In a move that might make even the most ardent sea monster raise an eyebrow, a gaggle of former Kraken executives have set their sights on Janover. Joseph Onorati, previously known as the chief strategy officer extraordinaire at Kraken, has donned the illustrious hat of chairman and CEO after the group made a splash with the acquisition of over 700,000 common shares and all the Series A preferred stock. Because who wouldn’t want to dip their toes into the wild world of real estate?
Meanwhile, Parker White, once the director of engineering wizardry at Kraken, has been bestowed the titles of chief investment officer and chief operating officer. The group isn’t just here for a casual stroll; they gobbled up 728,632 shares like a hungry kraken at a seafood buffet, not to mention all 10,000 Series A preferred shares. And let’s not forget Marco Santori, the former chief legal officer, who now joins the board—presumably to keep them in line and ensure they don’t accidentally sign away the moon.
Janover, that illustrious realm of real estate financing, is playing matchmaker between lenders and commercial property buyers. And what do we find? A stock price that soared an astonishing 840% on April 7. Talk about a rise that would make even Icarus do a double take!
In a proclamation that may or may not be accompanied by dramatic music, the new leadership has confessed to wanting to create a Solana (SOL) reserve treasury. This ambitious plan involves snagging Solana validators, staking SOL, and acquiring even more tokens. Because, really, who doesn’t love a good treasure hunt?
Oh, and in perfect timing with their grand announcement, Janover revealed they’ve raked in $42 million through an offering of convertible notes—sounds fancy, doesn’t it? These notes are like magic beans that can turn into equity at a given price, assuming someone hasn’t already made off with the beanstalk. Investors in this gilded round include Pantera Capital, Kraken, Arrington Capital, Protagonist, Third Party Ventures, and a few others that might as well be named after dragons for all we know.
In an eccentric twist, Janover announced that starting in December 2024, they would accept payments for their real estate wizardry in Bitcoin (BTC), Ether (ETH), and, of course, our beloved SOL. It seems they’re trying to corner the market in every digital currency imaginable.
Crypto treasury companies: Bold or just plain bonkers?
Back in August 2020, Strategy pranced onto the scene as one of the first publicly traded companies to hoard Bitcoin in a fit of enthusiasm. Since then, a host of companies—including Japan’s own Metaplanet, Semler Scientific, and the ever-fanciful Tesla—followed suit like sheep led to digital pastures.
Now, you’d think this would encourage a hallelujah chorus from investors; in some cases, share prices have indeed hummed in harmony as investors chased the rather whimsical allure of digital assets pouring through traditional financial channels. But alas, not everyone is singing praises. Critics have raised their eyebrows, citing the volatility of cryptocurrencies, among other shenanigans—like those convertible note offerings that make you wonder if they’re trying to sell you a time-share on Jupiter.
Speaking of volatility, our dear SOL has had a bit of a rollercoaster ride over the last year, with prices swinging from a dizzying high of $274.50 to a staggeringly low dive of $107.68—enough to make anyone’s head spin!
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2025-04-08 01:38