DeFi Development Corp. authorizes buyback program for CHAD preferred stock
Solana treasury firm DeFi Development Corp. has authorized an open-ended buyback program covering up to all outstanding CHAD preferred shares if they trade below their $10 par value, though the company has no immediate plans to execute repurchases.
Solana treasury company DeFi Development Corp. has authorized an open-ended repurchase program covering up to all outstanding shares of its CHAD preferred stock, including shares it may issue in the future, according to reports by The Block and SolanaFloor. The program provides the company with the flexibility to buy back the securities if they trade below their $10 par value.[1][2][3]
The company stated that it does not currently intend to repurchase CHAD shares, explaining that it first wants the security to establish itself at or around par value. The open-ended authorization introduces an additional capital-allocation tool alongside DeFi Development Corp.'s existing $300 million CHAD at-the-market program.[1][3]
DeFi Development Corp. currently holds approximately 2.53 million SOL in its treasury, SolanaFloor reported. Crypto Briefing noted that while the buyback authorization enhances the company's financial flexibility, it could potentially divert funds from its core Solana acquisition strategy.[3][4]
Key facts
- DeFi Development Corp. authorized a program to repurchase up to all outstanding shares of its CHAD preferred stock, including future issuances.
- The buyback gives the company flexibility to repurchase CHAD preferred shares if they trade below their $10 par value.
- DeFi Development Corp. stated it does not currently plan to repurchase shares and wants the security to first establish itself at or around par value.
- The open-ended authorization complements DeFi Development Corp.'s existing $300 million CHAD at-the-market offering.
- DeFi Development Corp. holds approximately 2.53 million SOL in its treasury.
- Crypto Briefing reported the buyback program may divert funds from the company's core Solana acquisition strategy.
Sources · 4 sources
- TB
The Block@TheBlockCoPost on X ·
THE BLOCK: DeFi Development Corp. authorized a program to repurchase up to all outstanding shares of its CHAD preferred stock, including shares it may issue in the future, giving the company flexibility to buy back the securities if they trade below their $10 par value. $DFDV The solana:So11111111111111111111111111111111111111112 treasury company said it does not currently intend to repurchase CHAD and first wants the security to establish itself at or around par. The open-ended authorization adds a potential capital-allocation tool to DFDV's existing $300 million CHAD ATM.
Open source - TB
The BlockArticle ·
Solana treasury DeFi Development authorizes CHAD preferred stock buyback program Solana treasury firm DeFi Development approved an open-ended program to repurchase CHAD preferred stock if it trades below its $10 par value.
Open source - SO
SolanaFloor@SolanaFloorPost on X ·
NEWS: Solana Treasury Company @defidevcorp, which holds ~2.53M $SOL in its treasury, has authorized a program to repurchase up to all outstanding CHAD preferred shares. The company says it may buy back CHAD if it trades below its $10 par value, but does not currently plan to repurchase shares.
Open source - CB
Crypto BriefingArticle ·
DeFi Development Corp. authorizes open-ended buyback for CHAD preferred stock The open-ended buyback program enhances DFDV's financial flexibility but may divert funds from its core Solana acquisition strategy. The post DeFi Development Corp. authorizes open-ended buyback for CHAD preferred stock appeared first on Crypto Briefing .
Open source