Janover’s $20M bet on Solana’s cryptocurrency is fueling a 1700% surge in its stock price, as the fintech company doubles its SOL stack and becomes the first U.S.-listed firm to take the crypto pivot.
Janover Takes Page From Saylor Playbook, Doubling SOL Stack to $20M as Stock Soars 1700%
A Treasury Strategy Centered on Solana: The First U.S.-Listed Firm to Take the Leap
Janover is a rare surname of Ashkenazi Jewish origin.
It is believed to have originated from the Hebrew words 'yavan' meaning 'Greece' and 'over' meaning 'from.'
The name likely referred to someone who came from Greece or had Greek ancestry.
In the United States, Janover is most commonly found in New York City, with a significant presence in other major metropolitan areas.
According to the 2019 US Census, approximately 600 individuals bear the surname Janover.
Janover, a fintech company focused on commercial real estate, has taken a significant step towards its crypto pivot by doubling its Solana (SOL) stack to $20 million. The company’s stock price has surged over 1,700% since its announcement in early April, with shares currently trading at $73.74.
Building a SOL Stack Worth $21 Million
As part of its new treasury strategy centered on Solana‘s cryptocurrency, Janover recently purchased another 80,567 SOL tokens, bringing its total holdings to 163,651. This move has valued the company’s SOL stack at approximately $10.5 million, with the total worth around $21 million.
The firm’s decision to focus its treasury strategy on Solana is historic, as it aims to become the first publicly-traded U.S. company to do so. Janover‘s leadership team, comprising former Kraken executives Joseph Onorati and Parker White, has brought a wealth of experience in the crypto industry to this endeavor.
A New Era for Mass DeFi Adoption
According to ‘Joseph Onorati‘, chairman and CEO of Janover, ‘_After building in the crypto industry for more than a decade, we are at a tipping point in mass DeFi adoption. We’re proud to be the first to introduce a digital asset treasury strategy in the US public markets initially focused on Solana.’ This statement highlights Janover‘s confidence in the growing demand for decentralized finance (DeFi) solutions.
Decentralized finance, also known as DeFi, refers to financial services and systems that operate on a decentralized network, rather than through traditional intermediaries like banks.
DeFi platforms use blockchain technology to provide secure, transparent, and accessible financial services.
This includes lending, borrowing, trading, and yield farming, among others.
According to a report by DeFi Pulse, the total value locked in DeFi protocols has grown from $1 billion in January 2020 to over $20 billion in August 2021.
Operations Continue Amid Crypto Pivot
Despite its crypto pivot, Janover is not abandoning its real estate roots. The firm’s artificial intelligence-powered commercial real estate platform will continue operations, led by founder Blake Janover and chief financial officer Bruce Rosenbloom. This demonstrates the company’s commitment to maintaining a balanced approach between its traditional and new ventures.
The recent developments at Janover serve as an example of how companies are adapting to the rapidly evolving crypto landscape. As more firms explore treasury strategies centered on cryptocurrencies like Solana, it will be interesting to see how this trend unfolds in the coming months.
