DeFi Development grows SOL holdings 12% as CHAD hits record highs

Nasdaq-listed DeFi Development Corp. added approximately 22,070 SOL and SOL equivalents over the past week, bringing its total holdings to roughly 2.59 million SOL. That's up 12% since its Aug. 12 earnings report, the company announced Monday.

The Solana treasury company also said its Nasdaq-listed variable-rate perpetual preferred stock, CHAD, reached record trading highs during the week ended Oct. 9 despite a broader crypto market selloff. CHAD currently carries a 13% annual dividend rate, payable when declared.

"Short-term volatility has not changed our conviction or our commitment to accumulating SOL," CEO Joseph Onorati said in a release. He said that tokenized equities are generating billions of dollars in trading activity on Solana, specifically noting Samsung's recent announcement of bringing stablecoin functionality to 82 million U.S. Galaxy devices.

"These developments point toward a much larger role for Solana in global finance, and we intend to keep accumulating and compounding SOL ahead of that opportunity," said Onorati.

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Last week, DeFi Development authorized a program to repurchase up to all outstanding shares of CHAD. This gives the company flexibility to buy back the securities if they trade below their $10 par value.

"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 Chief Strategy Officer Dan Kang. "We created CHAD to meet demand for income supported by a productive SOL treasury, and its recent performance demonstrates how its trading behavior can differ from SOL's."

DFDV shares fell 2.2% in Monday's trading session and about 21% over the past week.