- 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.
- Solana ETF to debut in Canada after approval from regulators
- Axiom’s volume surpasses $100M as meme trading platform war escalates on Solana
- Ethereum Price Forecast: ETH staking balance declines as whales resume buying
Cryptos feed
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
