Public Company Janover to Spend $42M on Solana Acquisition

Publicly traded software company Janover (JNVR) has raised $42 million to begin a Solana acquisition spree. Following the announcement, the company’s stock, JNVR, soared by over 1,000% to a trading price of $45.42. This acquisition move will make Janover the first public firm in the United States to embrace Solana’s flagship coin, SOL, directly.

Janover Eyes Solana Treasury Strategy

The public company revealed via a press release that it raised approximately $42 million via convertible notes and warrant sales. Participants in the funding round include Pantera Capital, Kraken, Arrington Capital, Third Party Ventures, and 11 angel investors.

Janover simplifies commercial real estate financing through its software-enabled marketplace. This makes the platform easily accessible for borrowers and lenders. The company came into the limelight after some former Kraken employees acquired a majority stake, worth 728,632 shares of the company’s common stock “and all 10,000 outstanding shares of Series A Preferred Stock.”

The firm has restructured its leadership roles, with Joseph Onorati as the new CEO and chairman. Marco Santori, Kraken’s former chief legal officer (CLO), has also joined the board. Janover is currently on track to revamp its name to DeFi Development Corporation and change its stock ticker. The public company intends to become a Solana validator to earn SOL coins from staking them.

Commenting on Janover’s decision to embrace Solana, Onorati said:

“After building in the crypto industry for more than a decade, we are at a tipping point in mass DeFi adoption. We’re proud to be the first to introduce a digital asset treasury strategy in the US public markets initially focused on Solana. We’ve brought together an exceptional team with deep digital assets and public market expertise to make it happen.”

Janover’s decision to embrace SOL has earned it the title “MicroStrategy of Solana.” Strategy (formerly MicroStrategy) popularized the practice of accumulating cryptocurrencies among public companies. Since then, others like Semler Scientific, Metaplanet, and GameStop have followed the same path as they frequently purchased the leading crypto, Bitcoin (BTC).

Effect on SOL

Following the news of Janover’s SOL embrace as a treasury asset, its daily traded volume has increased, suggesting that investors are accumulating the asset. As of this writing, SOL recorded a 24-hour traded volume of over $9 billion, representing a 186% increase.

According to on-chain data from CoinMarketCap, SOL’s trading price at press time is $107.

The post Public Company Janover to Spend $42M on Solana Acquisition appeared first on Cointab.