DeFi Development Boosts Solana Holdings to 2.56 Million, Sees NAV Per Share More Than Doubling

Nasdaq-listed DeFi Development (DFDV) is expanding its Solana treasury strategy after raising its holdings to about 2.56 million SOL.

The Block reported on Oct. 5 that DFDV purchased an additional 26,203 SOL since Sept. 28. That lifted its holdings of SOL and SOL-equivalent assets to about 2.56 million, valued at $302 million. The total is about 11% higher than at the company’s Aug. 12 earnings update.

Based on preliminary third-quarter results, the company expects SOL holdings per share as of Sept. 30 to show a double-digit increase from Aug. 12. Net asset value per share is set to rise more than 100% over the same period. Cash and cash equivalents also more than doubled, while SOL-denominated debt declined. The figures have not yet been finalized.

DFDV last month established a $300 million at-the-market equity offering program using its preferred stock, CHAD. It plans to use most of the proceeds to purchase additional SOL. The company describes the structure as a “capital flywheel” strategy in which it raises capital, accumulates SOL, generates yield and increases SOL holdings per share.

Chief Executive Officer Joseph Onorati said the company has continued buying SOL and increased its holdings by 11% since Aug. 12. He added that SOL per share has posted a double-digit increase since the August update, while NAV per share is on track to more than double. The company remains focused on steadily increasing the amount of SOL represented by each common share.

DFDV also paid CHAD’s first dividend on Oct. 1. CHAD is a floating-rate perpetual preferred stock that pays an annual dividend of $1.30 per share at the current rate, based on a 13% dividend yield and a $10 par value. The company began issuing $11 million of CHAD last month and later added the $300 million ATM program.

DFDV shares were up about 2% in early trading on Oct. 5. Even so, the stock remains down about 70% over the past year.