DeFi Development authorizes CHAD preferred stock buyback program
DeFi Development has approved an open-ended plan to repurchase its CHAD preferred stock when it trades below its $10 par value. The Nasdaq-listed Solana treasury company says it does not plan to start buying back the security immediately and wants it to establish itself at or around par first.
Highlights
- DeFi Development authorized a buyback program allowing repurchase of all outstanding and future CHAD preferred shares to support the $10 par value.
- Buyback authorization adds capital flexibility alongside the existing $300 million CHAD at-the-market program, directly supporting the company's Solana-centric treasury strategy.
- DeFi Development paid CHAD’s first dividend on Oct. 1, aiming to strengthen trading stability and approach par value for the preferred security.
Buyback framework and capital tools
As reported by The Block, citing DeFi Development in a press release, the authorization allows the company to repurchase up to all outstanding shares of CHAD preferred stock, including shares that may be issued in the future. The move gives the company added flexibility to support the security if it falls below its $10 par value.Chief executive Joseph Onorati said the company’s immediate goal is for CHAD to reach par, rather than to begin repurchases now. He said the authorization puts the necessary infrastructure in place so the company has another capital-allocation tool available if the preferred stock later trades below par.
Implications for Solana treasury strategy
The authorization expands DeFi Development’s options alongside its existing $300 million CHAD at-the-market program, which the company has said it intends to use to raise capital for additional SOL purchases. That links the preferred stock program directly to the company’s broader treasury strategy centered on Solana exposure.DeFi Development also paid CHAD’s first dividend on Oct. 1, adding another milestone for the preferred security as the company works to build trading stability around its par value.
In our earlier report on CapitalSage Technology’s commercial paper programme on the FMDQ platform, we covered the approval to quote multiple short-term tranches totaling N45.12 billion, giving investors a range of maturities. We noted that the structure broadens the company’s funding sources and trading flexibility while adding momentum to Nigeria’s commercial paper market activity.
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