Janover Inc. Embarks on New Era with DeFi Focus
Transformation and Rebranding
Janover Inc., a prominent real estate data platform, is undergoing a significant transformation after a group of former Kraken executives acquired a controlling stake. The company has announced plans to rebrand itself as DeFi Development Corporation, marking a shift in its focus towards decentralized finance.
According to an April 7 statement, the company is redirecting its focus towards decentralized finance, beginning with Solana. Janover explained that it has adopted a new treasury policy focused on digital assets. The company’s first holding will be Solana (SOL), and it plans to acquire validators and stake SOL through them. Revenue earned from staking will be reinvested to increase SOL reserves.
Operational Changes
Under this deal, Janover will continue operating its core real estate data platform as it shifts towards a SaaS model. However, a name and ticker change are expected soon to reflect this new direction. The company has also undergone operational changes, with Joseph Onorati appointed as Chairman and CEO, and Parker White stepping in as CIO and COO. Both are part of the control group behind the acquisition. The board will also welcome Marco Santori, former Kraken Chief Legal Officer.
Janover’s founder, Blake Janover, and audit committee chair, William Caragol, will retain their board seats, and CFO Bruce Rosenbloom will remain involved in daily operations.
Capital Raise
To support its blockchain-focused direction, Janover has raised $42 million through a private sale of convertible notes and warrants. Investors in this raise include major crypto-focused venture capital players like Pantera Capital, Kraken, and Arrington Capital, as well as several angel backers.
According to the firm, the convertible notes, issued at $0.00001 per share, carry an annual interest rate of 2.5%, payable quarterly, and mature in April 2030. Investors can convert earlier if Janover’s market cap hits $100 million, with a minimum conversion price of $4.81.
Additionally, warrant holders can buy 8.333 shares of common stock at $120 per $1,000 invested and 6.666 shares priced at $150 each. Funds from the raise will go directly towards acquiring digital assets, starting with Solana.
Market Reaction
Following the announcement, Janover’s stock surged nearly 300% in pre-market trading, signaling strong market support for the company’s new direction.
Conclusion
Janover Inc.’s transformation into DeFi Development Corporation marks a significant shift in its focus and direction. The company’s adoption of a new treasury policy and its plans to acquire validators and stake SOL demonstrate its commitment to decentralized finance. The operational changes and capital raise will enable the company to execute its new strategy and capitalize on the growing demand for decentralized finance solutions.
FAQs
Q: What is Janover Inc.’s new focus?
A: Janover Inc. is shifting its focus towards decentralized finance, beginning with Solana.
Q: What is the company’s new name?
A: The company will be rebranded as DeFi Development Corporation.
Q: Who are the key executives behind the acquisition?
A: Joseph Onorati and Parker White are the key executives behind the acquisition.
Q: What is the purpose of the capital raise?
A: The capital raise will be used to acquire digital assets, starting with Solana.
Q: What is the conversion price for investors?
A: Investors can convert their notes at a minimum conversion price of $4.81 if Janover’s market cap hits $100 million.
Q: What is the interest rate on the convertible notes?
A: The convertible notes carry an annual interest rate of 2.5%, payable quarterly.
