DeFi Development Reports More Than Doubling NAV Per Share as Solana Treasury Reaches 2.56 Million SOL

Nasdaq-listed DeFi Development Corp. (DFDV) said preliminary third-quarter figures show net asset value per share more than doubled, while its Solana treasury expanded to approximately 2.56 million SOL and SOL equivalents worth about $302 million.

Solana Treasury Expands

The company added roughly 26,203 SOL since Sept. 28, increasing its holdings by about 11% from its Aug. 12 earnings update. DFDV said the preliminary Sept. 30 results also indicate double-digit growth in SOL per share, a measure it uses to track how much Solana each common share represents.

DFDV CEO Joseph Onorati said the company’s priority remains increasing the amount of SOL attributable to each common share. The company also reported that cash and cash equivalents more than doubled during the period, while SOL-denominated borrowings declined. The figures remain preliminary and are subject to finalization.

Key reported changes include:

• Approximately 2.56 million SOL and SOL equivalents held.
• About $302 million in SOL-related assets.
• Roughly 11% growth in the treasury since the August update.
• More than 100% growth in preliminary NAV per share compared with Aug. 12.

CHAD Preferred Stock Adds Funding Channel

DFDV is financing its Solana accumulation through a capital strategy it calls a “capital flywheel.” The approach is designed to raise capital, purchase SOL, generate yield and increase SOL per share over time.

In September, the company launched CHAD, a perpetual variable-rate preferred stock, through an $11 million offering. DFDV subsequently established a $300 million at-the-market program for CHAD, with proceeds primarily earmarked for additional Solana purchases. The preferred-stock structure is intended to expand the company’s funding capacity without directly diluting common shareholders.

CHAD paid its first dividend on Oct. 1. The security carries a 13% annual dividend rate on its $10 stated amount, equivalent to $1.30 per share annually at the current rate.

What This Means

DFDV’s update highlights the growing role of publicly traded treasury companies as leveraged vehicles for Solana exposure. Expanding SOL per share and reducing SOL-denominated borrowings could strengthen the company’s stated objective of increasing asset backing for common shareholders, provided the value of its holdings and financing structure remain favorable.

The strategy also introduces risks. CHAD’s high dividend obligation creates a recurring financing cost, while the company’s ability to keep acquiring SOL depends on market access, borrowing conditions and the performance of Solana. DFDV shares rose about 2% in early Monday trading but remained down nearly 70% over the previous year, underscoring the gap between treasury growth and equity-market performance.