DeFi Development Corp added roughly 22,070 SOL and SOL equivalents last week, worth about $2.37 million, lifting its treasury to approximately 2,586,282 tokens, according to a press release published Monday.

The stash now carries a market value near $287 million with SOL trading around $111. The Nasdaq-listed firm, ticker DFDV, has grown its holdings 12% since August 12. Weekly purchases, however, keep shrinking: from 101,381 SOL in mid-September, worth about $11.4 million, to 47,706 tokens, then 26,202, and now 22,070.

What is DFDV and why does CHAD matter?

DFDV is a digital asset treasury company: a public firm that holds a cryptocurrency so stock investors can gain exposure without opening a crypto account. Formerly a real estate software business called Janover, it pivoted to Solana in April 2025 and adopted Strategy's Bitcoin playbook.

Its CHAD perpetual preferred stock hit all-time highs in the week ended October 9 and now approaches $10. Perpetual preferred shares never mature and receive dividends ahead of common stock. CHAD pays a variable 13% annual dividend on its $10 stated amount—$1.30 per share—declared each business day.

"CHAD reaching new highs and approaching $10.00 even as SOL pulled back is an encouraging sign that investors are recognizing its distinct income proposition," Chief Strategy Officer Dan Kang said. "For common shareholders, CHAD provides a funding source that can support accretive SOL per share growth without issuing additional common shares."

The record carries context: CHAD priced its September IPO at $8, below its own stated amount. Last week DFDV authorized buybacks for whenever CHAD trades under its $10 par value.

The price matters operationally. DFDV funds its SOL purchases through a $300 million at-the-market program that sells new CHAD shares gradually at market prices. The closer CHAD trades to $10, the more SOL each new share buys.

How sustainable is the 13% yield?

SOL fell about 9% over seven days, and nearly $1 billion in long positions were liquidated within 24 hours. Liquidation is forced selling: exchanges automatically close leveraged bets when falling prices wipe out collateral, which pushes prices lower still.

The 13% dividend rests on a treasury whose main asset trades about 62% below its January 2025 peak near $295. The company's own release warns that staking rewards may not suffice to cover dividends.

"Short-term volatility has not changed our conviction or our commitment to accumulating SOL," CEO Joseph Onorati said in the release.

DFDV common stock traded near $4.41 on Monday, a market value of roughly $144 million—about half the value of its SOL holdings, though the company also carries debt. When a treasury firm trades below its crypto stash, issuing shares to buy tokens stops making economic sense, one reason the sector faces pressure.

CHAD holders will collect $0.00516 per share each business day through October 30. The next macro test arrives Wednesday with the U.S. September inflation report.