Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes

A group of former Kraken executives acquired U.S.-listed company Janover, which secured $42 million in venture capital funding to begin building a Solana (SOL) treasury.

A group of former Kraken executives have acquired U.S.-listed company Janover (NASDAQ:JNVR) and announced plans to build a Solana (SOL) treasury.

The news caused Janover’s share price to surge by nearly 1,000% at its peak on Thursday.

Insiders at the firm are discussing allocating a portion of the capital to support the Solana ecosystem, taking a page from Michael Saylor’s strategy at his Bitcoin-focused firm.

Saylor’s firm, formerly known as MicroStrategy (NASDAQ:MSTR), has become known for acquiring large amounts of Bitcoin (BTC) in recent years.

🚨BIG NEWS: Former Kraken execs have acquired Janover (NASDAQ: JNVR) and announced plans to begin stockpiling Solana (SOL) as a core strategic asset.

The news comes after Janover secured $42M in venture capital funding.

JNVR stock is up over 800% today.https://t.co/qR68K71V7w

— Benzinga (@Benzinga) July 6, 2023

Following the announcement, Janover’s share price surged by nearly 1,000% at its intraday peak, as highlighted by TradingView.

The massive price move comes after Janover secured $42 million in venture capital funding to begin building a Solana treasury.

The firm’s executives previously held roles at crypto exchange Kraken.

“Bitcoin has and always will be the most powerful store of value, but Solana is the foundation for an entirely new, high-performance financial system,” commented Janover’s Chief Executive Officer, Joseph Onorati.

The firm indicated it would begin accumulating SOL immediately, with the token trading near its lowest level in 14 months.

Solana Price Risks 26% Drop as Key Support Tests

Solana (SOL) dropped nearly 50% since the start of the year as tightening U.S. macroeconomic conditions weighed on digital assets.

However, Solana’s ecosystem has grown in 2024 despite the price decline.

Meme coin activity and DeFi growth helped boost transaction volumes, stablecoin holdings, and total value locked (TVL).

Solana is now viewed as one of Ethereum’s strongest challengers in the smart contract space.

Solana’s lower fees and faster execution times have given it a competitive edge over Ethereum.

Still, the current market chart shows that SOL is testing key support near $97.5.

If bearish momentum continues, prices could fall to $93 and even $76—representing a potential 26% downside.

Momentum indicators suggest that bearish pressure remains. However, some analysts believe the market could stabilize as long-term use cases for networks like Solana remain intact and institutional buyers look to capitalize on lower prices.

The Solana network has struggled with congestion issues in the past. To fix this, a new project called Solaxy (SOLX) has been raising funds to launch a layer-two scaling solution and has rapidly become one of the most successful crypto presales of 2025.

Solaxy (SOLX) Nearly Completes $30M Raise To Strengthen Solana's Infrastructure

Solaxy (SOLX) is a layer-two side chain that bundles transactions offline to alleviate the Solana mainnet’s congestion during peak usage times.

Back in January when TRUMP and MELANIA were launched, users and exchanges experienced delays and received transaction error messages as the network struggled to keep up with a spike in trading volumes.

Solaxy fixes this and developers have already made significant progress by partnering with top blockchain companies like Hyperlane and Sovereign Labs.

They have already shared satisfactory updates on early tests, meaning that the Solaxy L2 could be ready to be deployed soon.

To buy $SOLX, simply head to the Solaxy website and connect your wallet (e.g. Best Wallet). You can either swap SOL, USDT, or ETH for this token or use a bank card to make your investment.