Nasdaq-listed DeFi Development Corp (DFDV) added roughly 22,070 SOL—valued at about $2,373,211—along with "SOL equivalents" to its treasury last week, according to a press release published Monday. The purchases bring the company's total holdings to approximately 2,586,282 SOL and SOL equivalents, worth about $287 million with SOL trading near $111, an increase of 12% since August 12.

The pace of accumulation has steadily slowed. Weekly purchases fell from 101,381 SOL in mid-September (roughly $11.4 million) to 47,706 tokens ($5.8 million), and then to 26,202 ($3.1 million).

DFDV is a digital asset treasury company—a publicly traded firm that holds a cryptocurrency so equity investors can gain exposure to it without opening a crypto account. The company operated as a real estate software business called Janover until April 2025, when it pivoted to Solana and adopted a bitcoin-style treasury strategy modeled on Strategy's approach. Strategy, formerly MicroStrategy, pioneered that playbook by building a bitcoin treasury starting in 2020, and other publicly listed firms have since adapted the model to a range of tokens.

CHAD Preferred Stock Hits Record Highs

CHAD, the company's perpetual preferred stock, reached all-time highs in the week ended October 9 and is approaching its $10 stated amount. Perpetual preferred shares never mature and rank ahead of common stock for dividend payments. CHAD pays a variable 13% annual dividend on its $10 stated amount—$1.30 per share—declared each business day.

"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," said Dan Kang, Chief Strategy Officer. "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," he added.

The milestone carries less weight than it might first appear: the shares priced their initial public offering at $8 in September, below their stated amount, according to a pricing announcement. Last week, DFDV authorized buybacks for periods when CHAD trades below its $10 par value.

The price level matters because DFDV funds its SOL purchases through a $300 million at-the-market program, which sells new CHAD shares gradually at market prices. The closer CHAD trades to $10, the more SOL each newly issued share can buy.

"Short-term volatility has not changed our conviction or our commitment to accumulating SOL," CEO Joseph Onorati said in the release.

Market Context

SOL fell about 9% over seven days, and nearly $1 billion in long positions—bets that prices would rise—were liquidated within 24 hours. Liquidation is forced selling: when traders using borrowed funds see prices fall far enough to wipe out their collateral, exchanges automatically close the positions, pushing prices lower still.

A 13% dividend looks generous, but CHAD is backed by a company whose main asset trades about 62% below its January 2025 peak of roughly $295. The income is designed to come from staking—committing SOL to help secure the Solana network in exchange for rewards—but the press release itself cautions that staking rewards may not be enough to cover the dividends.

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 holdings, though it also carries debt. When a treasury company trades below the value of its crypto stash, selling shares to buy tokens stops making economic sense, one reason the sector is under pressure.

CHAD holders will continue collecting $0.00516 per share for each business day through October 30. The next macro test arrives Wednesday with the release of the U.S. September inflation report. Beyond that, the near-term markers are CHAD's proximity to its $10 stated amount—each step toward par increases how much SOL a newly issued share can buy—and any use of the buybacks DFDV authorized for periods when the shares trade below that level.