DeFi Development Raises Solana Holdings 12% to 2.59 Million SOL
Summary
- DeFi Development said it bought additional Solana (SOL) over the past week, increasing its holdings by 12% to about 2.59 million SOL.
- Chief Executive Officer Joseph Onorati said tokenized stocks are generating billions of dollars in transaction volume on the Solana network and that the company will keep buying SOL as Solana is poised to play a bigger role in global finance.
- DeFi Development said CHAD, its Nasdaq-listed floating-rate perpetual preferred stock with a 13% annual dividend rate, reached a record trading price despite the broader crypto market selloff, and that it approved a buyback program allowing repurchases if the shares fall below $10.
Forecast Trend Report by Period
Nasdaq-listed DeFi Development Corp. has increased its Solana holdings to about 2.59 million SOL.
The company bought about 22,070 SOL and SOL-equivalent assets over the past week, bringing its total holdings to roughly 2.59 million SOL, The Block reported on Oct. 12. That is up 12% from the level disclosed in its Aug. 12 earnings release.
Chief Executive Officer Joseph Onorati said in a company statement that short-term volatility had not changed the firm's conviction or commitment to continue buying Solana. He cited Samsung's recent announcement that it would introduce stablecoin functionality to 82 million Galaxy devices in the US, adding that tokenized stocks are generating billions of dollars in transaction volume on the Solana network.
That trend suggests Solana will play a much larger role in global finance, he said, and the company will keep buying SOL ahead of that opportunity while compounding its holdings over time.
DeFi Development also said its Nasdaq-listed floating-rate perpetual preferred stock, CHAD, has drawn attention. CHAD reached a record trading price in the week ended Oct. 9 despite a broader decline in the crypto market. It currently carries a 13% annual dividend rate, with payouts subject to board approval.
Chief Strategy Officer Dan Kang said CHAD's record high and move toward $10, even as Solana prices corrected, was a positive sign that investors were beginning to recognize the security's distinct income value. The company last week also approved a share buyback program covering all outstanding CHAD shares. That structure allows it to repurchase shares flexibly if the price falls below the $10 par value.
DeFi Development shares, which trade under the ticker DFDV, fell 2.2% in the session. The stock has dropped about 21% over the past week.
