Janover, a real estate-focused fintech company, has increased its investment in Solana (SOL), now holding a total of 163,651 tokens worth approximately $21.2 million. This is part of the company’s strategy to focus funds on cryptocurrencies, especially Solana, making it the first US public company to adopt such a strategy.
On April 15, Janover announced the purchase of 80,567 SOL tokens for $10.5 million, following the company’s purchase of multiple tokens earlier this month. The company’s funding strategy was approved by the board of directors on April 4, and also includes staking these tokens and potentially operating Solana validators. Janover seems to be following MicroStrategy’s move in the Bitcoin space and becoming a major player in Solana.
Former Kraken executives Joseph Onorati and Parker White, who took over Janover earlier this year, are leading this transition. Onorati, formerly Kraken’s chief strategy officer, is now Janover’s chairman and CEO, while White, formerly Kraken’s director of engineering, is now the company’s chief investment officer and chief operating officer. Under their leadership, Janover has raised $42 million in convertible notes to acquire Solana tokens and further its digital asset strategy.
Since announcing its foray into cryptocurrency in early April, Janover’s stock price has soared, up 1,700%. On April 15, the stock price reached $73.74, up 12% after the latest round of SOL acquisitions. The company’s surge in stock price highlights the growing institutional confidence in its new strategy.
The company’s shift to cryptocurrency does not mean abandoning its real estate roots. Janover’s AI-powered commercial real estate platform will continue to operate under the guidance of founder Blake Janover and CFO Bruce Rosenbloom.
In addition to focusing on Solana, Janover is also exploring ways to participate more directly in blockchain infrastructure, including the potential operation of Solana validators. This will allow the company to earn rewards through Solana’s proof-of-stake network.
The company’s strategy has attracted attention from the cryptocurrency community, especially its focus on becoming the largest corporate holder of Solana in the United States. By focusing on a crypto funding strategy, Janover is positioning itself as a forward-looking player in the real estate and blockchain industries. The move also highlights the growing interest of institutional investors in digital assets as blockchain technology continues to gain mainstream acceptance.
