) ecosystem. According to the on-chain platform DefiLlama, the blockchain’s DeFi market has a total value locked (TVL) of $7.83 billion as of the time of writing. DeFi Development Corporation likely intends to grow this figure with its new path.

More Firms Join the Party

Interestingly, another U.S.-based firm, Upexi, has revealed plans to join the trend. Earlier this week, the firm revealed that it would spend its newly raised $100 million fund to acquire SOL. This update propelled its stock to new frontiers.

Meanwhile, JNVR went up over 14% after the rebranding and acquisition news. Its trading price at the time of writing was $44.86. SOL is not left out in the uptrend, as its value has risen by over 7.7% in the past 24 hours to $151.20.

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