Janover Rebrands to DeFi Development Corp, Increases Solana Holdings with $11.5M Purchase
Janover (JNVR), the Nasdaq-listed fintech company, has officially rebranded as DeFi Development Corp and has expanded its Solana (SOL) holdings by adding $11.5 million in new purchases, the company announced Tuesday.
With this acquisition, DeFi Development Corp now owns 251,842 SOL tokens, including staking rewards, which are valued at about $36.5 million, based on the current price of $145 per SOL.
Although the company’s stock dropped by 2.5% today to $38.3—down from a recent high of almost $80—the firm’s share price has still surged by more than 800% since implementing its Solana-focused treasury strategy earlier this year. Meanwhile, Solana’s price has increased by nearly 5% over the past 24 hours, aligning with a broader rally in the crypto market.
This purchase is part of the company’s broader strategy to become the first U.S.-listed firm with a treasury dedicated to Solana and SOL. As part of this initiative, the company plans to acquire more SOL and operate validators to support the Solana blockchain. The pivot follows the acquisition of a majority stake by a group of former Kraken executives earlier this month.
Read more: Janover’s Crypto Strategy Pays Off: Shares Surge 1700% After Doubling SOL Holdings to $20M
The funds for the purchase were raised through a $42 million financing round earlier this year. As a result, each share of DeFi Development Corp now represents 0.17 SOL, reflecting a 62% increase from the previous crypto purchase.
Additionally, the company will be changing its Nasdaq ticker symbol to DFSV to reflect its new name and strategy. Last week, DeFi Development Corp announced a partnership with Kraken, which will delegate a portion of the exchange’s SOL holdings to the company’s validators for staking. The firm is also collaborating with BitGo to acquire locked tokens through over-the-counter markets.
