In brief
- Janover is changing its name to DeFi Development Corporation, reflecting its commitment to crypto.
- The firm added 88,164 SOL to its treasury on Monday and now has total Solana holdings worth over $37 million.
- Shares of the company are up 14% today and now 824% year-to-date.
AI-powered real estate platform Janover will now go by DeFi Development Corporation as the company signals its commitment to crypto with a name and ticker change following a recent Solana-driven pivot.
The publicly traded firm, which will go by DFDV on the Nasdaq exchange in the future, made another Solana purchase on Monday, adding another 88,164 SOL. That purchase brought its total holdings to 251,842 SOL, valued at more than $37 million at today’s prices.
“This marks the beginning of a new chapter for the business,” said CEO Joseph Onorati, in a statement. “Our mission is to bring transparent, crypto-native capital allocation into the public markets—and this name change reflects that commitment.”
Accompanying the name change and eventual ticker shift, the firm launched a new website dedicated to providing deeper insights into its treasury actions, including purchase history and a real-time view into its holdings.
DeFi, or decentralized finance, is a catchall term that applies to financial platforms and services built around cryptocurrencies, via automated protocols that have no centralized middleman like a traditional bank.
Preceding the name change, the company made two major announcements in early April, alerting investors that a majority stake was acquired by a group of former employees of crypto exchange Kraken, alongside the adoption of a policy that makes digital assets the principal holding in its treasury reserve.
The firm raised $42 million via the offering of convertible notes to help bolster its treasury, a tactic popularized by Strategy Chairman and co-founder Michael Saylor en route to his company becoming the largest publicly traded Bitcoin holder.
Shares of the company, which will still trade under ticker JNVR for the time being, finished the trading day up 14% and 824% year-to-date, trading at $44.86. Upexi, another public firm that raised funds for a Solana treasury, experienced a more drastic move on Monday, jumping more than 335% after its announcement.
Solana is up 8% on the day to $147 and has now gained by 39% in the last two weeks. Even so, it remains 50% off its January all-time high.
Edited by Andrew Hayward
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