Janover Rebrands to DeFi Development Corp, Acquires Additional $11.5M in SOL Tokens as Part of New Treasury Strategy
Janover (JNVR), a Nasdaq-listed fintech company focusing on real estate, has rebranded as DeFi Development Corp and expanded its Solana (SOL) holdings by purchasing an additional $11.5 million worth of SOL tokens, the company announced on Tuesday.
This acquisition increases the company’s total SOL holdings to 251,842 tokens, including staking rewards, bringing the total value to approximately $36.5 million, based on the current SOL price of $145.
While Janover’s stock declined by 2.5% to $38.3 today, down from a peak of nearly $80 last week, the company’s share price has still surged by over 800% since it adopted a crypto treasury strategy earlier this year. Meanwhile, SOL rose nearly 5% in the last 24 hours, aligning with the broader market’s upward movement.
The new purchase is part of the company’s strategic pivot to make it the first U.S.-listed firm with a treasury strategy centered around Solana and SOL. The company’s plan is to accumulate more SOL while also operating validators to help secure the blockchain. This shift followed the acquisition of a majority stake in the company earlier this month by former executives from the Kraken crypto exchange.
Read more: Janover Takes Page From Saylor Playbook, Doubling SOL Stack to $20M as Stock Soars 1700%
The funds for the latest purchase came from a $42 million financing round completed earlier this year. Following this acquisition, each share of DeFi Development Corp now represents 0.17 SOL, marking a 62% increase from its previous crypto acquisition.
In addition to the rebranding, the company plans to change its Nasdaq ticker symbol to DFSV to reflect its new identity. Last week, DeFi Development Corp also announced a partnership with Kraken to delegate a portion of the exchange’s SOL holdings to the company’s validators for staking. Additionally, it has teamed up with BitGo to acquire locked tokens through over-the-counter markets.
