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      Solana Treasury Company DeFi Development Authorizes Buyback of CHAD Preferred Shares

      PANews reported on October 6, citing The Block, that Nasdaq-listed Solana treasury company DeFi Development Corp. has approved a CHAD preferred share buyback program that could repurchase all outstanding shares as well as shares that may be issued in the future. The company said it does not currently intend to buy back shares immediately, and that its primary goal is to return CHAD to its $10 par value; once it holds above par value, if it falls below, the company will have a buyback tool available.

      The authorization adds a potential capital allocation tool to its existing $300 million CHAD ATM, which is used to raise funds to increase SOL holdings. The company paid CHAD's first dividend on October 1. On Monday, the company said preliminary third-quarter estimates show per-share NAV more than doubled, and the Solana treasury grew to 2.56 million SOL over the past week.


      Source: PANews
      .

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