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Nasdaq-listed Janover purchases $10.5 million worth of Solana after stock soars to record high
Janover, a software company listed on the Nasdaq, has announced that it has purchased 80,567 units of Solana (SOL) tokens for approximately $10.5 million. This significant acquisition comes as a result of the surge in its own stock price, which reached an all-time high of nearly $66 at market close on Monday.
According to sources, Janover used a portion of the capital it raised through its recently completed $42 million financing round to fund this substantial purchase. The company’s decision to buy SOL comes as no surprise, considering its recent leadership change and new focus on bridging traditional finance with decentralized finance (DeFi).
As part of its DeFi strategy, Janover has approved a treasury policy that allows it to accumulate crypto assets over the long term, starting with Solana. This move is seen as a step towards solidifying the company’s position in the rapidly evolving cryptocurrency landscape.
Janover will utilize the newly acquired SOL by staking them to generate revenue and support the Solana network through its own validator nodes. The staked tokens will also earn rewards, which will be reinvested into acquiring more SOL.
“Speed and clarity of execution are essential to our model,” emphasized Parker White, Chief Operating Officer and Chief Investment Officer at Janover. “We intend to continue expanding our SOL position as we scale our strategy, and today’s market conditions presented a compelling opportunity to take the first step.”
Janover’s bold move comes amidst broader trends in the market where companies are increasingly exploring alternative digital assets for their treasury reserves. For instance, Worksport, a manufacturer of truck accessories, revealed last December that it had started diversifying its treasury by adding XRP and Bitcoin alongside its existing portfolio.
Solana (SOL) has seen significant price volatility in recent times, with the token falling around 30% year-to-date amid market-wide fluctuations. However, SOL is currently trading at roughly $132, having gained nearly 24% over the past week alone.
As Solana continues to gain traction within the DeFi space, Janover’s substantial purchase underscores the growing recognition of its potential among institutional investors and companies alike.
Source: https://cryptobriefing.com/janover-solana-investment-strategy/
