Source: Cointelegraph Original: "{title}"
A group of former Kraken executives has taken over Janover, with former Kraken Chief Strategy Officer Joseph Onorati becoming Chairman and CEO after the team purchased over 700,000 common shares and all Series A preferred shares.
Former Kraken Engineering Director Parker White has been appointed as the new Chief Investment Officer and Chief Operating Officer. The team acquired 728,632 shares of Janover common stock and all 10,000 Series A preferred shares. Former Kraken Chief Legal Officer Marco Santori will join the board.
Janover is a real estate financing company that connects lenders and buyers of commercial real estate. As part of the deal, the company's stock price surged 840% on April 7.
According to a statement, the new leadership plans to create a Solana (SOL) reserve fund. The plan includes acquiring Solana validator nodes, staking SOL, and additional purchases of the token.
Janover's stock price on April 7. Source: Google Finance
At the same time as announcing this news, Janover revealed it has raised $42 million through a convertible bond issuance. Convertible bonds are a type of debt instrument that can be converted into equity at a specific price. Institutions participating in this funding round include Pantera Capital, Kraken, Arrington Capital, Protagonist, and Third Party Ventures.
Janover announced in December 2024 that it would begin accepting Bitcoin (BTC), Ethereum (ETH), and SOL as payment for its real estate services.
In August 2020, Strategy became one of the first publicly traded companies to hold Bitcoin on its balance sheet. Since then, several companies, including Japan's Metaplanet, Semler Scientific, and Tesla, have followed suit.
In many cases, these companies' stock prices have risen as investors seek investment opportunities in digital assets through traditional financial products.
Some outsiders have criticized this practice due to the volatility of cryptocurrencies and the financing methods adopted by certain companies, such as the convertible bond issuance used by Strategy.
According to MarketVector data, SOL has experienced significant volatility over the past 365 days. The cryptocurrency peaked at $274.50 and fell to a low of $107.68.
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