Janover Shares Surge After Major Solana Purchase
Published: April 10, 2025, 1:08 PM EDT | Updated: April 10, 2025, 4:03 PM EDT
By Tanaya Macheel, CNBC
In a significant development for the cryptocurrency market, Janover, a software company pivoting towards crypto investments, experienced a dramatic increase in its share price after announcing the successful completion of its first purchase of Solana (SOL) tokens. The company invested $4.6 million in the SOL token on Thursday, an initiative that marks its entry into the burgeoning crypto space.
Earlier this week, Janover had announced the successful raising of $42 million through a private offering of convertible notes and warrants. This funding is earmarked for the strategic acquisition of Solana tokens, reflecting the company’s ambitious new direction.
Following the announcement, Janover’s stock soared by over 64%, having previously spiked by more than 100% at the day’s peak. The remarkable gains illustrate heightened investor interest and confidence in the company’s strategic shift.
A New Focus in Cryptocurrency
Joseph Onorati, the CEO of Janover, expressed enthusiasm about the company’s future in a statement released on Thursday. “Our aim is to be the most efficient and transparent vehicle for crypto accumulation in the public markets,” he said. The execution of their first purchase of Solana tokens just days after restructuring underlines their commitment to this vision.
Founded in 2018, Janover is redefining its business strategy following a major ownership change. A team of former executives from the well-known Kraken crypto exchange now holds a controlling interest in the firm. The company also plans to undergo a rebranding, transitioning to the name DeFi Development Corporation, along with a change in its ticker symbol.
Strategic Acquisition Plans
Similar to the acquisition strategies recently employed by prominent companies like MicroStrategy, Janover plans to gradually accumulate SOL tokens moving forward. The company also intends to invest in validators—computers responsible for maintaining the Solana network by verifying transactions. Such an investment would not only enable the company to acquire more SOL tokens but also allow it to "stake" these tokens, generating rewards by temporarily locking them on the network.
Despite Janover’s optimistic outlook, the SOL token itself faced a downturn on the same day, dropping more than 8%. This decline reflects a broader trend in the cryptocurrency market, where risk assets have pulled back following a significant rally earlier in the week. The SOL token has had a challenging year, having fallen 43% in 2025 after previously outperforming the majority of the crypto market during a peak in late January.
Janover’s strategic foray into the crypto market has drawn considerable attention and may pave the way for further investments in digital assets as businesses increasingly look towards cryptocurrencies as a means of treasury management and growth.
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