Janover Takes Page From Saylor Playbook, Doubling SOL Stack to $20M as Stock Soars 1700%

After renaming itself to DeFi Development Corp (JNVR), the former Janover added another $9.9 million worth of Solana's SOL to its corporate

DeFi Development Corp (NASDAQ:JNVR), formerly known as Janover, has added another $9.9 million in Solana's (SOL) to its corporate treasury, pushing total crypto holdings to 317,273 SOL or about $48 million, the company said on Wednesday.

The purchase, made through BitGo’s over-the-counter desk, includes a tranche of locked SOL. These are tokens typically tied to vesting or bankruptcy proceedings that can’t yet move on-chain but are cheaper than spot prices.

"By gaining access to locked discounted inventory through a trusted partner like BitGo, we’re able to accumulate some of our SOL below market prices while deepening our alignment with the Solana ecosystem," CEO Joseph Onorati said in a statement.

Janover, which was renamed to DeFi Development earlier this week, began as a real estate data and software company but has since shifted to position itself as U.S. public company offering direct exposure to the Solana ecosystem to investors through its balance sheet. The pivot happened after a group of former executives of crypto exchange Kraken, including Onorati, acquired a majority stake in the firm this month.

The company noted that with the latest purchase, each of the firm's 1.5 million outstanding shares now represents 0.22 SOL, up 40% from earlier disclosures.

Corporations buying SOL to provide TradFi investors with exposure to the token has been a recent trend, with SOL Strategies, the publicly traded company helmed by CEO Leah Wald—former co-founder of digital asset manager Valkyrie Investments—leading the charge.

Earlier today, the firm announced that it had secured an up to $500 million convertible note facility to ramp up its investments in the Solana network.

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News data source: kdj.com

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