Former Kraken team acquires majority ownership in Janover

An all-former-Kraken team has acquired majority ownership in Janover (JNVR). The Board of Directors appointed Joseph Onorati as Chairman and CEO of the Company, and Parker White as Chief Investment Officer and COO. Janover Founder Blake Janover and Director and Audit Committee Chair William Caragol will remain on the board. Marco Santori, former CLO of Kraken, will join the board. Joseph Onorati and Parker White are part of the control group that acquired 728,632 shares of common stock and all 10,000 outstanding shares of Series A Preferred Stock of Janover. The Board has adopted a treasury policy under which the principal holding in its treasury reserve on the balance sheet will be allocated to digital assets, starting with Solana. The Company will explore acquiring Solana validators and aims to acquire and stake SOL through them. The validator business seeks to acquire outside stake and use the corresponding revenue to acquire more SOL. Validators are blockchain nodes on the network with core functions including validating transactions and maintaining network consensus. To operate a validator on Solana, one must commit or ‘stake’ a certain amount of SOL. In return, validator operators are rewarded with more SOL tokens. Staking on Solana is a multi-billion dollar business. Janover will continue operating its core business, which continues its transition to a SaaS business model. Blake Janover and Bruce Rosenbloom, CFO, will remain involved in daily operations of the business to ensure the company retains their rich expertise and maintains the same level of service. As part of this transaction, the Company will undergo a name and ticker symbol change at a future date. The new name will be DeFi Development Corporation.