DeFi Development Corp. Adds 26,203 SOL in Treasury Expansion

Second-largest Solana holder boosts holdings to 2.56M tokens

DeFi Development Corp. added 26,203 SOL tokens to its treasury between Sept. 28 and Oct. 2, bringing total holdings to 2,564,212 SOL and SOL equivalents, according to an 8-K filing dated Oct. 5. The addition, valued at roughly $3 million, represents a 1% increase from the company’s Sept. 25 position of 2,538,010 SOL.

The Nasdaq-listed company, ticker DFDV, holds the second-biggest Solana holdings in the world. CEO Joseph Onorati said in a statement that “the DFDV ship is flying at lightning speed. We have continued buying SOL and have grown our treasury by 11% since August 12.”

DFDV accumulates a single cryptocurrency on its balance sheet, applying a strategy popularized by Michael Saylor with Bitcoin to Solana. The company runs its own validators that help run the Solana network and earn rewards. The treasury now stands at $302 million in valuation, according to the company’s preliminary Q3 estimates issued Sept. 30.

Capital raising and preferred stock dividends

DFDV funds SOL purchases through the sale of CHAD preferred stock. On Sept. 1, the company announced a preferred stock offering at $9 per share for 2.2 million shares, with potential proceeds of $19.8 million. The first 13% annual dividend on CHAD preferred stock was paid Oct. 1, equal to $1.30 per share.

The company established a $300 million at-the-market program to sell new shares over time at market prices. Each CHAD preferred share carries a stated amount of $10 and a declared dividend of $0.00516 per share for each business day through Oct. 30.

Accumulation pace and trajectory

DFDV’s SOL additions have varied significantly in recent weeks. The company added 101,381 SOL in the week ending Sept. 18, followed by 47,706 SOL in the week after Sept. 18. The most recent 26,203 SOL addition represents a slower pace than either of those prior periods.

In May 2025, DFDV held nearly 600,000 SOL. The company’s holdings have grown substantially since then, reflecting an acceleration in its accumulation strategy over the past five months.

Company background

DFDV was formerly known as Janover, a commercial real estate platform, until its 2025 pivot to digital asset treasury operations. The company’s IPO was priced at $8 per share for 1,375,000 shares, generating $11 million in proceeds. The strategy is designed to give investors magnified exposure to SOL, according to Onorati.