Janover Shares Drop After Partnership Plans With Crypto Exchange

By Chris WackJanover shares were down 9.3% to $67.50 after the company executed a non-binding letter of intent for a strategic partnership with Kraken, a crypto exchange.Under the agreement, Janover said Tuesday, Kraken plans to delegate a portion of its current and future stake in cryptocurrency Solana to Janover-operated validators. As of Tuesday, Kraken had more than 4.5 million SOL, worth about $500 million, of delegation, Janover said.The partnership is intended to deepen Janover's role in supporting the Solana network while reinforcing the company's long-term treasury strategy, Janover said late Tuesday. Revenue generated from Kraken's delegation is expected to help fund operations and enable Janover to continue building its SOL position over time.Janover Chief Executive Joseph Onorati spent nearly a decade at Kraken, most recently as its chief strategy officer.Last week Boca Raton, Fla.-based Janover, which operates a marketplace for commercial real estate, said it bought $4.6 million in SOL in its first execution under the company's newly adopted digital-asset-treasury strategy.Write to Chris Wack at [email protected]