DeFi Development Adds 22,070 SOL as CHAD Preferred Nears $10

DeFi Development Corp grew its SOL and SOL equivalents by 22,070 between Oct. 5 and Oct. 9, 2026, taking the total to 2,586,282 from 2,564,212 on Oct. 2, a 1% rise, according to an 8-K dated Oct. 12. The filing does not put a dollar value on the week's addition.

The company, whose common stock trades on Nasdaq as DFDV, expects the treasury SOL to be deployed through its staking, validator and onchain treasury infrastructure, "subject to market conditions and risk management considerations," the filing says.

CHAD Preferred Trades at All-Time Highs Below $10

The security drawing attention is CHAD, the Nasdaq ticker for the company's Variable Rate Series C Perpetual Preferred Stock. CHAD is not a new product. It hit all-time trading highs in the week ended Oct. 9 and is approaching $10, its stated amount.

That $10 figure is the base for the payout. CHAD carries a variable 13% annual dividend on its $10 stated amount, equal to $1.30 per share a year at the current rate. While the shares trade under $10, a buyer pays less than the stated amount for the same $1.30 payout.

A $300 Million ATM Program Sits Behind the Preferred

The company has a $300 million at-the-market program, which sells new shares gradually at market prices. The ATM covers CHAD, the preferred stock, and not DFDV common stock.

The filing does not say how much of the $300 million has been sold. That figure, set against future weekly SOL totals, is the number to watch: it shows how much of the treasury growth is being funded by issuing new preferred shares that carry a 13% rate.

The structure ties the treasury to two variables at once. SOL holdings rise when CHAD can be sold near its stated amount, and the dividend runs at a variable rate on each share outstanding. A slide in CHAD back away from $10 would make each new share raise less cash for the same $1.30 annual payout.