Janover boosts its Solana holdings by $11.5 million, rebrands to DeFi Development Corporation
- Janover revealed that it acquired 88,164 Solana at approximately $11.5 million on Tuesday.
- The company now holds a total of 251,842 SOL worth $36.5 million.
- Janover also announced a name change to DeFi Development Corporation, reflecting a focus on its recent SOL-based MicroStrategy playbook.
Real estate company Janover revealed on Tuesday that it has increased its Solana (SOL) holdings by purchasing 88,164 SOL worth approximately $11.5 million. Meanwhile, the company announced that it will be rebranding to DeFi Development Corporation, signaling a focus on its SOL-based MicroStrategy playbook.
Janover adds to SOL treasury, rebrands to a DeFi-focused company
Janover has added to its Solana holdings after purchasing 88,164 SOL on Tuesday for approximately $11.5 million. This brings the company's total SOL holdings to 251,842 SOL, worth approximately $36.5 million.
The company raised $42 million on April 7 to begin an SOL-based treasury strategy. The funding was spearheaded by former Kraken executives, including Joseph Onorati and Parker White, who purchased a majority of the company's shares earlier in the month. As a result, Onorati and White took over as CEO and CIO, respectively.
Janover also aims to operate one or more Solana validators, which would allow it to stake its treasury assets, contribute to the Solana network's security and reinvest staking rewards.
Additionally, the company announced that it would be rebranding from Janover to DeFi Development Corporation, which reflects a focus on the crypto industry through its new SOL treasury strategy. In line with its name change, the company also plans to change its ticker from "JNVR" to the symbol "DFDV" on the Nasdaq at a future date, according to a press release on Tuesday.
"This marks the beginning of a new chapter for the business," said Joseph Onorati, Chief Executive Officer of DeFi Development Corporation. "Our mission is to bring transparent, crypto-native capital allocation into the public markets — and this name change reflects that commitment," he added.
The company is gradually mirroring the aggressive Bitcoin buying spree of business intelligence firm Strategy (formerly MicroStrategy) — but at a modest pace — with its third consecutive week of SOL purchase in April.
Other public companies are also adopting a Solana treasury strategy, including consumer product company Upexi.
Upexi raised $100 million — led by crypto trading and investment firm GSR — primarily to establish a Solana-based crypto treasury. The company plans to use approximately 90% of the new capital to accumulate and stake SOL. Following the news, Upexi's stock price surged over 400% on Monday.
SOL is up over 8% on Tuesday, trading around $147.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
