DeFi Development Corp. focuses on building its treasury around Solana (SOL), a blockchain infrastructure platform. The company operates through two segments: Digital Asset Treasury and Real Estate Platform. The Digital Asset Treasury segment manages its treasury policy to purchase, hold, and compound digital asset holdings through staking and operating its owned validators. The Real Estate Platform segment offers a technology platform connecting commercial mortgage and small business borrowers seeking debt to refinance, build, or buy commercial property, including apartment buildings, with commercial property lenders. The company was formerly known as Janover Inc. and changed its name to DeFi Development Corp. in April 2025. It was founded in 2018 and is headquartered in Boca Raton, Florida.
DFDV keeps buying Solana and raising money to buy more
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Resumed Solana buying, funded partly by selling ZeroStack stake DFDV bought about 19,000 SOL, taking holdings to roughly 2.33 million SOL, and said the new coins will be held long-term and staked on its own infrastructure. Part of the money came from selling its ZeroStack stake. Shares jumped 17.3% on the news, as investors saw the treasury strategy back on track.
This is the first concrete sign this period that the company restarted its core Solana accumulation strategy, which is the main thing that moves DFDV.
New preferred stock offerings raise cash for more Solana DFDV announced a $20 million preferred stock IPO paying a 13% yearly dividend, then set up a $300 million at-the-market program for the same CHAD preferred shares. Most of that money is meant to buy more SOL. This gives the company a bigger, steadier funding pipe for its treasury, though it also adds a costly dividend obligation.
The new funding structures are the main way DFDV pays for more Solana, so they directly shape how fast the treasury can grow.
Treasury grows to 2.56 million SOL, NAV per share seen doubling DFDV added 55,491 SOL in mid-September and another 26,203 SOL by early October, reaching about 2.56 million SOL worth roughly $302 million. The company says net asset value per share should more than double. More SOL per share means each DFDV share is backed by more crypto, which supports the stock price.
The rising SOL-per-share figure is the clearest measure of whether the company is actually delivering on its treasury plan.
CHAD buyback authorized, but company says it won't use it yet DFDV approved an open-ended repurchase program for its CHAD preferred shares, but said it does not currently plan to buy any back and wants CHAD to first trade at its $10 par value. The program is a backstop, not an active buyback, so it signals confidence but adds no real demand for the shares right now.
It is the period's only genuinely ambiguous capital move and shows a limit on how much cash the company is willing to spend supporting its own securities.
DeFi Development's Solana Holdings Top $302 Million, Per-Share NAV Set to Double
Nasdaq-listed Solana treasury company DeFi Development Corp. announced that its Solana holdings have reached 2.56 million SOL, with net asset value per share expected to rise by more than 100%. The company added roughly 26,203 SOL since September 28, expanding its holdings of SOL and equivalents to about $302 million, an increase of roughly 11% since its August 12 earnings update. In September the company established a $300 million at-the-market program for its CHAD preferred stock, with proceeds mainly earmarked for SOL purchases. The new CHAD preferred shares paid their first dividend on October 1, at an annual rate of 13% on a $10 par value, equivalent to about $1.30 per share per year. According to CoinGecko's Solana treasury tracker, 23 entities hold a combined 19.61 million SOL, worth about $2.36 billion, with DFDV ranking second behind Forward Industries at 2.49 million SOL. The company's figures as of September 30 are preliminary, and final quarterly results may differ from current estimates.
DFDV · Capital · Positive DFDV's Solana holdings reached 2.56M SOL (~$302M) with per-share NAV expected to more than double, plus a $300M ATM program and 13% CHAD preferred dividend.
SOL · Demand · Positive DFDV added ~26,203 SOL and earmarked $300M ATM proceeds mainly for SOL purchases, signaling treasury-entity demand for Solana.
DeFi Development Authorizes Open-Ended Repurchase Program for CHAD Preferred Shares
DeFi Development has authorized an open-ended repurchase program for its Variable Rate Series C Perpetual Preferred Stock, known as CHAD, the company said on Tuesday. Under the program, the company may repurchase up to all CHAD shares outstanding from time to time, including shares issued in the future. DeFi Development does not currently intend to repurchase CHAD, and its near-term objective remains for CHAD to establish itself at or around its $10.00 par value. The firm said it will not initiate repurchases before CHAD first reaches par. Thereafter, if CHAD trades below par, DeFi Development may use the repurchase program when it believes doing so represents an attractive use of capital.
DFDV · Capital · Neutral DeFi Development authorizes an open-ended buyback program for its CHAD preferred shares, but says it does not currently intend to repurchase them.
DeFi Development Adds 55,491 SOL, Lifting Treasury to 2.39 Million
Nasdaq-listed DeFi Development Corp has increased its Solana treasury by 55,491 SOL, bringing total holdings to about 2.39 million SOL and SOL equivalents, a roughly 2% increase since August 27. The company said Monday it resumed regular Solana purchases and continues to generate yield from its holdings, making it the second-largest public-company holder of Solana after Forward Industries. Alongside the treasury increase, DeFi Development established a $300 million at-the-market offering for its CHAD perpetual preferred stock, the Variable Rate Series C Perpetual Preferred Stock, which carries an initial annual dividend rate of 13%. The company plans to issue the shares at or above their $10 par value, with most proceeds expected to fund additional SOL purchases. CEO Joseph Onorati said the company is growing its SOL treasury, generating more organic yield and delivering strong performance, with DFDV returning twice as much as SOL quarter-to-date.
Digital Finance & Tokenization › Bitcoin / Crypto Treasury & Store-of-Value Proxies Capital
DFDV · Capital · Positive DeFi Development added 55,491 SOL to its treasury and set up a $300M at-the-market preferred stock offering to fund more SOL purchases.
DFDV · Demand · Positive The company resumed regular Solana purchases and continues generating yield from its holdings.
SOL · Demand · Positive DeFi Development's resumed SOL purchases and planned treasury expansion represent concrete buying demand for Solana.
DeFi Development Announces $20M Preferred Stock IPO
DeFi Development Corp. announced plans for an initial public offering of up to $20 million of Series C perpetual preferred stock, with the underwriter receiving a 30-day option to purchase up to an additional 15% of the shares offered. The preferred stock will initially carry a 13% annual dividend rate, payable daily, and the company intends to use net proceeds for working capital, acquisitions of Solana and other digital assets, strategic transactions, and growth initiatives. DeFi Development also plans to establish a reserve covering the first 12 months of dividend payments at the initial rate. R.F. Lafferty & Co., Inc. is acting as sole book-running manager for the offering, and shares rose 8.03% following the announcement.
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure Capital
DFDV · Capital · Positive DeFi Development announced a $20M preferred stock IPO with 13% dividend, raising capital for working capital, Solana acquisitions, and growth initiatives.
R.F. Lafferty & Co., Inc. · Capital · Positive R.F. Lafferty & Co. is acting as sole book-running manager for the $20M preferred stock offering, a mandate for the firm.
SOL · Demand · Positive DeFi Development intends to use IPO proceeds to acquire Solana and other digital assets, signaling demand for SOL.
Solana Rises 50% in August as Corporate Treasury Holdings Accelerate
Nasdaq-listed DeFi Development Corp. (DFDV) resumed its strategy of holding Solana as a treasury asset on August 27, acquiring approximately 19,000 SOL. With this purchase, the company's total SOL and SOL-equivalent assets reached about 2.33 million SOL. Part of the acquisition funds came from the sale of its stake in ZeroStack, and the newly acquired SOL will be held long-term and staked on its own infrastructure. DFDV shares closed at $5.28 on August 27, up 17.3% from the previous day, with a market capitalization of approximately $164 million. Meanwhile, Solana rose from $74 to $110 over the 12 days from August 17 to 28, a gain of 50%, outpacing Bitcoin's 24.0% and Ethereum's 31.5%. Cumulative SOL holdings by corporate treasuries reached approximately 16.3 million SOL, an increase of about 600,000 SOL since June 29, far exceeding the roughly 100,000 SOL added in the first half of 2026. Prior to DFDV's purchase, Solmate Infrastructure PLC also acquired 1,000 SOL on August 20, raising its holdings to about 1.25 million SOL. Among publicly listed companies, Forward Industries remains the largest holder with approximately 7.81 million SOL.
DFDV · Capital · Positive DFDV resumed its Solana treasury strategy, buying ~19,000 SOL funded partly by selling its ZeroStack stake, lifting its shares 17.3%.
SOL · Demand · Positive Corporate treasury SOL holdings climbed ~600,000 SOL since June 29, with DFDV and Solmate adding positions, driving Solana up 50% in August.
DeFi Development Launches Real-Time Solana Data Platform
DeFi Development Corp has launched State of Solana, a public platform providing real-time insights into Solana's network activity, including market, staking, validator, and ecosystem data. The dashboard tracks metrics such as SOL returns, transaction throughput, staking yields, inflation, and network uptime, and offers historical data and comparisons with other blockchains. Chief marketing officer Pete Humiston said the platform lets investors see the underlying data supporting the company's bullish thesis on Solana. The launch follows DeFi Development's accumulation of a large Solana treasury, holding 2.29 million SOL valued at roughly $208 million as of August 10, and its $200 million at-the-market equity program initiated in May. The company reported $2.66 million in first-quarter revenue and a net loss of $83.4 million, largely due to declines in digital asset values. Its shares are down over 15% year-to-date and more than 70% over the past 12 months, trading at $4.52.
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