Solana Treasury Company DeFi Development Approves CHAD Preferred Share Buyback Plan, With No Immediate Implementation Planned

On Oct. 6, according to The Block, Nasdaq-listed Solana treasury company DeFi Development Corp. (DFDV) announced approval of an indefinite CHAD preferred stock buyback program, authorizing the company to repurchase up to all issued and future-issued CHAD preferred shares when necessary.

However, the company emphasized that it has no immediate plans to repurchase CHAD shares. CEO Joseph Onorati stated that the primary objective is to push the CHAD stock price to or near its $10 par value per share. Only after the price stabilizes, and should it fall below par value again, will the company consider initiating a buyback.

This authorization supplements the company's existing $300 million CHAD at-the-money (ATM) program, which is primarily used to raise funds to increase its SOL holdings. DeFi Development paid the first CHAD dividend on Oct. 1.

Additionally, the company previously disclosed that its SOL treasury holdings have increased to approximately 2.56 million tokens. Preliminary data for the third quarter shows that the net asset value per share has more than doubled from previous levels.