Janover Increases SOL Position by $11.5M, Announces Rebranding as Part of Crypto Strategy

Janover Rebrands as DeFi Development Corp, Expands Solana Holdings with $11.5M Investment

Janover (JNVR), the Nasdaq-listed fintech company, has rebranded as DeFi Development Corp and bolstered its Solana (SOL) holdings by purchasing an additional $11.5 million worth of tokens, the company announced on Tuesday.

Following the latest purchase, the company now holds 251,842 SOL tokens, including staking rewards, valued at approximately $36.5 million based on the current price of $145 per SOL.

Though Janover’s stock fell 2.5% to $38.3 today—down from its recent high of nearly $80—the company has seen an impressive 800% increase in its share price since it began implementing its crypto treasury strategy earlier this year. In contrast, Solana saw a 5% gain in the past 24 hours, contributing to the broader crypto market rally.

The $11.5 million acquisition is part of DeFi Development Corp’s strategy to position itself as the first U.S.-listed company with a treasury dedicated to Solana and its native token. The firm intends to continue acquiring SOL and operate validators to help secure the Solana blockchain. This strategic shift follows the recent acquisition of a majority stake in the company by former Kraken exchange executives.

Read more: Janover Doubles Down on SOL, Taking Crypto Holdings to $20M as Stock Surges 1700%

The funding for this purchase came from a $42 million financing round completed earlier this year. Following the transaction, each share of DeFi Development Corp now represents 0.17 SOL, a 62% increase from its previous crypto investment.

Additionally, the company plans to update its ticker symbol to DFSV on the Nasdaq to reflect its new identity. Last week, DeFi Development Corp also announced a strategic partnership with Kraken, which will delegate a portion of Kraken’s SOL holdings to DeFi’s validators for staking. Moreover, the firm is working with BitGo to acquire locked tokens through over-the-counter transactions.