Real estate-focused financial technology firm Janover has acquired 80,567 Solana tokens for roughly $10.5 million.

According to an April 15 announcement, with its latest purchase, Janover’s Solana (SOL) holdings reached 163,651.7 — worth about $21.2 million, including staking rewards. With this investment, the amount of Solana per each of the 1.5 million shares reached 0.11 SOL, valued at $14.47 — an increase of 120%.

Janover stock price chart. Source: Google Finance

Janover plans to start staking the newly acquired SOL immediately to generate additional revenue. The announcement follows the company raising about $42 million with the expressed intent to enhance its digital asset treasury strategy.

The new capital was raised in a convertible note and warrants sale from Pantera Capital, Kraken, Arrington Capital, Protagonist, The Norstar Group, Third Party Ventures, Trammell Venture Partners and 11 angel investors. At the same time, a team of former Kraken executives has taken control of the company.

Joseph Onorati, former chief strategy officer at Kraken, stepped in as chairman and CEO at Janover following the group’s purchase of over 700,000 common shares and all Series A preferred stock.

Related: Real estate firm Fathom can now add Bitcoin to its balance sheet

Altcoins on the balance sheet?

Janover is one of the latest companies to decide to add digital assets to their corporate treasury. What makes it an outlier is the decision to accumulate an asset that is not Bitcoin (BTC).

The most notable example of a Bitcoin-accumulating firm is Strategy (formerly MicroStrategy). Strategy is a publicly traded business intelligence company founded as MicroStrategy in 1989.

In 2020, the firm pivoted to acquiring as much Bitcoin as possible. Strategy now holds well over 2.5% of all Bitcoin that will ever be produced.

Related: Bitcoin on corporate balance sheets: What’s the risk and reward?

Bitcoin dominates balance sheets

BitcoinTreasuries.NET data shows that Strategy holds 528,185 BTC worth nearly $44.2 billion at the time of writing. The company has leveraged debt to accumulate its Bitcoin.

Another example of a company that is now focused on accumulating Bitcoin is Metaplanet, often referred to as “Japan’s MicroStrategy.” Both companies hold Bitcoin as a hedge against inflation and as part of a broader strategy to diversify and modernize their treasuries.

According to some analysts, this strategy may soon pay off. Bitcoin is showing growing resilience to macroeconomic headwinds compared with traditional financial markets, according to a recent Wintermute report. Still, not everyone is convinced that the trend will hold, with the founder of Obchakevich Research, Alex Obchakevich, saying:

“As the trade war intensifies, Bitcoin may return to the list of risky assets. Because investors will most likely look for salvation in gold.“

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A Bitcoin Policy Institute (BPI) executive floated a $1 million Bitcoin price scenario if the United States were to buy 1 million BTC. 

In a Bitcoin Magazine podcast, Zach Shapiro, the head of policy for the Bitcoin-focused BPI think tank, said that a 1 million Bitcoin (BTC) purchase by the US would have a massive impact on the price of the asset. 

“If the United States announces that we are buying a million Bitcoin, that’s just a global seismic shock. […] I think first, Bitcoin price goes through the roof,” Shapiro said. “I think we’d probably go very quickly to something like a million dollars per Bitcoin.”   

The discussion followed US President Donald Trump’s March 7 executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile.

A “Bitcoin superpower” should hold more Bitcoin 

BPI executive director Matthew Pines said that other nations are watching how the US positions itself with Bitcoin before formulating their own strategies.

The executive added that holding more Bitcoin aligns with Trump’s promise to make the US a Bitcoin superpower. 

“If Donald Trump wants to make good on his promise to be a Bitcoin superpower, that ultimately comes down to how much Bitcoin you have. This is a measure of how much the United States is making good on that rhetorical objective,” Pines said. 

Trump’s executive order also directs the Treasury and Commerce secretaries to develop “budget-neutral” strategies for acquiring more Bitcoin to expand the reserve without additional taxpayer burden.

On March 12, Senator Cynthia Lummis reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act to push US holdings above 1 million BTC. 

Related: Semler Scientific reports $42M paper loss on Bitcoin, floats $500M stock sale

Tariff earnings a “budget-neutral” strategy for buying Bitcoin

Pines also suggested ways to acquire Bitcoin in a budget-neutral fashion. He floated the idea of using tariff revenues to buy Bitcoin and other potential ways for the US government to purchase more BTC. 

“Revenues that the government can use to acquire more Bitcoin would be things like tariff revenue or other fees that the government collects that are not tax-based fees,” Pines said. This could include royalties from oil and gas leases, sales of federal land, physical gold and other digital assets.

On April 2, Trump imposed a 10% baseline tariff on all imports from all countries through an executive order. The president’s order also included reciprocal tariffs for countries that charge tariffs on US imports. However, the administration’s evolving tariff policy has created ongoing market uncertainty.

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VanEck’s head of research has pitched a new type of US Treasury bond partially backed by Bitcoin to help refinance $14 trillion in US debt.

Matthew Sigel pitched the concept of “BitBonds” — US Treasury bonds with exposure to Bitcoin (BTC) — at the Strategic Bitcoin Reserve Summit 2025 on April 15.

The new 10-year bonds would be composed of 90% US traditional debt and 10% BTC exposure, Sigel said, appealing to both the US Treasury and global investors.

Even in a scenario where Bitcoin “goes to zero,” BitBonds would allow the US to save money to refinance the estimated $14 trillion of debt that will mature in the next three years and will need to be refinanced, he said.

Bitcoin to boost investor demand for T-bonds

“Interest rates are relatively high versus history. The Treasury must maintain continued investor demand for bonds, so they have to entice buyers,” Sigel said during the virtual event.

Meanwhile, bond investors want protection from the US dollar inflation and asset inflation, which makes Bitcoin a good fit for being a component of the bond, as the cryptocurrency has emerged as an inflation hedge.

An excerpt from Matthew Sigel’s presentation on Bitbonds at the Strategic Bitcoin Reserve Summit 2025. Source: Matthew Sigel

With the proposed structure and a 10-year term, a BitBond would return a “$90 premium, along with whatever value that Bitcoin contains,” Sigel stated, adding that investors would receive all the Bitcoin gains up to a maximum annualized yield to maturity of 4.5%.

“If Bitcoin gains are big enough to provide that above a 4.5% annualized yield, the government and the bond buyer split the remaining gains 50 over 50,” the exec said.

Upsides and downsides

Compared to standard bonds, the proposed 10-year BitBonds would offer the investor substantial gains in a scenario where Bitcoin gains exceed the break-even rates, Sigel said.

A downside, however, is that Bitcoin must attain a “relatively high compound annual growth rate” on lower coupon rates in order for the investor to break even, he added.

Source: Matthew Sigel

From the government’s perspective, if they are able to sell the bond at a coupon of 1%, the government will save money “even if Bitcoin goes to zero,” Sigel estimated, adding:

“The same thing if the coupon is sold at 2%, Bitcoin can go to zero, and the government still saves money versus the current market rate of 4%. And it’s in these 3% to 4% coupons where Bitcoin has to work in order for the government to save money.

Previous BitBonds pitches to the government

While the idea of crypto-backed government bonds is not new, Sigel’s BitBond pitch follows a similar proposal by the Bitcoin Policy Institute in March.

The BPI estimates the program could generate potential interest savings of $70 billion annually and $700 billion over a 10-year term.

Treasury bonds are debt securities issued by the government to investors who loan money to the government in exchange for future payouts at a fixed interest rate.

Related: Bitcoin could hit $1M if US buys 1M BTC — Bitcoin Policy Institute

Crypto-enabled bonds are linked to cryptocurrencies like Bitcoin, allowing investors to gain exposure to potentially more enticing rewards.

Source: Bitcoin Policy Institute

As the US government grows bullish on crypto under President Donald Trump’s administration, the narrative for potential Bitcoin-enhanced Treasury bonds has been on the rise.

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