DeFi Development Lifts CHAD Preferred Dividend to 14% to Fund Solana Buying
DFDV sits 68% above its 52-week low of $2.44.
Summary
DeFi Development raised the annual dividend on its CHAD preferred stock to 14% from 13%, effective Nov. 2, lifting the payout to $1.40 per share from $1.30 on the $10 stated value. The company says proceeds from future CHAD issuance will fund more Solana purchases, and it added roughly 22,070 SOL last week to reach about 2.59 million SOL. The move follows the first CHAD dividend paid at 13% and the expansion of the CHAD ATM program to $300 million with a $10 issuance floor. For a company with a $27.3 million quarterly net loss and material weaknesses in internal controls, a higher payout is a costlier funding tool, but it also makes CHAD more attractive to buyers and supports the SOL accumulation strategy. CHAD hit record trading highs last week, and the company has authorized a buyback of up to all outstanding CHAD shares.
At the time of this announcement, DFDV was trading at $4.10 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $133.7M. The 52-week trading range was $2.44 to $16.07. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: The Block.