Janover Inc., a real estate data platform, is undergoing a significant transformation after a group of former Kraken executives acquired a controlling stake.
According to an April 7 statement, the company is rebranding to DeFi Development Corporation and redirecting its focus to decentralized finance, beginning with Solana.
Janover explained that it has adopted a new treasury policy focused on digital assets. The company’s first holding will be Solana (SOL), and it plans to acquire validators and stake SOL through them. Revenue earned from staking will be reinvested to increase SOL reserves.
Under this deal, Janover will continue operating its core real estate data platform as it shifts toward a SaaS model. However, a name and ticker change are expected soon to reflect this new direction.
Meanwhile, Joseph Onorati has been appointed Chairman and CEO of the company, while Parker White steps in as CIO and COO. Both are part of the control group behind the acquisition. The board will also welcome Marco Santori, former Kraken Chief Legal Officer.
Janover’s founder, Blake Janover, and audit committee chair, William Caragol, will retain their board seats, and CFO Bruce Rosenbloom will remain involved in daily operations.
$42 million raise
To support its blockchain-focused direction, Janover has raised $42 million through a private sale of convertible notes and warrants.
According to the firm, investors in this raise include major crypto-focused venture capital players like Pantera Capital, Kraken, and Arrington Capital, as well as several angel backers.
The convertible notes, issued at $0.00001 per share, carry an annual interest rate of 2.5%, payable quarterly, and mature in April 2030.
Investors can convert earlier if Janover’s market cap hits $100 million, with a minimum conversion price of $4.81.
Additionally, warrant holders can buy 8.333 shares of common stock at $120 per $1,000 invested and 6.666 shares priced at $150 each.
Funds from the raise will go directly toward acquiring digital assets, starting with Solana.
Following the announcement, Janover’s stock surged nearly 300% in pre-market trading, signaling strong market support for the company’s new direction.
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