Nasdaq-listed DeFi Development Corp. expanded its Solana treasury by about 22,070 SOL and SOL equivalents over the last week, lifting total holdings to roughly 2,586,282 SOL — an increase of 12% since its Aug. 12 earnings report. At SOL prices near $111, the position is worth approximately $287 million.
The company’s variable-rate perpetual preferred stock, CHAD, hit record trading highs during the week ended Oct. 9, even as the broader crypto market sold off. CHAD carries a 13% annual dividend rate on its $10 stated amount, equal to $1.30 per share, and is approaching $10 after its September IPO priced at $8. DeFi Development also authorized repurchases for CHAD if it trades below its $10 par value.
CEO Joseph Onorati said short-term volatility has not changed the company’s conviction or commitment to accumulating SOL. He pointed to tokenized equities generating billions of dollars in trading activity on Solana and cited Samsung’s announcement of bringing stablecoin functionality to 82 million U.S. Galaxy devices as evidence of Solana’s larger role in global finance.
The latest weekly SOL purchase was smaller than previous additions: about 101,381 SOL in mid-September, 47,706 SOL the following week, and 26,202 SOL before this week’s roughly 22,070 SOL. SOL fell around 9% over seven days, with nearly $1 billion in long liquidations in 24 hours. DeFi Development’s common stock traded near $4.41 on Monday, giving the company a market value of about $144 million, while its SOL holdings were worth roughly $287 million. The company also cautioned that staking rewards may not be enough to cover CHAD dividends.
