Janover Purchases Additional $11.5M in SOL, Undergoes Rebranding Amid Crypto Treasury Move

Janover Rebrands to DeFi Development Corp, Expands Solana Holdings with $11.5M Purchase

Janover (JNVR), a Nasdaq-listed fintech firm known for its real estate focus, has officially rebranded to DeFi Development Corp and announced an additional $11.5 million purchase of Solana (SOL) tokens, solidifying its position in the growing crypto treasury space.

The new acquisition brings the company’s total Solana holdings to 251,842 tokens, which includes staking rewards, now valued at approximately $36.5 million, based on the current price of $145 per SOL.

While the company’s stock slipped 2.5% today to $38.3, down from its recent peak of nearly $80, the value of its shares has still surged more than 800% since the adoption of its crypto treasury strategy. Meanwhile, SOL saw a nearly 5% gain over the past 24 hours, in line with the broader cryptocurrency market rally.

The latest SOL purchase is part of DeFi Development Corp’s ongoing strategy to become the first U.S.-listed company with a treasury focused on Solana and its native token. The company intends to accumulate more SOL and also run its own validators to contribute to securing the Solana blockchain. This strategic pivot follows the recent acquisition of a majority stake by former Kraken exchange executives earlier this month.

Read more: Janover Doubles Down on SOL, Increasing Crypto Holdings to $20M as Stock Price Jumps 1700%

The funds for this purchase came from a $42 million financing round completed earlier this year. As a result, the company’s shares now represent 0.17 SOL each, up 62% from its previous crypto investment.

DeFi Development Corp is also set to change its ticker symbol to DFSV on Nasdaq to reflect its new name. Last week, the company announced a strategic partnership with Kraken, which will see part of the exchange’s SOL holdings delegated to the company’s validators for staking. Additionally, DeFi Development Corp is working with BitGo to secure locked tokens through over-the-counter transactions.