A significant transformation is underway at Janover Inc., a real estate data platform, following the acquisition of a controlling interest by a group of former Kraken executives.
In a statement released on April 7, the company announced its rebranding as DeFi Development Corporation, with a renewed emphasis on decentralized finance, starting with Solana.
Janover indicated that it has adopted a revised treasury policy centered around digital assets. Its inaugural holding will be Solana (SOL), and the plan includes acquiring validators and staking SOL through those channels. Revenue generated from staking will be reinvested to bolster SOL reserves.
As part of this arrangement, Janover will maintain its core operations around its real estate data platform while transitioning to a SaaS model. However, a name and ticker change is anticipated soon to better represent this new trajectory.
Joseph Onorati has been appointed as Chairman and CEO, with Parker White stepping into the roles of CIO and COO. Both are integral members of the acquisition control group. The board will also see the addition of Marco Santori, former Chief Legal Officer at Kraken.
Blake Janover, the firm’s founder, along with audit committee chair William Caragol, will keep their positions on the board, and CFO Bruce Rosenbloom will continue to manage daily operations.
$42 million raise
To facilitate its blockchain-oriented initiatives, Janover has successfully raised $42 million through a private sale of convertible notes and warrants.
The firm reported that its investors included prominent crypto-centric venture capital firms such as Pantera Capital, Kraken, and Arrington Capital, along with several angel investors.
These convertible notes, priced at $0.00001 per share, feature an annual interest rate of 2.5%, which will be paid quarterly, and they mature in April 2030.
Investors have the option to convert earlier if Janover’s market valuation reaches $100 million, with a minimum conversion price set at $4.81.
Furthermore, warrant holders can purchase 8.333 shares of common stock at a price of $120 for every $1,000 invested and 6.666 shares at a price of $150 each.
The proceeds from this fundraising will be allocated directly towards acquiring digital assets, starting with Solana.
In the wake of this announcement, Janover’s stock experienced a nearly 300% surge in pre-market trading, indicating strong market enthusiasm for the company’s new direction.
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