Software company Janover announced Tuesday that it had acquired 80,567 Solana (SOL) for approximately $10.5 million.
This marked the firm’s third SOL buy under its digital treasury plan, and it was revealed after its stock hit an all-time high of nearly $66 at market close Monday, per Yahoo Finance data.
Shares edged lower ahead of the market open today, but they’re still up more than 1,200% so far this year.
The new acquisition boosts Janover’s SOL stash to around 163,651 units, worth approximately $21 million. The purchase was funded through the company’s recently completed $42 million financing round.
Janover plans to immediately begin staking its newly acquired SOL to generate revenue while supporting the Solana network.
The move follows Janover’s recent leadership change, with a team of former Kraken executives acquiring majority ownership of the firm. Under new leadership, the company is focused on bridging the gap between traditional finance and decentralized finance.
Earlier this month, Janover’s board approved a new treasury policy, authorizing long-term accumulation of crypto assets starting with Solana.
Janover also plans to operate one or more Solana validators, enabling it to stake its treasury assets, participate in network security, and earn rewards. The staking revenue will be reinvested to acquire more SOL.
“Speed and clarity of execution are central to our model,” said Parker White, COO & CIO at Janover, in a statement upon the company’s first purchase. “We plan to continue building our SOL position as we scale our strategy — and we believe today’s market conditions offered a compelling opportunity to take our first step.”
The Nasdaq-listed firm also plans to change its name to DeFi Development Corporation and revise its ticker symbol.
Apart from Bitcoin, global companies are also exploring integrating other major digital assets into their strategic reserves.
Worksport, a company specializing in the design and manufacturing of truck accessories, announced last December that it had started adopting XRP, alongside Bitcoin, as treasury assets.
SOL was trading at around $132 at press time, up nearly 24% in the past week, according to TradingView.
The digital asset has fallen approximately 30% year-to-date amid a market-wide pullback triggered by US tariff policy.
