DeFi Development Buys 22,070 More Solana, Raising Holdings to 2.59 Million SOL

DeFi Development, a Nasdaq-listed U.S. company, expanded its crypto treasury by buying more Solana.

On Oct. 12, the company said it had added about 22,070 Solana and equivalent assets over the past week. That brought its total holdings to about 2.59 million SOL, up about 12% from the level disclosed in its Aug. 12 earnings release.

The company said it would stick with its Solana accumulation strategy despite increased volatility in the crypto market. Chief Executive Officer Joseph Onorati said the company's conviction in Solana and its willingness to keep accumulating the token had not changed despite short-term price swings.

He also emphasized Solana's potential role in financial markets. Trading in tokenized stocks on the Solana network is expanding into the billions of dollars, Onorati said. He also pointed to Samsung Electronics' announcement that it would add stablecoin functionality to 82 million Galaxy devices in the U.S. Those developments, he said, would support a larger role for Solana in global financial markets.

The company's Nasdaq-listed floating-rate perpetual preferred stock, CHAD, has also drawn attention. CHAD reached a record trading price in the week ended Oct. 9. It currently carries an annual dividend rate of 13%, payable if declared. The company also recently approved a share repurchase program covering all outstanding CHAD shares, giving it room to buy the stock if the price falls below its $10 par value.

Dan Kang, DeFi Development's chief strategy officer, said CHAD's rise to a record high and its move close to $10 even as Solana prices fell signaled that investors see it as a separate income-generating vehicle. The company's common stock, DFDV, fell 2.2% on the day, and is down about 21% over the past week.