DeFi Development Corp Adds 22,070 SOL, Treasury Hits $287M

Solana Treasury Company Continues Weekly Accumulation as CHAD Preferred Stock Reaches Record Highs

DeFi Development Corp, the Nasdaq-listed Solana treasury company, purchased approximately 22,070 SOL tokens last week, bringing its total holdings to roughly 2,586,282 SOL tokens worth approximately $287 million, according to Decrypt. The addition represents a 12% increase in treasury size since August 12.

The weekly purchase marks a continuation of the company’s SOL accumulation strategy, though purchase volumes have declined substantially from earlier in the period. In mid-September, DeFi Development Corp acquired 101,381 SOL for approximately $11.4 million. Subsequent weekly purchases have trended lower, with last week’s 22,070 SOL representing the smallest recent addition.

The treasury expansion occurred as CHAD, the company’s perpetual preferred stock, hit all-time highs in the week ended October 9. CHAD, which pays a variable 13% annual dividend on its $10 stated amount, was priced at $8 when it launched in September.

“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 Dan Kang, Chief Strategy Officer. “For common shareholders, CHAD provides a funding source that can support accretive SOL per share growth without issuing additional common shares. For CHAD holders, it offers daily income supported by that growing, productive treasury.”

DeFi Development Corp funds SOL purchases through a $300 million at-the-market program that sells new CHAD shares at market prices. The company’s common stock trades at approximately $4.41 per share, giving it a market value of about $144 million, roughly half the value of its SOL holdings.

CEO Joseph Onorati emphasized the company’s long-term commitment despite near-term headwinds. “Short-term volatility has not changed our conviction or our commitment to accumulating SOL,” Onorati said. SOL declined 9% over the seven days prior to the report and trades approximately 62% below its January 2025 peak of roughly $295.

DeFi Development Corp adopted its Solana treasury model in April 2025, when it pivoted from its former identity as Janover, a real estate software firm. The strategy mirrors the approach used by Strategy, a Bitcoin treasury company that serves as an operational model for the Solana-focused firm.

CHAD dividend payments continue through October 30 at $0.00516 per share per business day.