DeFi Development keeps adding SOL, in smaller weekly buys

The flow

Over the past week, Nasdaq-listed DeFi Development Corp (DFDV) bought roughly 22,070 SOL, valued near $2,373,211, plus SOL equivalents, according to a Monday release reported by Decrypt. Its treasury now holds roughly 2,586,282 tokens, about $287 million with SOL near $111.

Smaller each week

The direction of the weekly numbers matters more than any single week. Decrypt traced the slowdown: 101,381 SOL, worth near $11.4 million, in mid-September. The next week brought 47,706 SOL, valued at $5.8 million. After that came 26,202 SOL, or $3.1 million, and now this week's smaller figure.

The company was a real estate software firm named Janover until April 2025, when it switched to holding Solana. Its chief executive says the strategy has not changed. "Short-term volatility has not changed our conviction or our commitment to accumulating SOL," said Joseph Onorati, CEO of DeFi Development Corp.

Where the money comes from

The SOL purchases are funded by gradually issuing new shares of CHAD, the company's perpetual preferred stock, under a $300 million program that sells at market prices. A perpetual preferred share has no maturity date and pays a fixed or variable dividend ahead of common shareholders.

CHAD's dividend is variable, set at 13% a year against its $10 stated amount, equal to $1.30 per share, declared every business day. Holders will receive $0.00516 per share per business day through October 30.

CHAD set record highs in the week to October 9, edging toward $10, after its IPO priced at $8 in September. Decrypt explained why that price matters: every new share sold closer to $10 can pay for a little more SOL. DFDV has also authorized buybacks of CHAD for times when it trades below its $10 par value.

How to read it

A treasury company's weekly purchase is a reported flow. It shows coins bought and held by one buyer over one week. It does not show broader demand for SOL, and a slowing figure is not the same as selling.

The funding side carries its own caveats. The company's release cautions that staking income might fall short of what CHAD dividends require. DFDV common shares traded around $4.41 on Monday, giving a market value near $140 million, about half the value of its SOL holdings, though it also has debt. Decrypt noted that issuing stock to buy tokens no longer adds up when a treasury company is valued below its crypto holdings, which helps explain why this kind of buyer can fade even when management stays committed.

Where price sits

By Decrypt's count, SOL lost about 9% in a week and sits about 62% under the roughly $295 high it reached in January 2025. Vertex Investments data from Bybit daily closes shows SOL last closed at $107.52, down 10.9% over seven days, up 8.3% over 30 days and up 42.8% over 90 days. That is 12.0% below the 90-day high close of $122.14 on 2026-09-25 and 1.6% below the 50-day average of $109.29.

On the morning watchlist

These are the figures worth checking in the next briefing.

• Next week's DFDV purchase figure, and whether the shrinking run continues.
• Where CHAD trades relative to its $10 stated amount.
• Any update to the 2,586,282 token treasury total.