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DeFi Development adds 22,070 SOL as CHAD preferred stock nears $10

The Nasdaq-listed Solana treasury firm bought about 22,070 SOL last week, lifting its holdings to roughly 2,586,282 tokens, while its CHAD perpetual preferred stock hit record highs.

Why it matters: It shows how a listed treasury company keeps funding SOL purchases through preferred stock while its common shares trade below the value of the tokens it holds.

InvestIn.News NewsDesk · 1 min read
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Picture from Decrypt for: DeFi Development adds 22,070 SOL as CHAD preferred stock nears $10
Image: Decrypt
Original reporting: Jose Antonio Lanz, Decrypt

Key points

  • CHAD, which pays a variable 13% annual dividend on a $10 stated amount, hit all-time highs in the week ended 9 October after pricing its IPO at $8 in September.

The weekly buys have kept shrinking, from 101,381 SOL in mid-September to 47,706 and then 26,202.

Chief Strategy Officer Dan Kang said the record was an encouraging sign that investors recognise its income proposition, and that it funds SOL growth without issuing more common stock.

The record looks less dramatic given CHAD priced its IPO at $8 in September, below its stated amount, and DFDV authorised buybacks for whenever it trades under $10 par value. CEO Joseph Onorati said short-term volatility had not changed its commitment to accumulating SOL.

SOL fell about 9% over seven days, with nearly $1bn in long positions liquidated in 24 hours.

What to watch: CHAD holders collect $0.00516 per share for each business day through 30 October, and the US September inflation report arrives on Wednesday.

Read the full story on Decrypt

Live updates on NewsFeeds:AltcoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Decrypt’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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