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      DeFi Development Corp. Initiates Open-Ended Buyback Program for CHAD Preferred Stock

      DeFi Development Corp. (Nasdaq: DFDV) has authorized an open-ended buyback program for its CHAD preferred stock, allowing the company to repurchase shares below their $10 par value. The board approved this initiative on October 6, 2026, which encompasses all outstanding shares as well as any future issuances of CHAD, a Variable Rate Series C Perpetual Preferred Stock.

      The buyback program is designed to be opportunistic, enabling DFDV to acquire shares when they are trading below par value. However, the company has indicated that there are no immediate plans to initiate buybacks, as management aims to stabilize CHAD at or near its par value before considering any repurchases. CEO Joseph Onorati emphasized the importance of establishing CHAD at par as a priority.

      CHAD was introduced on September 8, 2026, with an initial offering of 1.375 million shares priced at $8 each, generating approximately $11 million. The stock carries an initial annual dividend rate of 13%, which is not fixed and may vary over time. DFDV also operates a $300 million at-the-market program for issuing CHAD shares, allowing for gradual sales into the market.

      The primary purpose of CHAD is to fund the acquisition of SOL, the native token of the Solana blockchain. By mid-September 2026, DFDV had accumulated approximately 2.39 million SOL and equivalents. The buyback program complements the company's capital management strategy, enabling it to issue shares when demand is high and repurchase them when prices are low, while also managing the dividend obligations to CHAD holders.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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