DeFi Development Adds 22,070 SOL to Its Treasury
DeFi Development Corp. (Nasdaq: DFDV), a publicly traded company focused on accumulating Solana, added approximately 22,070 SOL and SOL equivalents to its treasury during the week ending October 12, according to a company announcement published Monday. The purchase was valued at approximately $2.37 million.
The latest addition brings the company’s reported holdings to roughly 2,586,282 SOL, valued at about $287 million with SOL trading near $111. The accumulation continues DFDV’s strategy of holding Solana as a primary treasury asset, allowing investors to gain stock-market exposure to a company whose balance sheet is heavily tied to the cryptocurrency.
However, the pace of accumulation has slowed considerably. DFDV’s latest purchase was substantially smaller than its acquisitions in September, showing that continued treasury growth does not necessarily mean the company is buying at the same rate each week.
The company detailed the purchase in its official press release.
Weekly SOL Purchases Have Fallen Since September
DFDV’s recent buying history shows a clear decline in the size of its weekly acquisitions. In mid-September, the company added 101,381 SOL, worth approximately $11.4 million. A subsequent purchase totaled 47,706 SOL, valued at about $5.8 million, followed by 26,202 SOL worth roughly $3.1 million.
The latest addition of 22,070 SOL, worth approximately $2.37 million, extends that downward trend. Changes in purchase size alone do not establish why the company is buying less, but the figures show that its weekly additions have become smaller even as it continues to report a growing treasury.
DFDV’s strategy makes its purchasing capacity particularly relevant. The company has linked its Solana accumulation to capital raised through financial-market instruments, including its CHAD preferred stock. The amount it can raise and the terms at which it can issue securities can affect how efficiently it adds more SOL to its balance sheet.
CHAD Preferred Stock Reaches Record Highs Near $10
While Solana has faced selling pressure, DFDV’s CHAD perpetual preferred stock reached record highs during the week ended October 9 and approached its $10 stated value.
CHAD is a preferred security that does not have a fixed maturity date. Preferred shareholders receive dividends ahead of common shareholders, subject to the security’s terms and the company’s ability to meet its obligations. CHAD pays a variable annual rate of 13% on its $10 stated amount, equivalent to $1.30 per share annually when that rate applies.
Chief Strategy Officer Dan Kang said the share-price performance was encouraging despite SOL’s decline.
“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,” Kang said.
He added that CHAD gives the company another potential source of funding for increasing SOL per share without issuing additional common shares. For preferred shareholders, the security offers daily income supported by the company’s treasury strategy.
However, a market price near $10 does not eliminate the risks associated with the security or guarantee that future dividends will be paid. Investors still face the company’s financial, operational and cryptocurrency-market risks.
Why the $10 Price Level Matters to DFDV
CHAD’s stated value is important because DFDV has used an at-the-market financing program of up to $300 million to support its capital-raising strategy. Under this type of program, a company can sell shares gradually at prevailing market prices, subject to the program’s terms and available investor demand.
The price at which preferred shares are issued affects how much capital DFDV can raise from each share sold. If CHAD trades below its $10 stated value, the company may need to issue more shares to raise a given amount of money than it would if the security traded at or above that level. A stronger share price can therefore improve the economics of raising capital for further SOL purchases.
DFDV announced that it had authorized buybacks when CHAD trades below its $10 par value. The measure is intended to address trading below that threshold, although an authorization does not mean that repurchases will occur at a particular price or volume.
CHAD’s initial public offering was priced at $8 per share in September, below its $10 stated amount, according to the Nasdaq announcement on the offering. Its subsequent rise toward $10 represents a recovery from that initial offering price, rather than a move above the stated value.
DFDV Maintains Its Solana Strategy Amid Market Volatility
DFDV was previously known as Janover, a real estate software business, before pivoting toward a Solana treasury strategy in April 2025. Its approach resembles the digital-asset treasury model used by companies that hold cryptocurrencies on their balance sheets and raise capital through public markets.
The strategy gives stock-market investors exposure to the company’s cryptocurrency holdings without requiring them to purchase SOL directly. However, the value of the company’s shares can diverge from the market value of its crypto assets because of debt, operating expenses, financing terms and investor expectations.
CEO Joseph Onorati said the market downturn had not changed the company’s plans. “Short-term volatility has not changed our conviction or our commitment to accumulating SOL,” he said in the company’s release.
That commitment comes as SOL has declined approximately 9% over seven days. The wider selloff also triggered nearly $1 billion in long-position liquidations over 24 hours, according to the supplied report. Long positions are bets on rising prices; when leveraged traders lose sufficient collateral, exchanges can automatically close their positions, adding selling pressure to an already falling market.
Dividend Obligations and Treasury Risks Remain
Despite CHAD’s recent price gains, DFDV’s financial position remains closely connected to Solana’s market performance. The supplied report placed the company’s common stock near $4.41 on Monday, implying a market capitalization of approximately $140 million. That was around half the reported market value of its SOL holdings, although the comparison does not account for the company’s debt and other liabilities.
A company trading below the market value of its crypto treasury may face challenges raising new equity efficiently. If new shares are issued at prices that do not adequately reflect the assets being acquired, the financing may become less attractive to existing shareholders. This is one of the pressures facing digital-asset treasury companies during market downturns.
CHAD also creates an income obligation. The company’s release warned that staking rewards may not be sufficient to cover preferred dividends, underscoring that a 13% stated annual rate should not be mistaken for a risk-free return. The payment of dividends depends on the security’s terms and the company’s ability to meet its obligations.
CHAD holders are scheduled to receive $0.00516 per share for each business day through October 30, according to the supplied report. The next macroeconomic event highlighted in the report is the release of the U.S. September inflation data on Wednesday, October 14, which could influence broader market sentiment.
For DFDV, the immediate picture combines continued SOL accumulation with smaller weekly purchases, a recovering CHAD share price and exposure to a volatile crypto market. Whether the company can keep expanding its treasury efficiently will depend not only on SOL prices, but also on its access to capital and its ability to manage the costs of its preferred-stock financing.
