Growth Accelerates

DeFi Development's SOL holdings and net asset value per share have accelerated due to rising Solana prices and increased financing activity, despite the company maintaining its core strategy. The company's SOL balance increased by a double-digit percentage between August 12 and September 30, while SOL per share also rose by a double-digit percentage during the same period.

Simplification Efforts

The company took steps in August to simplify its business, including cost reductions, a discounted repurchase of convertible debt, the divestment of ZeroStack and a decision to concentrate on a smaller number of on-chain protocols. Onorati said those moves were intended to create a cleaner investment story centered on leveraged exposure to Solana.

CHAD Preferred Stock Focus

A central topic of the discussion was CHAD, DeFi Development's Nasdaq-listed variable-rate cumulative preferred stock. Kang said the instrument currently carries an annual dividend rate of approximately 13% based on a $10 par value and pays dividends every business day. Management described CHAD as an instrument aimed at income-oriented investors, distinct from the company's common stock, which is intended to offer amplified SOL exposure.

Yield Differentiation

DeFi Development views the yield generated by its Solana treasury as an important distinction from preferred-stock products backed by Bitcoin. Kang said the company believes it has room to scale the preferred stock based on the size of its treasury and historical yield generation.