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Janover, a small software company with a new focus on accumulating crypto for its treasury, is surging after completing its first purchase of the Solana token.
The company bought $4.6 million of Solana’s SOL token on Thursday. Earlier this week, Janover announced that it raised $42 million through the private offering of convertible notes and warrants, with plans to acquire SOL.
Janover shares were last higher by more than 64%, after skyrocketing more than 100% earlier in the day.
Janover surges after its first SOL purchase
“Our aim is to be the most efficient and transparent vehicle for crypto accumulation in the public markets,” Janover CEO Joseph Onorati said in a statement Thursday. “Executing our first SOL purchase within days of completing our restructuring reflects that commitment.”
Janover, a software company founded in 2018, on Monday announced a new crypto-focused treasury management strategy after a team of former executives from the popular Kraken crypto exchange acquired majority ownership of the firm. It also plans to change its name to DeFi Development Corporation and revise its ticker symbol.
In a move that’s similar to the bitcoin acquisition approach pioneered by Strategy, formerly MicroStrategy, Janover plans to regularly accumulate SOL. It also plans to also acquire validators — that is, computers that help run the Solana network by verifying transactions. Not only can these validators be used to acquire SOL tokens, but they can also “stake” them, which involves earning rewards for locking up SOL tokens on the network.
The SOL token fell more than 8% Thursday as risk assets gave back a sizable chunk of their gains from this week’s historic rally. It’s also one of the hardest-hit coins this year, down 43% in 2025 after outperforming most of the crypto market at its late January peak.
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