Summary
- Between September 28 and October 2, DeFi Development Corp. acquired approximately 26,203 SOL, increasing its total holdings to 2,564,212 SOL and equivalents, as detailed in an 8-K filing on October 5.
- This latest acquisition is about half of the 47,706 SOL added the previous week and around a quarter of the 101,381 SOL added in the week ending September 18.
- The company reports an 11% increase in its treasury since August 12, now valued at $302 million, and announced its first 13% dividend payment on its CHAD preferred stock on October 1.
DeFi Development Corp., a company that specializes in financial services and asset management, recently added 26,203 SOL, valued at roughly $3 million, to its treasury. This acquisition took place between September 28 and October 2, according to an 8-K filing submitted to disclose significant corporate events.
Listed on Nasdaq under the ticker DFDV, the company now holds a total of 2,564,212 SOL along with unspecified "SOL equivalents," which the filing does not clarify. The current valuation of this asset pool stands at $302 million, reflecting a 1% increase from the 2,538,010 SOL held on September 25.
Myriad: Predict Solana's next move.The pace at which the company is increasing its holdings appears to be slowing down. DFDV added 101,381 SOL in the week ending September 18 and 47,706 SOL the week following.
CEO Joseph Onorati described the situation differently in the company’s press release, stating, "The DFDV ship is flying at lightning speed. We have continued buying SOL and have grown our treasury by 11% since August 12." However, this "lightning speed" now translates to a slower acquisition rate compared to the previous week.
DFDV operates as a digital asset treasury company, focusing on accumulating cryptocurrencies on its balance sheet. It adopts a strategy similar to that of Michael Saylor, who is known for his Bitcoin strategy, but applies it to Solana. The firm also manages its own validators, which are essential for maintaining the network and earning rewards. This model allows shareholders to gain exposure to SOL through a traditional brokerage account.
In an August statement, Onorati indicated that the company aims to provide investors with enhanced exposure to SOL. This means that fluctuations in SOL’s price are expected to have a more pronounced impact on the stock price, both positively and negatively.
To fund its operations, the company issues CHAD preferred stock, which entitles holders to dividends before common stockholders. The proceeds from this stock issuance, as per its prospectus, are partially allocated for purchasing SOL. Each share of CHAD is valued at $10 and offers a 13% annual dividend, equivalent to $1.30 per share, although this rate can be adjusted by the board as noted in the prospectus.
Moreover, the company has initiated a $300 million at-the-market program to sell new shares over time at prevailing market prices, according to the release.
As of September 1, DeFi Development Corp. was offering 2.2 million shares of CHAD at $9 each, aiming to raise $19.8 million. The IPO was priced two days later at 1,375,000 shares for $8 each, totaling around $11 million. In relation to a treasury valued at $302 million, this amount is relatively small.
DFDV also provided preliminary estimates for its third-quarter results as of September 30, noting that both SOL per share and total SOL have increased by double digits since August 12. The net asset value per share, which reflects the remaining value for each common share after accounting for debts and preferred stock, has more than doubled.
Previously known as Janover, a commercial real estate platform, the company pivoted in 2025 and has since grown its Solana holdings from nearly 600,000 SOL to over four times that amount.
However, the digital asset treasury model has its challenges. These firms typically grow by selling shares at a premium, meaning their share price exceeds the value of the underlying tokens, but history shows that growth can stagnate when share prices fall below this value. By December 2025, many treasury firm's shares had declined below the value of their crypto assets, including Strategy's.
The company has also announced CHAD dividends of $0.00516 per share for each business day through October 30.