Real estate-focused fintech company Janover has been renamed to DeFi Development Corp, expanding its SOL holdings with a $11.5M investment as part of a strategic move to position itself at the forefront of Solana’s treasury strategy.
Janover Buys Another $11.5M in SOL Amid Crypto Treasury Strategy Play
The Nasdaq-listed company now holds over $36 million in SOL since adopting a Solana treasury strategy earlier this month.
The Solana treasury strategy involves managing community funds to support the development and growth of the Solana ecosystem.
A portion of transaction fees is allocated to the treasury, which is then used for grants, bounties, and other initiatives that benefit the 'community'.
The Solana Foundation oversees the treasury, ensuring transparent and responsible management of funds.
This approach enables the 'community' to contribute to key projects and events, fostering innovation and adoption within the ecosystem.
A New Chapter for Janover: Renaming and Expanding its SOL Holdings
Real estate-focused fintech company Janover has been renamed to DeFi Development Corp, marking a significant shift in the firm’s strategy. The move comes after the acquisition of former Kraken executives, who brought their expertise in crypto treasury management on board.
Key Acquisition Details
DeFi Development Corp has purchased another 88,164 SOL tokens worth $11.5 million as part of its broader strategy centered on Solana. This latest purchase brings the company’s total SOL holdings to 251,842, including staking rewards, valued at around $36.5 million.
Solana is a fast, decentralized, and scalable blockchain platform designed to process high transaction volumes.
Built on a proof-of-stake consensus algorithm, Solana boasts speeds of up to 65,000 transactions per second.
Its architecture utilizes a unique combination of proof-of-stake and a novel consensus protocol called Turbine.
This enables Solana to achieve significant performance gains while maintaining security and decentralization.
With its focus on scalability and speed, Solana aims to support the growing demands of decentralized applications.
Market Reaction and Company Performance
Janover (JNVR) shares were down 2.5% today at $38.3, despite being up over 800% since adopting its crypto treasury strategy. In contrast, SOL advanced nearly 5% over the past 24 hours, with the broader crypto market climbing higher.
Solana Treasury Strategy and Future Plans
The purchase was part of DeFi Development Corp’s new crypto bet to position itself as the first U.S.-listed company with a treasury strategy centered on Solana and its native token SOL. The firm seeks to accumulate SOL and operate one or more validators to secure the blockchain. As part of this strategy, the company plans to delegate part of Kraken‘s SOL holdings to stake to validators operated by DeFi Development Corp.
Recent Developments and Partnerships
Last week, DeFi Development Corp announced a strategic partnership with Kraken, with plans to delegate part of the exchange’s SOL holdings to stake to validators operated by the firm. The company also teamed up with BitGo to acquire locked tokens via over-the-counter markets.
Company Representation and Future Ticker
The firm will also change its ticker to DFSV on the Nasdaq exchange at a future date to reflect its new name.
