TLDR

Table of Contents

Former Kraken executives acquired a controlling stake in Janover, pushing for a pivot to a Solana-centered strategy
Janover is rebranding to DeFi Development Corporation with a new digital assets treasury policy focused on Solana (SOL)
The company raised $42 million from crypto venture funds including Pantera Capital, Kraken, and Arrington Capital
Janover stock surged up to 1,000% following the announcement, closing with an 842.5% gain
The company plans to acquire validators and stake SOL, reinvesting staking revenue to increase SOL reserves

Janover Inc., a real estate data platform, is transforming into a Solana-focused company after former Kraken executives acquired a controlling stake. The stock surged over 800% following the announcement on April 7, 2025, as the company unveiled plans to adopt a digital assets treasury strategy with Solana (SOL) as its principal holding.

The company will rebrand as DeFi Development Corporation and has already raised $42 million to support its new direction. This move positions Janover to potentially become “the MicroStrategy of Solana,” referring to MicroStrategy’s bitcoin acquisition strategy that has led to major growth.

Joseph Onorati, newly appointed Chairman and CEO, told CNBC the company plans to begin accumulating SOL “immediately” as part of a “transparent, methodical” approach aligned with the Solana ecosystem.

New Leadership and Direction

The control group behind the acquisition includes former Kraken executives who purchased 728,632 shares of Janover common stock and all 10,000 shares of its Series A preferred stock. As part of the leadership change, Joseph Onorati was appointed Chairman and CEO, while Parker White steps in as CIO and COO.

Marco Santori, former Kraken Chief Legal Officer, will join the board. Janover’s founder, Blake Janover, and audit committee chair, William Caragol, will retain their board seats, while CFO Bruce Rosenbloom remains involved in daily operations.

The company will continue operating its core real estate data platform as it transitions toward a SaaS model. However, a name and ticker change are coming soon to reflect the new focus on decentralized finance.

$42 Million Funding and Treasury Strategy

To fund its blockchain-focused direction, Janover raised $42 million through a private sale of convertible notes and warrants. Major crypto-focused venture capital firms participated, including Pantera Capital, Kraken, and Arrington Capital, along with several angel investors.

The terms of the convertible notes include an annual interest rate of 2.5%, payable quarterly, with maturity in April 2030. Investors can convert earlier if Janover’s market cap reaches $100 million, with a minimum conversion price of $4.81.

Warrant holders can purchase 8.333 shares of common stock at $120 per $1,000 invested and 6.666 shares at $150 each. The company plans to use funds from the raise directly for acquiring digital assets, starting with Solana.

Solana as a Strategic Focus

Onorati explained the choice of Solana over Bitcoin, stating: “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.”

He noted that while Bitcoin focuses on security and scarcity, Solana is built for speed, usability, and programmability.

This makes Solana capable of powering decentralized finance applications, consumer apps, and games, beyond simply moving value across a network. Onorati views Solana’s higher volatility as “a feature, not a bug.”

Janover plans to acquire validators—computers that help run the Solana network by verifying transactions. These validators will allow the company to not only acquire SOL tokens but also to stake them, earning rewards for locking up tokens on the network.

“Solana offers yield via staking, validator incentives, and smart contract utility—which allow us to build deeper alignment with the network,” Onorati said. “That makes it not just a treasury asset, but a flywheel for long-term accumulation and ecosystem participation.”

Solana has lost over 45% in value during 2025, compared to Bitcoin’s 16% decline. Despite this downturn, several asset managers have filed to launch ETFs tracking SOL’s performance, including Grayscale, Franklin Templeton, VanEck, and Bitwise.

Following the announcement, Janover’s stock closed up 842.5% after soaring more than 1,000% at one point during trading on April 7.

Janover appears to be the first U.S. company to adopt a MicroStrategy-like treasury policy focused on Solana, though Canada’s Sol Strategies has similar ambitions for a SOL treasury reserve.

As the company moves forward with its plans, it expects to rebrand officially to DeFi Development Corporation with a matching ticker change to better reflect its new focus on the Solana ecosystem.

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