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SOL DeFi Development Corp's board of directors authorized the repurchase of all CHAD preferred shares
On Tuesday, DeFi Development Corp. (NASDAQ: DFDV) announced that its board of directors has authorized the company to repurchase up to all of its outstanding CHAD preferred shares, including shares that may be issued in the future. The company also said that it currently has no actual plans to purchase CHAD, and its primary goal is to restore the stock price to its face value of US$10.
Core terms of the CHAD repurchase program
According to a press release issued Tuesday, the repurchase program covers all issued and future issued CHAD shares. Companies can make purchases on the open market or through private transactions, the plan has no fixed expiration date, and the company is not obligated to purchase a specific number of shares.
CEO Joseph Onorati called CHAD the "fuel for DFDV engines" in Monday's third-quarter update. He made it clear: "Our primary goal is simple: to bring CHAD back to face value. We have not announced today our intention to purchase CHAD."
The company added that once CHAD stabilizes at its $10 par level, if the stock price falls below that level in the future, the company may use the plan to engage in opportunistic operations.
CHAD funds DeFi Development's SOL treasury
DeFi Development launched CHAD preferred shares last month in an effort to raise funds to build its Solana (SOL) corporate treasury and other uses. According to the pricing announcement, the company proposed to issue the preferred shares on August 31, and issued 1,375,000 shares at a price of US$8 per share on September 3, with a total income of approximately US$11 million.
CHAD comes with a variable dividend with an initial annualized dividend rate of 13% of the declared face value of US$10, payable every business day. The company said on Monday that it had recently established a $300 million At-the-Market Offering program for its shares.
Based on preliminary third-quarter estimates, DeFi Development holds approximately 2.56 million SOLs and their equivalents, valued at approximately US$302 million. In addition, the company also operates verification node infrastructure and receives pledge rewards from its positions.
Industry Trends: Crypto-asset repurchase boom
Other crypto asset custodians are also taking similar measures. Strive disclosed on Monday its repurchase facilities of up to $500 million for SATA preferred shares, a move that follows its latest Bitcoin purchase.
