Nasdaq-listed DeFi Development Corp. has authorized an open-ended program to repurchase up to all of its outstanding CHAD preferred shares, with the authorization also covering any CHAD shares issued in the future. The company may use the program if the security trades below its $10 par value, but it has no current plan to begin purchases.

Chief Executive Joseph Onorati said the company's first goal is to help CHAD establish itself around its par value. Management wants the repurchase authority to remain available as a capital-allocation tool if the preferred shares later fall below that level, giving DeFi Development flexibility to respond to market pricing without committing it to immediate transactions. Par value — the nominal face value a security carries at issuance — serves here as the threshold the company has defined for any potential repurchases. The move follows recent growth in Solana decentralized exchange volume across the wider network.

News of the authorization was highlighted by SolanaFloor, a Solana-focused news outlet, in a post on X:

NEWS: Solana Treasury Company @defidevcorp , which holds ~2.53M $SOL in its treasury, has authorized a program to repurchase up to all outstanding CHAD preferred shares. The company says it may buy back CHAD if it trades below $10 par value, but does not currently plan to… pic.twitter.com/vMrR5xvQPe

— SolanaFloor (@SolanaFloor) October 6, 2026

The authorization sits alongside DeFi Development's existing $300 million CHAD at-the-market program. The company has said it plans to use proceeds from CHAD sales to fund additional SOL purchases, and the repurchase authorization does not change the stated purpose of CHAD proceeds, which remains additional Solana treasury purchases. At-the-market programs give issuers a way to raise capital gradually by selling shares at prevailing market prices. Preferred shares, which rank ahead of common stock in an issuer's capital structure and typically carry fixed dividends, have become a recurring funding instrument for listed companies that accumulate digital assets on their balance sheets. DeFi Development paid the preferred stock's first dividend on Oct. 1, adding another step to the security's launch.

Solana Treasury Grows Through the Third Quarter

DeFi Development also reported preliminary third-quarter figures showing growth in its Solana treasury. Net asset value per share more than doubled, according to the company, while holdings rose to about 2.56 million SOL over the past week. The preliminary update was shared on Monday. The treasury model ties capital raising directly to the company's ongoing plan to increase SOL reserves.

The company views CHAD as a longer-term source of capital rather than a single funding event. Its repurchase authorization does not require immediate action and leaves management room to respond to future market pricing. The approach comes as Forward Industries, another public company holding Solana in its treasury, expanded its SOL holdings during its fiscal fourth quarter — a reminder that the digital asset treasury model, which channels equity and preferred issuance into token reserves, now spans multiple listed companies.

DFDV Shares Rise After Treasury Update

DFDV shares gained about 3.3% during Tuesday's trading session after the disclosures. The move reflected Monday's preliminary third-quarter update and the latest information on the company's SOL holdings.

DeFi Development remains one of the listed companies using digital assets as a major part of its treasury strategy, while Solana's institutional settlement work continues to expand.

The CHAD plan gives the company another option for managing its preferred equity while keeping its SOL accumulation strategy in place. The program can cover current and future CHAD shares without setting a fixed repurchase deadline, leaving the timing of any purchases to management's discretion. Investors will now watch where CHAD trades relative to its $10 par value and whether the company eventually draws on the authorization.

This article first appeared on Blockonomi.