Janover, a real estate-focused fintech company, has stepped up its investment in Solana (SOL) and currently holds a total of 163,651 tokens, worth around $21.2 million. This was part of the company’s strategy to focus the Treasury on cryptocurrencies, particularly Solana, and became the first publicly available US company to take this approach.
On April 15, Yanover announced its purchase of 80,567 Sol Tokens for $10.5 million, which was added to its previous purchase earlier this month. The company’s financial strategy, approved by the board of directors on April 4, includes token staking and potentially operating Solana baritators. Janover appears to follow MicroStrategy’s Bitcoin move by becoming a major player in Solana.
Former Kraken executives Joseph Onorati and Parker White, who controlled Yanover earlier this year, are leading the charges in the pivot. Onorati, former Chief Strategy Officer of Kraken, is currently chairman and CEO of Janover, and White, formerly Kraken’s engineering director, is the company’s Chief Investment Officer and COO. Under their leadership, Janover raised $42 million through a convertible memo to fund the acquisition of Solana Tokens and promote its digital asset strategy.
Janover’s shares have seen dramatic gains since the announcement of Crypto Pivot in early April, up 1,700%. On April 15, the stock reached $73.74, reaching a 12% jump following the latest SOL purchase. The company’s equity surge highlights the growing institutional trust in the new strategy.
The company’s transition to cryptocurrency does not mean it abandons its real estate roots. Janover’s AI-powered platform for commercial real estate will continue to operate under the guidance of founders Blake Janover and CFO Bruce Rosenbloom.
In addition to focusing on Solana, Janover is also looking for ways to participate more directly in the blockchain infrastructure, including the potential behavior of Solana. This allows the company to earn rewards through Solana’s Shorp-of-stake network.
The company’s strategy has attracted attention in the crypto world, particularly with its efforts to become the largest Solana company holder in the United States. By focusing on cryptocurrency strategies, Yanabar has established himself as a leading player in both the real estate and blockchain industries. The move also highlights the growing interest in institutional investors in digital assets as blockchain technology continues to gain mainstream acceptance.