TLDR
- Former Kraken executives acquired controlling stake in Janover, rebranding to DeFi Development Corporation
- Company raised $42 million from crypto venture funds including Pantera Capital and Kraken
- Stock surged up to 1,000%, closing with 842.5% gain after announcement
- Company plans to acquire Solana (SOL) tokens and validators, implementing a crypto treasury strategy
- Management aims to position company as “the MicroStrategy of Solana,” with immediate SOL acquisition plans
Janover Inc., a real estate data platform, has undergone a dramatic transformation after a group of former Kraken cryptocurrency exchange executives acquired a controlling stake in the company.
The stock soared over 842% on Monday following the announcement of the company’s pivot to a Solana-focused digital asset strategy.
The real estate software company announced on April 7 that it would be adopting a new treasury policy centered on digital assets. Janover will rebrand to DeFi Development Corporation and shift its focus toward decentralized finance, beginning with the Solana blockchain.
This bold move mirrors the strategy employed by MicroStrategy with Bitcoin, but with Janover targeting Solana instead. The company’s stock (JNVR) experienced a meteoric rise, climbing as much as 1,000% during trading before settling at an 842.5% gain for the day.
New Leadership and Vision
Joseph Onorati has been appointed as Chairman and CEO, while Parker White steps in as CIO and COO. Both executives are part of the control group behind the acquisition. Additionally, Marco Santori, former Kraken Chief Legal Officer, will join the board.
The company’s founder, Blake Janover, and audit committee chair, William Caragol, will retain their board seats. CFO Bruce Rosenbloom will continue to oversee daily operations during this transition period.
Onorati outlined the vision for the company in clear terms. “Bitcoin has and always will be the most powerful store of value, but Solana is the foundation for an entirely new, high-performance financial system,” he stated. “While bitcoin is optimized for security and scarcity, Solana is optimized for speed, usability, and programmability.”
The new leadership team purchased 728,632 shares of Janover common stock and all 10,000 outstanding shares of Series A preferred stock. A ticker symbol change is expected soon to reflect the company’s new direction.
$42 Million Investment Round
To support its blockchain-focused strategy, Janover secured approximately $42 million through a private offering of convertible notes and warrants. The funding came from prominent crypto investors including Pantera Capital, Kraken, Arrington Capital, Protagonist, The Norstar Group, Third Party Ventures, Trammell Venture Partners, and 11 angel investors.
The convertible notes carry an annual interest rate of 2.5%, payable quarterly, and mature in April 2030. Investors can convert earlier if Janover’s market capitalization reaches $100 million, with a minimum conversion price of $4.81 per share.
For each $1,000 invested, warrant holders can purchase approximately 8.333 shares of common stock at $120 per share and about 6.666 shares at $150 each. These instruments include customary anti-dilution and dividend protections.
The company intends to use proceeds from this offering to accelerate its acquisition of digital assets, starting with Solana. According to the announcement, Janover plans to begin accumulating SOL “immediately.”
Solana Strategy and Market Position
Unlike other public companies adopting Bitcoin treasury strategies, Janover appears to be the first U.S. company focusing specifically on Solana. Canada’s Sol Strategies has pursued similar objectives with a SOL treasury reserve.
Solana is a public blockchain platform known for its fast transaction speeds and low fees. While it offers advantages in terms of speed and cost compared to Ethereum, it has experienced greater volatility. The SOL token has declined over 45% in 2025, compared to Bitcoin’s 16% drop during the same period.
Despite this recent performance, Janover sees strategic advantages in Solana beyond just price appreciation. The company plans to acquire validators that help run the Solana network by verifying transactions. This will allow Janover to not only hold SOL tokens but also earn staking rewards.
“Solana offers yield via staking, validator incentives, and smart contract utility — which allow us to build deeper alignment with the network,” Onorati explained. “That makes it not just a treasury asset, but a flywheel for long-term accumulation and ecosystem participation.”
Janover will continue operating its core real estate data platform as it shifts toward a software-as-a-service (SaaS) model. The existing platform connects commercial real estate borrowers and lenders, serving more than one million web users annually.
Several asset managers, including Grayscale, Franklin Templeton, VanEck, and Bitwise, have filed to launch ETFs tracking the performance of the SOL token, indicating growing institutional interest in the asset despite its recent price volatility.
With this strategic pivot, Janover joins a growing trend of public companies seeking cryptocurrency exposure. However, its focus on Solana rather than Bitcoin represents a novel approach in the U.S. public markets.
The market’s enthusiastic response to this news suggests investors see potential in this strategy, though the long-term success will depend on both Solana’s performance and the company’s execution of its new vision.
The funds raised through the convertible note offering will enable Janover to begin executing its Solana acquisition strategy immediately, positioning the company at the forefront of public market exposure to the Solana ecosystem.