Business
Crypto Industry Leaders Acquire Majority Ownership of Janover Inc.
New Leadership Eyes Solana Treasury Strategy BOCA RATON, FL, April 07, 2025 (GLOBE NEWSWIRE) -- An all-former-Kraken team dedicated to bridging the liquidity
About this update from Defi Development Corp.
[{"type":"text","content":"New Leadership Eyes Solana Treasury Strategy\nBOCA RATON, FL, April 07, 2025 (GLOBE NEWSWIRE) -- An all-former-Kraken team dedicated to bridging the liquidity gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi) has acquired majority ownership in Janover Inc. (NASDAQ: JNVR) (\"Janover\" or the \"Company\"). The Board of Directors appointed Joseph Onorati as Chairman and CEO of the Company, and Parker White as Chief Investment Officer and Chief Operating Officer. Janover Founder Blake Janover and Director and Audit Committee Chair William Caragol will remain on the board. Marco Santori, former Chief Legal Officer of Kraken, will join the board. Joseph Onorati and Parker White are part of the control group that acquired 728,632 shares of common stock and all 10,000 outstanding shares of Series A Preferred Stock of Janover. The Board has adopted a treasury policy under which the principal holding in its treasury reserve on the balance sheet will be allocated to digital assets, starting with Solana (SOL). The Company will explore acquiring Solana validators and aims to acquire and stake SOL through them. The validator business seeks to acquire outside stake and use the corresponding revenue to acquire more SOL. Validators are blockchain nodes on the network with core functions including validating transactions and maintaining network consensus. To operate a validator on Solana, one must commit or ‘stake’ a certain amount of SOL. In return, validator operators are rewarded with more SOL tokens. Staking on Solana is a multi-billion dollar business. Janover will continue operating its core business, which continues its transition to a SaaS business model. Blake Janover and Bruce Rosenbloom (CFO) will remain involved in daily operations of the business to ensure the company retains their rich expertise and maintains the same level of service. “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,” said Joseph Onorati, CEO. “We’ve brought together an exceptional team with deep digital assets and public market expertise to make it happen.” “Their team is exceptional,\" said Blake Janover, Director and former CEO. “I’m so excited for th...