Janover Stock Surges 842.5% After Solana-Focused Rebrand

Janover Inc., a publicly traded software company, has undergone a significant transformation following the acquisition of a controlling stake by former executives from the cryptocurrency exchange Kraken. The company, which was previously known for its real estate data platform, has rebranded as DeFi Development Corporation and shifted its focus towards a Solana-centric strategy. This move is aimed at creating a public market vehicle for Solana exposure, similar to how MicroStrategy has become synonymous with its Bitcoin holdings.

The announcement of this strategic shift has had a profound impact on Janover’s stock performance. On the day of the announcement, shares surged by as much as 1,000% during trading, ultimately closing with an 842.5% gain. This dramatic increase reflects the market’s enthusiasm for the company’s new direction and the potential for significant returns from its Solana-focused treasury policy.

To support this new strategy, Janover has raised approximately $42 million through convertible notes and warrants. This funding was secured from prominent crypto venture capital firms, including Pantera Capital, Kraken, and Arrington Capital, among others. The convertible notes carry a 2.5% annual interest rate, payable quarterly, and mature in April 2030. Investors have the option to convert these notes earlier if Janover’s market capitalization reaches $100 million, with a minimum conversion price of $4.81 per share. Additionally, warrant holders have been granted options to purchase shares at $120 and $150 per share, based on their investment amount. These funds will be directed towards acquiring Solana assets.

The new leadership team at Janover includes Joseph Onorati as Chairman and CEO, and Parker White as Chief Investment Officer and Chief Operating Officer. Both executives are part of the group that acquired the controlling stake in the company. Marco Santori, former Chief Legal Officer at Kraken, will join Janover’s board, while the company’s founder, Blake Janover, and audit committee chair, William Caragol, will retain their board positions. CFO Bruce Rosenbloom will continue to be involved in daily operations.

The company’s new strategy involves acquiring Solana’s SOL token as its principal treasury holding. The leadership team views Solana as complementary to Bitcoin, rather than competitive. According to Onorati, “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.” Janover plans to go beyond simply holding Solana tokens; the company intends to acquire validators and stake its SOL holdings to generate additional yield. This approach is designed to create a “flywheel for long-term accumulation and ecosystem participation,” with revenue from staking being reinvested to increase the company’s SOL reserves.

Janover’s new direction positions it as the first U.S. public company to adopt a Solana-focused treasury strategy. This move comes as several asset managers have filed to launch ETFs tracking SOL’s performance, indicating growing institutional interest in Solana exposure. Despite the potential volatility in Solana’s performance, Janover’s transformation represents a clear attempt to tap into investor enthusiasm for cryptocurrency exposure through traditional market vehicles. The company expects to change both its name and ticker symbol soon to reflect its new direction and focus.