Janover Buys $11.5M in Solana, Rebrands to DeFi Development Corp

Janover, a real estate-focused fintech company, has made a significant move in its treasury strategy by purchasing an additional $11.5 million worth of Solana (SOL) tokens. This acquisition brings the company's total SOL holdings to 251,842, including staking rewards, valued at approximately $36.5 million with SOL currently trading around $145. The company has also announced a rebranding to DeFi Development Corp, reflecting its shift towards a crypto-centric strategy.

The purchase is part of the company's broader strategy to position itself as the first U.S.-listed company with a treasury strategy centered on Solana and its native token SOL. The firm aims to accumulate SOL and operate one or more validators to secure the blockchain. This strategic pivot follows the acquisition of a majority stake in the firm by a team of former executives from a prominent crypto exchange earlier this month.

The funds for this purchase were sourced from a $42 million financing round completed earlier this year. According to the press release, each share of the company now represents 0.17 SOL, marking a 62% increase from its last crypto purchase. The company will also change its ticker to DFSV on the Nasdaq exchange at a future date to align with its new name.

In addition to the SOL purchase, the company has announced a strategic partnership with a major crypto exchange, with plans to delegate part of the exchange's SOL holdings to stake to validators operated by DeFi Development Corp. The firm has also collaborated with a leading digital asset custodian to acquire locked tokens via over-the-counter markets. These moves underscore the company's commitment to leveraging its crypto holdings to drive growth and innovation in the blockchain space.