DeFi Development Corp. (NASDAQ: DFDV), a Solana-focused treasury management company, reported on Monday that its cash and cash equivalents more than doubled from August 12 to September 30, according to preliminary third-quarter estimates.
Significant growth in assets and holdings
The company also expects to reduce its notional borrowings denominated in Solana (SOL) during the same period. DeFi Development’s current treasury holds approximately 2,564,212 SOL and SOL equivalents, giving it a portfolio valued around $302 million. Nearly 26,203 SOL were added after September 28.
These unaudited figures indicate that DeFi Development’s net asset value (NAV) per share more than doubled in roughly seven weeks. The NAV calculation includes cash plus SOL holdings, minus SOL-denominated debt, other liabilities, and preferred equity.
For its preliminary reporting, the company uses adjusted common shares, which cover restricted stock units, vested options, and in-the-money warrants and convertibles. DeFi Development specified that neither NAV per share nor total NAV represents GAAP book value.
In a statement, CEO Joseph Onorati described rapid progress and explained that the company expects “double digit growth in SOL per share and more than a doubling of NAV per share since our August update.”
The firm also noted that its SOL holdings increased by about 11% since its August earnings update. Both cash positions and SOL-denominated borrowings saw significant change through the third quarter.
| Metric | August 12 | September 30 | Change |
|---|---|---|---|
| SOL & equivalents | ~2.3 million | 2,564,212 | +11% |
| Cash & equivalents | – | More than doubled | Up 100%+ |
| SOL-denominated borrowings | Higher | Decreased | Lower |
CHAD preferred stock dividend and capital programs
DeFi Development also announced developments related to its preferred stock, CHAD, which is listed on Nasdaq. The company initiated a $300 million at-the-market program for CHAD, aiming to provide fresh capital for additional SOL purchases.
CHAD began paying its first dividend on October 1, offering a 13% annual rate on its $10 stated value. This rate translates to $1.30 per share per year, distributed on every business day when declared. The company explained that earnings from validator fees and staking rewards in its SOL treasury would support these payouts.
DeFi Development stated that SOL delivered a 56% stronger performance compared to the Nasdaq-100 in the third quarter, and that the firm’s return exceeded SOL’s rally by 1.5 times.
On Monday, DeFi Development Corp.’s stock price increased by approximately 4%. However, the stock remains down about 66% compared to one year ago. The company explained that its performance is in line with broader trends, as many Solana treasury-focused companies have also faced severe losses during the same period.
DeFi Development highlighted its first-ever preferred stock dividend for investors, emphasizing new capital initiatives and continued focus on SOL acquisition through its expanding treasury program.
Mini dictionary: DeFi Development Corp., or DFDV, is a publicly traded company specializing in treasury management using Solana (SOL) assets and preferred stock instruments to generate yield and expand its digital holdings.
