DeFi Development Corp. Authorizes CHAD Preferred Stock Buyback

Odaily reports that Nasdaq-listed Solana treasury company DeFi Development Corp. has approved a CHAD preferred stock buyback program, allowing for the repurchase of all outstanding shares and any shares that may be issued in the future. The company stated that there are currently no immediate buyback plans, and its primary goal is to drive CHAD back to its $10 par value; once it stabilizes at par value, should the price fall below it again, the company will be able to execute buybacks. This authorization adds a potential capital allocation tool to the company's existing $300 million CHAD ATM financing facility, which is used to raise funds for accumulating SOL. The company paid its first CHAD dividend on October 1 and stated that preliminary estimates for the third quarter show NAV per share more than doubled; over the past week, its Solana treasury grew to 2.56 million SOL.