Software company Janover announced Tuesday it had acquired 80,567 Solana (SOL) for around $10.5 million.
This marks the company’s third SoL Buy based on digital financial plans, revealing each Yahoo Finance data after the stock hit a record high of $66 in market relatives on Monday.
The shares are open today, but this year it is still up over 1,200%.
With the new acquisition, Janover’s Sol Stash has increased to around 163,651 units, worth around $21 million. The purchase was funded through the company’s recently completed $42 million funding round.
Janover plans to quickly staking the newly acquired SOL to generate revenue while supporting the Solana Network.
The move follows a recent change in Yanover’s leadership, with a team of former Kraken executives taking over the company’s majority ownership. Under the new leadership, the company focuses on filling the gap between traditional and decentralized finances.
Earlier this month, Janover’s board approved new financial policies and approved a long-term accumulation of crypto assets starting with Solana.
Janover also runs one or more Solana Balibators, allowing you to wager financial assets, participate in network security and earn rewards. Staking revenues will be reinvested to earn more SOLs.
“The speed and clarity of execution is at the heart of our model,” Parker White, COO & CIO at Janover, said in the company’s initial purchase statement. “We plan to continue our SOL position while expanding our strategy, and we believe that today’s market situation has provided a compelling opportunity to take our first steps.”
The company registered with NASDAQ will change its name to Defi Development Corporation and modify the ticker symbol.
Apart from Bitcoin, global companies are also investigating the integration of other major digital assets into strategic reserves.
Worksport, a company specializing in the design and manufacturing of truck accessories, announced last December that it had begun adopting XRP as a financial asset along with Bitcoin.
According to TradingView, Sol was trading for around $132 at the time of press.
Digital assets fell approximately 30% since the start of the year amid the market-wide pullback caused by US customs policies.
