Janover Stock Soars After Company Acquires Solana Under New Treasury Strategy: What's Going On?

Shares of Janover Inc. JNVR are trading higher Thursday following the company's announcement that it purchased approximately $4.6 million worth of Solana SOL/USD.

What To Know: Janover said it purchased Solana as its first move under its newly adopted digital asset treasury strategy. The company, which recently raised $42 million in a financing round, stated that it will begin staking its Solana holdings immediately.

This move is intended to generate revenue while contributing to the security of the Solana blockchain network. The purchase was authorized under a new treasury policy approved by Janover's board on April 4, which allows for long-term accumulation of crypto assets, starting with Solana.

“Our aim is to be the most efficient and transparent vehicle for crypto accumulation in the public markets. Executing our first SOL purchase within days of completing our restructuring reflects that commitment,” said Joseph Onorati, CEO of Janover.

The news comes just days after the company raised $42 million to acquire digital assets and announced that a group of former Kraken executives acquired a majority stake in the company.

“After building in the crypto industry for more than a decade, we are at a tipping point in mass DeFi adoption. We’re proud to be the first to introduce a digital asset treasury strategy in the US public markets initially focused on Solana,” Onorati said.

JNVR Price Action: Janover shares were up 54.3% at $42.24 at the time of publication Thursday, according to Benzinga Pro.