Janover doubles down on Strategy-esque Solana bet, adding $10.5 million in SOL and unveiling a staking partnership with Kraken

Janover announced it had acquired an additional 80,567 SOL for approximately $10.5 million on Tuesday, taking its total holdings to 163,651.7 SOL — valued at approximately $21.2 million.

Janover, set to be renamed to DeFi Development Corporation, is a Nasdaq-listed commercial real estate software company that a group of former Kraken executives acquired a majority stake in earlier this month.

The latest announcement represents the third set of SOL acquisitions by the firm after confirming its first purchase of around $4.6 million worth of Solana on April 10 and a further $5 million on April 11.

The company said it will begin staking the newly acquired SOL immediately, generating revenue while supporting the Solana network.

Janover isn't the only one enacting this playbook, with Toronto-based crypto holding company Sol Strategies embarking on a similar bet in October. It's also comparable to the Strategy (formerly Microstrategy) bitcoin treasury acquisition plan co-founder Michael Saylor pioneered in 2020.

Strategic partnership with Kraken

Janover also announced the execution of a non-binding letter of intent for a strategic partnership with Kraken late Tuesday. Under the agreement, Kraken will delegate part of its existing and future Solana stake to validators run by Janover. The crypto exchange has over 4.5 million SOL (approximately $500 million) of delegation as of April 15, the firm said.

Solana validators are blockchain nodes responsible for verifying transactions and maintaining network consensus. To run one, operators must stake a certain amount of SOL, which helps secure the network and align incentives. In return, they earn SOL rewards based on their performance and the amount staked. "Staking on Solana is a multi-billion dollar business," Janover said.

Revenue from Kraken’s delegation will support operations and help Janover grow its SOL holdings, reflecting the teams’ long-standing relationship.

"Kraken has always been one of the most principled and mission-driven platforms in the crypto industry," former Kraken Chief Strategy Officer and now Janover CEO Joseph Onorati said. "After eight incredible years at the company, I'm thrilled we now get to work together again — this time as partners focused on pushing the crypto space forward."

Ex-Kraken team's Janover takeover

Following the majority stake acquisition, the Janover board appointed Onorati as Chairman and CEO and former Kraken Engineering Director Parker White as CIO and COO. Founder Blake Janover and director William Caragol remain on the board, with former Kraken Chief Legal Officer Marco Santori also joining as a new member.

Onorati and White are part of the group that acquired 728,632 shares of Janover common stock and all 10,000 outstanding shares of its Series A Preferred Stock for around $4 million, according to SEC filings . 

The board also adopted a treasury policy allocating its reserves to digital assets, starting with Solana, explaining plans to acquire and operate Solana validators to stake SOL through them, and using earned revenue to buy more SOL. Janover intends to continue operating its core business, which is transitioning to a SaaS business model.

The new management team subsequently raised $42 million in an offering of convertible notes and warrants from Pantera Capital, Kraken, Arrington Capital, Protagonist, The Norstar Group, Third Party Ventures, Trammell Venture Partners and 11 angel investors to acquire digital assets. The convertible notes accrue interest at a rate of 2.5% per year, paid in cash quarterly in arrears, and mature on April 6, 2030. The notes can be converted anytime before maturity, provided the company's market cap exceeds $100 million the day before conversion.

Following the acquisition, Janover is also undergoing a name change to DeFi Development Corporation and will update its ticker symbol.

Janover's stock has gained a mammoth 1,732% since embarking on its Solana acquisition strategy. JNVR closed up 12.9% on Tuesday at $74.45, according to TradingView , taking its market capitalization to $106.4 million.