Janover (JNVR) Replicating Strategy's Bitcoin (BTC) Playbook, But With Solana (SOL)

Aiming to perhaps replicated Strategy's bitcoin (BTC) playbook, except with solana (SOL), fintech commercial real estate platform Janover (JNVR) has built a SOL stack worth roughly $21 million and seen its share price rise nearly 20-fold in less than a month.

Aiming to perhaps replicate Strategy's bitcoin (BTC) playbook, except with solana (SOL), fintech commercial real estate platform Janover (JNVR) has built a SOL stack worth roughly $21 million and seen its share price rise nearly 20-fold in less than a month.

The company today purchased another 80,567 SOL tokens valued at approximately $10.5 million, bringing its total holdings to 163,651.

Janover is positioning itself as the first publicly-traded U.S. company with a treasury strategy concentrating on Solana's SOL. The pivot arrived after a group of former executives from crypto exchange Kraken, helmed by Joseph Onorati and Parker White, acquired majority ownership of the firm earlier this month.

The board appointed Onorati, ex-chief strategy officer of Kraken, to chairman and CEO of Janover. White, formerly engineering director at Kraken, takes on the roles of chief investment officer and chief operating officer. Marco Santori, ex-chief legal officer of Kraken, has also joined Janover's board.

Janover is funding its Solana build-out with a $42 million convertible note and warrant offering. The firm also plans to operate one or more validators to participate in Solana's proof-of-stake network.

Since pivoting to crypto, Janover's stock has gone bananas: shares soared over 1,700% following the announcement in early April, when it traded around $4-$5. It's up another 12% to $73.74 on Tuesday after the latest SOL purchase.

"After building in the crypto industry for more than a decade, we are at a tipping point in mass DeFi adoption. We’re proud to be the first to introduce a digital asset treasury strategy in the U.S. public markets initially focused on Solana," Onorati stated. "We’ve brought together an exceptional team with deep digital assets and public market expertise to make it happen."

Despite the crypto pivot, Janover isn't neglecting its real estate roots. The firm's artificial intelligence-powered commercial real estate platform will continue operations, headed by founder Blake Janover and chief financial officer Bruce Rosenbloom.