Solana's "strategy," Janover increased its holdings of SOL by $10.5 million, with the stock price rising over 1700%

Janover announced the purchase of 80,567 Solana tokens worth $10.5 million, bringing its total holdings to 163,651 SOL. The company also announced a partnership with the cryptocurrency exchange Kraken to receive some of its current and future staked SOL tokens. This collaboration was reached after Janover's majority stake was acquired by former Kraken executives. Real estate company Janover announced on Tuesday the purchase of 80,567 Solana (SOL) tokens worth $10.5 million, echoing the recent consecutive Bitcoin purchases by Strategy (formerly MicroStrategy) this month. This purchase followed the company's collaboration with the cryptocurrency exchange Kraken through a non-binding letter of intent (LOI), in which the exchange agreed to delegate its staked SOL to Janover's validators. Janover Increases Solana Holdings During Partnership with Kraken Janover revealed the purchase of 80,567 Solana worth $10.5 million. This marks the company's third significant cryptocurrency purchase, bringing its total SOL holdings to 163,651 SOL, valued at $21 million. The company has been purchasing Solana since last week, following a change in its financial policy on April 4, which allowed for the acquisition of digital assets. The new policy permits Janover to acquire cryptocurrencies long-term, with Solana as the preferred choice. Janover's $21 million investment in SOL mirrors the Bitcoin playbook of business intelligence firm Strategy, which has also influenced other companies to take similar steps. On the other hand, Janover is standing out as the first publicly traded U.S. company primarily focused on Solana. Since the authorization of the new financial policy on April 4, Janover's stock price has surged significantly, skyrocketing over 1,700%. The company stated it will immediately begin staking its newly acquired SOL, aiming to generate income while supporting the Solana network. Janover's buying pressure partly explains Solana's performance over the past week, surpassing Bitcoin, Ethereum, and XRP. While SOL rose over 20% during the week, BTC, ETH, and XRP increased by 10%, 11%, and 17%, respectively, during the same period. SOL traded at $126 during Wednesday's Asian trading session, down 2%. Additionally, Janover established a partnership with the cryptocurrency exchange Kraken through a non-binding letter of intent (LOI). As part of the collaboration, Kraken plans to delegate a portion of its existing and future Solana (SOL) staking to validators operated by Janover The proceeds from the pledge will help fund the company's operations and further advance its long-term financial strategy, including steadily increasing its SOL holdings. "Kraken has always been one of the most principled and mission-driven platforms in the crypto industry," said Janover CEO Joseph Onorati. This collaboration was reached after Janover's majority stake was acquired by executives from the former crypto exchange Kraken, led by Joseph Onorati and Parker White earlier this month. Since then, Onorati has become the Chairman and CEO of Janover, having previously served as Kraken's Chief Strategy Officer. White, the former Engineering Director at Kraken, now serves as Janover's Chief Investment Officer and Chief Operating Officer. Kraken's Chief Legal Officer Marco Santori has also joined Janover's board