DeFi Development Corp. (Nasdaq: DFDV) added roughly 26,203 SOL—worth about $3 million—to its treasury between Sept. 28 and Oct. 2, according to an 8-K filed Oct. 5, the form public companies use to disclose significant events. The purchase lifted the company's holdings to 2,564,212 SOL and "SOL equivalents," a term the filing does not define, which it values at $302 million.

That marks a 1% increase from the 2,538,010 SOL held as of Sept. 25, and it points to a clear cooling in the buying pace. DFDV added 101,381 SOL in the week ending Sept. 18 and 47,706 SOL the following week, making the latest haul roughly half the prior week's addition and about a quarter of the Sept. 18 figure. For a treasury company, that weekly cadence is a core metric, since the business model depends on a steadily growing stash of tokens—one DFDV funds in part by selling CHAD preferred stock whose proceeds are earmarked partly for SOL purchases. Upcoming 8-K filings will show whether that pace holds or slows further.

CEO Joseph Onorati framed the accumulation more expansively in the company's press release. "The DFDV ship is flying at lightning speed. We have continued buying SOL and have grown our treasury by 11% since August 12," he said.

A Digital Asset Treasury Built on Solana

DeFi Development Corp. is a financial services and asset management company known in the crypto ecosystem for holding the second-largest Solana treasury in the world. It operates as a digital asset treasury (DAT) company—a business whose central strategy is piling a single cryptocurrency onto its balance sheet—applying to Solana the playbook Michael Saylor's Strategy popularized with Bitcoin. The firm also runs its own validators, the computers that help operate the network and earn rewards. For shareholders, the appeal is exposure to SOL through a regular brokerage account.

DFDV also pitches itself as a bigger swing on Solana. In an August release, Onorati said the company is designed to give investors magnified exposure to SOL—in practice, price moves in the token are meant to hit the stock harder, in both directions.

Funding Purchases Through Preferred Stock

The company raises money in part by selling CHAD, a preferred stock—shares that get paid dividends ahead of common stock—whose prospectus says proceeds will go partly toward buying SOL. CHAD has a stated amount of $10 and currently pays 13% a year, or $1.30 per share, though its board can adjust that rate.

DFDV has also set up a $300 million at-the-market program, a way to sell new shares over time at market prices, per the release. On Sept. 1, the company was offering 2.2 million CHAD shares at $9, a deal that could raise $19.8 million. The initial public offering priced two days later at 1,375,000 shares and $8 each, for about $11 million—a small slice a treasury valued at $302 million. The company paid the first 13% dividend on the CHAD preferred stock on Oct. 1.

Preliminary Third-Quarter Estimates

DFDV issued preliminary third-quarter estimates as of Sept. 30, not final results. It said SOL per share and total SOL grew by double digits since Aug. 12, while net asset value per share—what remains for each common share after subtracting debts and preferred stock from holdings and cash—grew more than 100%. Final third-quarter results will replace these preliminary figures with confirmed numbers.

From Janover to Solana Treasury Giant

The company operated as Janover, a commercial real estate platform, until its 2025 pivot. In May 2025, it held nearly 600,000 SOL; it now holds more than four times that.

The DAT model, however, has a catch. Treasury firms grow by selling shares at a premium—above the value of the tokens backing each share—and history has shown that growth stalls when shares fall below that level. By December 2025, many such firms' shares had slipped below the value of their crypto holdings, Strategy's included.

The company has declared CHAD dividends of $0.00516 per share for each business day through Oct. 30—a daily cadence consistent with its stated 13% annual rate, and a standing obligation that ranks ahead of common stockholders.

Source: Decrypt