DeFi Development sees NAV per share more than doubling, holds 2.56 million SOL

Nasdaq-listed DeFi Development Corp. (DFDV) said Monday that preliminary third-quarter estimates show double-digit growth in Solana (SOL) per share and more than 100% growth in NAV per share as of Sept. 30 compared with Aug. 12.

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, up about 11% since its Aug. 12 earnings update.

DFDV established a $300 million at-the-market program for its CHAD preferred stock in September, with proceeds primarily earmarked for additional SOL purchases. The company has described the strategy as a "capital flywheel" designed to raise capital, accumulate SOL, generate yield, and increase SOL per share.

The Solana treasury company also said cash and cash equivalents more than doubled and SOL-denominated borrowings declined, while noting the preliminary figures remain subject to finalization.

"The DFDV ship is flying at lightning speed. We have continued buying SOL and have grown our treasury by 11% since August 12," CEO Joseph Onorati said in a statement. "Those gains are adding up. We expect to report double-digit growth in SOL per share and more than a doubling of NAV per share since our August update. Our focus remains on making each common share represent more SOL over time."

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Of note, DeFi Development paid CHAD's first dividend on Oct. 1, marking a milestone for its 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.

DFDV launched CHAD in September through an $11 million offering, positioning the perpetual preferred stock as another source of capital for SOL purchases without diluting common shareholders. The company subsequently established the larger $300 million ATM program to expand that funding capacity.

DFDV shares were up about 2% in early Monday trading. The stock is down nearly 70% over the past year.