- Janover announced the purchase of 80,567 Solana tokens valued at $10.5 million, bringing its total holdings to 163,651 SOL.
- The company also announced a partnership with crypto exchange Kraken to receive some of its current and future staked SOL tokens.
- The partnership follows a recent acquisition of Janover’s majority stocks by former Kraken executives.
Real estate company Janover announced the purchase of 80,567 Solana (SOL) worth $10.5 million on Tuesday, mirroring Strategy’s (formerly MicroStrategy) Bitcoin buying spree with back-to-back purchases this month. This follows the company’s partnership with crypto exchange Kraken through a non-binding Letter of Intent (LOI), under which the exchange agreed to delegate its staked SOL to Janover validators.
Janover increases Solana holdings amid partnership with Kraken
Janover revealed the purchase of 80,567 Solana valued at $10.5 million. This marks the company’s third major crypto purchase, bringing its total SOL holdings to 163,651 SOL worth $21 million.
The company has been purchasing Solana since last week, following a shift in its treasury policy on April 4 to begin acquiring digital assets. The new policy permits Janover to acquire cryptocurrencies on a long-term basis, starting with Solana.
Janover’s $21 million pivot to SOL mimics business intelligence firm Strategy’s Bitcoin playbook, which has since influenced other companies to follow the same steps. Janover, on the other hand, is distinguishing itself as the first publicly traded US company to adopt a treasury strategy primarily focused on Solana.
Since authorizing its new treasury policy on April 4, Janover’s stock price has risen remarkably, jumping over 1700%. The company stated it would begin staking its newly acquired SOL immediately, aiming to generate revenue while supporting the Solana network.
Janover’s buying pressure partially explains Solana’s outperformance of Bitcoin, Ethereum and XRP in the past week. While SOL has gained over 20% in the weekly timeframe, BTC, ETH and XRP are up by 10%, 11% and 17% within the same period. SOL is changing hands at $126, down 2% in the Asian session on Wednesday.
Additionally, Janover has partnered with crypto exchange Kraken through a non-binding letter of intent (LOI). As part of the partnership, Kraken intends to delegate a portion of its existing and future Solana (SOL) stake to validators operated by Janover.
The income from staking will help fund the company’s operations and further its long-term treasury strategy, which includes steadily increasing its SOL holdings.
“Kraken has always been one of the most principled and mission-driven platforms in the crypto industry,” said Joseph Onorati, CEO at Janover.
The partnership follows a recent acquisition of Janover’s majority stocks by former executives of crypto exchange Kraken, led by Joseph Onorati and Parker White earlier this month.
Since then, Onorati has become chairman and CEO of Janover, following his previous role as chief strategy officer at Kraken. White, formerly Kraken’s engineering director, now serves as Janover’s chief investment officer and chief operating officer. Marco Santori, Kraken’s chief legal officer, has also joined Janover’s board of directors.
