DeFi Dev keeps stacking SOL while CHAD plays limbo under $10 🎯

Nasdaq-listed DeFi Development Corp. added approximately 22,070 SOL and SOL equivalents worth about $2,373,211 to its treasury last week, bringing total holdings to roughly 2,586,282 tokens valued at about $287 million with SOL trading near $111, according to a press release published Monday. The latest purchase lifts the company's Solana treasury by roughly 12% since its second-quarter earnings release on August 12 and follows prior acquisitions including a 19,000 SOL buy in August and three weekly purchases in September that have progressively shrunk from 101,381 SOL (around $11.4 million) to 47,706 ($5.8 million) and then 26,202 ($3.1 million).

The company funds further accumulation through a $300 million at-the-market preferred share program for CHAD, its perpetual preferred stock that pays a variable 13% annual dividend on its $10 stated amount, or $1.30 per share, declared each business day at $0.00516 per share. CHAD hit record trading highs during the week ended October 9 and is approaching $10, a level that would maximize the SOL each newly issued share can purchase. CHAD priced its IPO at $8 in September, below its stated amount, and DeFi Development last week authorized buybacks whenever the preferred shares trade under $10 par value.

"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," Chief Strategy Officer Dan Kang said. "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." CEO Joseph Onorati reiterated the firm's stance: "We don't change our conviction or our commitment to accumulating SOL on a short-term volatility basis."

SOL fell about 9% over seven days, and nearly $1 billion in long positions were liquidated in 24 hours. DeFi Development runs validator nodes and generates staking rewards to supplement its holdings, though the release itself warns that staking rewards may not be enough to cover CHAD dividends. SOL trades about 62% below its January 2025 peak of roughly $295, and DFDV common stock traded near $4.41 on Monday, giving the company a market value of about $140 million — roughly half the value of its SOL stash, though it also carries debt.