Janover Now Holds 163,651 SOL After Latest Solana Acquisition

Publicly traded software company Janover (JNVR) announced on Tuesday that it had purchased 80,567 SOL, valued at $10.5 million. This major move has earned the firm a new title — the MicroStrategy of Solana.

Alongside the big SOL purchase, Janover inked a partnership with the crypto exchange Kraken to receive some of its current and future staking on SOL coins. The collaboration was made through a non-binding Letter of Intent (LOI), which stamped agreement to consign its staked SOL to Janover-owned validators. Recall that some former Kraken executives recently acquired a majority stake in the software company. The latest collaboration deepens the firm’s involvement with Kraken.

Commenting on the latest partnership, Janover’s CEO and Chairman, Joseph Onorati, who was once a Kraken official, said:

“Kraken has always been one of the most principled and mission-driven platforms in the crypto industry. After eight incredible years at the company, I’m thrilled we now get to work together again – this time as partners focused on pushing the crypto space forward.”

The MicroStrategy of Solana

Janover’s SOL purchasing journey began earlier this month when it raised $42 million to stack the popular altcoin. This made Janover the first public firm in the United States to adopt Solana’s coin, SOL, directly.

Since then, the software firm has been regularly stacking SOL. In supporting the Solana network, the company’s purchase of 80,567 tokens marks its third Solana acquisition under its new digital asset treasury plan, enacted on April 4. The latest trend has rubbed off on Janover’s stock market performance. According to Google Finance data, JNVR has jumped to a trading price of $74.45 at the time of writing, representing a nearly 1,700% surge over the past month.

Impact on SOL

Janover’s buying spree partially explains why Solana outperformed Bitcoin (BTC), Ethereum (ETH), and XRP over the past week. While SOL has gained over 20% in the past seven days, BTC, ETH, and XRP are up by 10%, 17%, and 11%, respectively, within the same period.

At the time of writing, SOL sold for $125, representing a 5.2% price decline within the past 24 hours.

Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now