Janover Buys Another $11.5M in SOL, Gets Renamed Amid Crypto Treasury Strategy Play

Janover (JNVR), the real estate-focused fintech company with a Solana ($SOL) treasury strategy, has been renamed to DeFi Development Corp and purchased another $11.5 million worth of $SOL tokens, the firm said on Tuesday.

The move brings the company's total $SOL holdings to 251,842, including staking rewards, the company said. That's valued at around $36.5 million, with $SOL currently trading around $145.

JNVR shares were down 2.5% today at $38.3, well below last week's peak just shy of $80. However, the stock is still up over 800% since adopting the crypto treasury strategy. $SOL advanced nearly 5% over the past 24 hours, with the broader crypto market climbing higher.

The purchase was part of the Boca Raton, Florida-based company's new crypto bet to position itself as the first U.S.-listed company with a treasury strategy centered on Solana and its native token $SOL.

As part of the strategy, the firm seeks to accumulate $SOL and operate one or more validators to secure the blockchain. The pivot happened after a team of former executives of crypto exchange Kraken bought a majority stake in the firm earlier this month.

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

The purchase was made using funds from a $42 million financing round the company completed earlier this year. Based on the latest figures, each share of the company represents 0.17 $SOL, up 62% from its last crypto purchase, according to the press release.

The firm will also change its ticker to DFSV on the Nasdaq exchange at a future date to reflect its new name.

Last week, the company announced a strategic partnership with Kraken with plans to delegate part of the exchange's $SOL holdings to stake to validators operated by DeFi Development Corp. The firm also teamed up with BitGo to acquire locked tokens via over-the-counter markets.