Janover, a relatively obscure software firm, has turned heads by venturing from real estate lending into the vibrant world of cryptocurrency. This dramatic shift was marked by a significant acquisition on April 7, when a group of ex-Kraken executives secured a controlling interest in the company and injected a hefty $42 million in funding. Following this change, Janover announced its intentions to dive deep into digital assets, particularly targeting Solana (SOL), and plans to rebrand as DeFi Development Corporation.
Despite sticking with its software services, Janover now aims to use Solana’s SOL token as the cornerstone of its treasury. Before this revelation, Janover shares were trading at a modest $4.44 with sparse activity. However, post-announcement, the stock opened at $10, rocketed to a peak of $48.47 during the day, and finally settled at $40.25—an impressive leap of 842% in a single day, driven by renewed interest from retail investors.
Initially established in 2018 by Blake Janover, the company had carved a niche in the fintech landscape by creating a platform that connects commercial real estate borrowers with lenders. This SaaS model utilized AI to streamline loan processing in a notoriously fragmented sector. After going public in July 2023, Janover raised $5.6 million, yet remained a small player with low trading volumes.
The latest shift was facilitated through the purchase of shares that gave the Kraken-led group a controlling stake. The significant capital raise was supported by crypto-focused investors like Pantera Capital and Arrington Capital. The deal involved convertible notes carrying a 2.5% annual interest and expiring in 2030, offering conversion opportunities if certain conditions are met, alongside warrants for future share purchases.
Janover’s new strategy includes holding Solana’s SOL as its key treasury asset, similar to how companies have treated Bitcoin. Unlike Bitcoin’s proof-of-work, Solana runs on a proof-of-stake network, which means Janover plans to run validator nodes to earn rewards, estimated between 5% and 7% annually. Operating its own nodes lets Janover enhance its technical synergy with Solana’s blockchain, potentially paving the way for blockchain-specific developments or real estate finance integration with decentralized technology.
A newly appointed crypto-savvy team will spearhead this transition. Joseph Onorati, a former Chief Strategy Officer at Kraken, has taken the reins as Chairman and CEO, overseeing Janover’s crypto treasury transition. Parker White, once Engineering Director at Kraken, assumes dual roles as CIO and COO, bringing essential blockchain and financial expertise to manage the company’s operations. Legal guidance comes from Marco Santori, also from Kraken, who joins the board to steer regulatory compliance.
Interestingly, Janover’s original leaders, including founder Blake Janover and CFO Bruce Rosenbloom, remain with the company to manage the existing SaaS operations. This strategic pivot follows a growing trend of companies leveraging digital assets for treasury management. Janover’s approach echoes Strategy’s bitcoin endeavors yet stands apart by focusing on Solana, a unique move among U.S. firms engaging in crypto-backed treasury strategies.
In parallel to Janover’s shift, Solana’s price experienced noticeable volatility, boosting from $96.50 to a high of $112.30, and stabilizing around $111, reflecting a near 11% rise. Market factors, such as trade tariffs, have created uncertainty, yet the general trajectory remains positive.
