Janover Stock Soars 300% as Former Kraken Execs Push for Pivot to Solana-Centered Strategy
Janover Inc., known for its real estate data platform, is embarking on a transformative journey as a new group of former Kraken executives takes control. This marks a pivotal shift in its business strategy, focusing on decentralized finance with Solana at the forefront.
In a recent statement, the company announced its rebranding to DeFi Development Corporation, highlighting its commitment to transitioning into the decentralized finance (DeFi) space. Central to this new strategy is adopting Solana (SOL) as the company’s first digital asset holding. Janover aims to acquire validators and stake SOL with the goal of reinvesting staking revenues to bolster its SOL reserves.
Despite this strategic pivot, Janover will maintain operations of its core real estate data platform, transitioning towards a SaaS model. A name and ticker change are anticipated to complement this new business direction.
The leadership team has seen significant changes with Joseph Onorati appointed as Chairman and CEO and Parker White stepping in as CIO and COO. Both are instrumental figures in the controlling group behind this acquisition. Furthermore, the board will be enhanced with the inclusion of Marco Santori, the former Chief Legal Officer of Kraken.
Notably, Blake Janover, the company’s founder, along with audit committee chair William Caragol, will retain their positions on the board. CFO Bruce Rosenbloom will continue to take part in daily company operations.
Supporting this blockchain-focused initiative, Janover successfully raised $42 million through a private sale of convertible notes and warrants. This funding round attracted renowned crypto-focused venture capital firms, including prominent names such as Pantera Capital, Kraken, and Arrington Capital, alongside several angel investors.
The convertible notes issued during this funding campaign are priced at $0.00001 per share, featuring an annual interest rate of 2.5%, payable quarterly, and a maturity date of April 2030. Investors have the opportunity to convert earlier if Janover’s market capitalization reaches $100 million, with a minimum conversion price set at $4.81.
Additionally, warrant holders are granted the option to purchase 8.333 shares of common stock at $120 per $1,000 invested, along with 6.666 shares priced at $150 each. The raised funds will be primarily allocated to acquiring digital assets, with Solana being the starting point.
Following the substantial announcement, Janover’s stock experienced an impressive surge of nearly 300% in pre-market trading, indicating robust market support for the company’s new strategic direction.
