A small, publicly traded software company is looking to become the MicroStrategy of Solana.
Janover, a marketplace operator that connects commercial real estate borrowers and lenders, is adopting a digital assets treasury strategy in which the principal holding in its reserve will be the Solana SOL token, after a group of crypto industry leaders acquired majority ownership of the company.
The group, a team of former employees of the popular crypto exchange Kraken, bought 728,632 shares of Janover common stock and all 10,000 shares outstanding of its Series A preferred. The company intends to change its name to DeFi Development Corporation and revise its ticker symbol.
The number of public companies looking to mimic MicroStrategy’s exponential growth by adopting its pioneering bitcoin acquisition policy has grown in recent months. GameStop is the most notable recent example. But Janover is perhaps the first in the U.S. to adopt that strategy in connection with Solana. Canada’s Sol Strategies has similar ambitions for a SOL treasury reserve. (MicroStrategy now does business as Strategy.)
Solana is a five-year-old public blockchain platform that promises to provide fast transaction speeds as well as low fees for developers and users.
‘Immediate’ accumulation
The group behind Janover plans to begin accumulating SOL “immediately,” Joseph Onorati, the newly appointed chairman and CEO of the company, told CNBC. He did not detail a purchase schedule or methodology, but said investors should expect a structure that is “transparent, methodical, and deeply aligned with the Solana ecosystem.”
Janover has raised $42 million in an offering of convertible notes and warrants from Pantera Capital, Kraken, Arrington Capital and several other investors, which will be used to acquire SOL, the company said Monday.
“Bitcoin has and always will be the most powerful store of value, but Solana is the foundation for an entirely new, high-performance financial system,” Onorati said. “While bitcoin is optimized for security and scarcity, Solana is optimized for speed, usability, and programmability.”
That means that unlike bitcoin, which is largely used to move value across the network, Solana can power decentralized finance applications as well as consumer apps, games and more. It also means Solana comes with more volatility, which Onorati sees as a feature, not a bug.
Ethereum alternative
Solana, viewed as a faster and less expensive alternative to the Ethereum network, has become the go-to network for meme coins. In the rally that followed President Donald Trump’s second inauguration in January, SOL outperformed most major cryptocurrencies. But it has been one of the hardest hit amid the recent risk-off slump. The SOL token has lost more than 45% in 2025, compared with bitcoin’s 16% decline.
Nevertheless, several asset managers have filed to launch ETFs tracking the performance of the SOL token, including Grayscale, Franklin Templeton, VanEck and Bitwise.
Janover plans to also acquire validators (computers that help run the Solana network by verifying transactions), which can be used to not just acquire SOL tokens, but to “stake” them as well, which involves earning rewards for locking up SOL tokens on the network.
“Solana offers yield (via staking), validator incentives, and smart contract utility — which allow us to build deeper alignment with the network,” Onorati said. “That makes it not just a treasury asset, but a flywheel for long-term accumulation and ecosystem participation.”
Get Your Ticket to Pro LIVE
Join us at the New York Stock Exchange!
Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.
In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.
Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!Â
