Update
DeFi Development Corp Adds SOL to Treasury
DeFi Development Corp, a Nasdaq-listed Solana piggy bank, added approximately 22,070 SOL and 'SOL equivalents' to its treasury last week, bringing its total holdings to about 2,586,282 tokens, worth about $287 million. The company's weekly purchases have been shrinking, from 101,381 SOL in mid-September (around $11.4 million) to 47,706 ($5.8 million) and then 26,202 ($3.1 million). The company's perpetual preferred stock, CHAD, hit all-time highs in the week ended October 9 and is approaching $10. CEO Joseph Onorati stated that CHAD's variable 13% annual dividend, or $1.30 per share, supports the company's growing treasury and provides a funding source for accretive SOL per share growth without issuing additional common shares. The company's common stock, DFDV, is trading near $4.41, with a market value of about $140 million, roughly half the value of its SOL holdings. The company has authorized buybacks for when CHAD trades under its $10 par value, indicating a commitment to accumulating SOL despite recent price fluctuations.