DeFi Development Corp. has authorized a broad repurchase program covering its CHAD preferred stock as the company expands its Solana strategy. According to the press release, the Nasdaq-listed firm can repurchase outstanding CHAD shares, including future issuances, when market conditions support such action. However, management currently plans no immediate purchases and wants CHAD trading near its $10 par value first.
CHAD Becomes a Flexible Funding Tool
Significantly, the authorization gives DeFi Development another option for managing CHAD if its market price later falls below par. The company views the preferred stock as a long-term funding vehicle rather than a single capital raise.
Moreover, DeFi Development already operates a $300 million CHAD at-the-market program. The company plans to use proceeds from that program to support additional SOL purchases.
Additionally, CHAD paid its first dividend on October 1. Consequently, the new repurchase framework adds another mechanism for supporting the preferred stock as the funding strategy develops.
Solana Treasury Continues Growing
The authorization follows another period of expansion for DeFi Development’s Solana holdings. On Monday, the company reported preliminary third-quarter figures showing NAV per share more than doubled.
Besides that improvement, its treasury recently reached 2.56 million SOL. The growing position strengthens Solana’s importance within the company’s broader capital strategy.
Meanwhile, SOL trades near $119.93 after posting modest daily and weekly gains. Its market capitalization currently stands around $70.7 billion.
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