DeFi Development Corp. says preliminary third-quarter estimates show its net asset value per share more than doubled while its Solana treasury grew to roughly 2.56 million SOL. The Nasdaq-listed company also paid the first dividend on its CHAD preferred stock on Oct. 1.
Nasdaq-listed DeFi Development Corp. (DFDV) said Monday that preliminary third-quarter estimates show double-digit growth in SOL per share and more than 100% growth in net asset value per share as of Sept. 30 compared with Aug. 12. The figures remain preliminary, pending finalization.
Solana treasury grows past 2.5 million SOL
The company added about 26,203 SOL since Sept. 28, bringing its holdings to roughly 2.56 million SOL and SOL equivalents worth $302 million. That is up about 11% since its Aug. 12 earnings update.
DeFi Development also said cash and cash equivalents more than doubled while SOL-denominated borrowings declined. According to CEO Joseph Onorati: "The DFDV ship is flying at lightning speed."
CHAD preferred stock funds further purchases
The company established a $300 million at-the-market program for its CHAD preferred stock in September, with proceeds primarily earmarked for additional SOL purchases. DFDV had launched CHAD in September through an $11 million offering, positioning the perpetual preferred stock as a source of capital that does not dilute common shareholders.
DeFi Development paid CHAD's first dividend on Oct. 1, marking a milestone for the Nasdaq-listed variable-rate preferred stock. CHAD carries a 13% annual dividend rate on its $10 stated amount, equivalent to $1.30 per share annually at the current rate.
Shares rise even as the stock stays down for the year
DFDV shares were up about 2% in early Monday trading. The stock is down nearly 70% over the past year.
Source: The Block
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