From Decrypt · By Jose Antonio Lanz
In brief
DeFi Development Corp added about 22,070 SOL and SOL equivalents last week, lifting its treasury to roughly 2,586,282 tokens, up 12% since August 12.
Its CHAD perpetual preferred stock, which pays a 13% annual dividend on a $10 stated amount, hit record highs in the week ended October 9 and is approaching $10 after an IPO priced at $8.
DFDV common stock traded near $4.41 on Monday, giving the company a market value of about $144 million against roughly $287 million worth of SOL.
DeFi Development Corp, the Nasdaq-listed Solana piggy bank, added about 22,070 SOL—worth about $2,373,211—and “SOL equivalents” to its treasury last week, according to a press release published Monday.
That brings its stash to roughly 2,586,282 tokens, worth about $287 million with SOL near $111. Weekly buys keep shrinking, from 101,381 SOL in mid-September (around $11.4 million) to 47,706 ($5.8 million), then 26,202 ($3.1 million).
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DFDV is a digital asset treasury company, a public firm that holds a cryptocurrency so stock investors can bet on it without opening a crypto account. It was a real estate software firm called Janover until April 2025, when it pivoted to Solana and copied Strategy’s Bitcoin playbook.
CHAD, the company’s perpetual preferred stock, hit all-time highs in the week ended October 9 and is approaching $10. Perpetual preferred shares never mature and get dividends before common stock; CHAD pays a variable 13% a year on its $10 stated amount, or $1.30 per share, declared each business day.
“CHAD reaching new highs and approaching $10.00 even as SOL pulled back is an encouraging sign that investors are recognizing its distinct income proposition,” said Dan Kang, Chief Strategy Officer. “For common shareholders, CHAD provides a funding source that can support accretive SOL per share growth without issuing additional common shares. For CHAD holders, it offers daily income supported by that growing, productive treasury,” he added.
That record sounds less dramatic once you know the shares priced their IPO at $8 in September, below their own stated amount. Last week DFDV even authorized buybacks for whenever CHAD trades under its $10 par value. Mission nearly accomplished.
BitcoinBTC · USD$82,753−3.47%Oct 5Oct 7Oct 9Oct 11Oct 12$86.6k$84.6k$82.7k$80.7k24h HighHigh$84,23124h LowLow$82,281VolVol$991.0MMarket projectionsOdds by MyriadToday$82,000 to $84,000$82k–$84k66% chanceThis weekAbove $82,000Above $82k59% chance→Buy Bitcoin with USDTPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →The price matters because DFDV funds its SOL purchases through a $300 million at-the-market program, which sells new CHAD shares gradually at market prices. The closer CHAD trades to $10, the more SOL each new share buys.