Former Kraken Executives Take Over Janover, Push Crypto Treasury Plan
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A group of former top executives from the crypto exchange Kraken has taken control of a real estate financing company called Janover. Joseph Onorati, who was Kraken’s former Chief Strategy Officer, is now the chairman and CEO of Janover.
Along with his team, they bought over 728,000 shares of Janover’s common stock and all its preferred shares. The company’s stock price rose by a surprising 840% on April 7, soon after the announcement. The new leaders plan to create a treasury based on the cryptocurrency Solana (SOL), showing a strong shift toward digital assets.
Janover’s New Leadership and Crypto Strategy
The new team includes several well-known former Kraken leaders. Parker White, who was Kraken’s engineering director, is now the Chief Investment Officer and COO of Janover. Marco Santori, the former Chief Legal Officer at Kraken, has joined the company’s board. To this end, these moves show a strong strategy shift for Janover, which normally connects lenders and buyers of commercial properties. The team also plans to build a Solana reserve treasury by buying and staking SOL tokens and investing in Solana validators. This marks a bold entry into the world of cryptocurrency for a company rooted in real estate.
As part of this plan, Janover raised $42 million through the sale of convertible notes—a type of loan that can later be turned into company shares. Investors in this funding round include big names like Pantera Capital, Kraken, and Arrington Capital. Janover had already started accepting payments in Bitcoin and SOL back in December 2024. These steps show that the company is becoming more open to crypto finance.
Treasury Trend: Opportunity or Risk?
Janover is not the first firm to put digital assets on its balance sheet. One of the first was the plan, which began around 2020 with Bitcoin and spread to companies like Tesla, Semler Scientific, and Japan’s Metaplanet. However, as investors sought out safe ways to invest in crypto through public markets, these companies’ stock prices frequently increased with risks.
Many experts worry about the use of convertible notes and the unstable prices of cryptocurrencies. Solana, for example, has had a wild year—rising to $274.50 at one point and dropping as low as $107.68. While Janover’s plan could offer high rewards, it also brings high risk due to market volatility.
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