Key facts
- DeFi Development Corp. added about 22,070 SOL and SOL equivalents last week.
- The company's treasury now holds approximately 2,586,282 SOL tokens, valued at about $287 million.
- DeFi Development's CHAD perpetual preferred stock reached record highs in the week ended October 9.
- The company's common stock traded near $4.41 on Monday, with a market value of about $144 million.
- DeFi Development's strategy involves accumulating SOL, funded by its $300 million at-the-market preferred share program.
DeFi Development Corp., a Nasdaq-listed company focused on digital assets, has expanded its Solana treasury by acquiring approximately 22,070 SOL tokens and SOL equivalents, bringing its total holdings to roughly 2,586,282 tokens, valued at about $287 million. This latest purchase, worth approximately $2.37 million, continues the company's strategy of accumulating SOL, with weekly buys showing a decreasing trend from previous weeks.
Despite short-term volatility in SOL's price, CEO Joseph Onorati stated that the company's "conviction or our commitment to accumulating SOL" remains unchanged. The company's common stock traded near $4.41 on Monday, resulting in a market value of about $144 million, which is roughly half the value of its SOL holdings.
DeFi Development funds its SOL purchases through a $300 million at-the-market program for its CHAD perpetual preferred stock. This stock, which pays a variable 13% annual dividend, hit record highs in the week ended October 9, approaching $10 per share. The company noted that the performance of CHAD, even as SOL pulled back, is an encouraging sign of investor recognition of its income proposition.