DeFi Development Preliminary Q3 Shows NAV Per Share More Than Doubled, Solana Treasury at 2.56 Million SOL
Pre-Q3 numbers show NAV per share more than doubled
Nasdaq-listed DeFi Development Corp. (DFDV) released preliminary third-quarter estimates on Monday showing that its net asset value (the company's assets minus its debts, divided by shares) per share has more than doubled. The figures cover the period up to September 30 and compare against data from August 12.
The company's Solana (SOL) treasury, which acts as a strategic reserve of the Solana cryptocurrency, has grown to approximately 2.56 million SOL and SOL equivalents worth $302 million. That represents an increase of about 11% since its previous earnings update on August 12.
DFDV added roughly 26,203 SOL to its holdings between September 28 and the reporting date.
Key numbers from the preliminary estimate
- NAV per share: more than 100% growth since August 12
- Solana holdings: 2.56 million SOL worth $302 million
- SOL added since September 28: about 26,203
- Overall treasury growth since August 12: about 11%
- Cash and cash equivalents: more than doubled
- SOL-denominated borrowings: declined
What CEO Joseph Onorati said
"The DFDV ship is flying at lightning speed. We have continued buying SOL and have grown our treasury by 11% since August 12," Onorati said in a company statement distributed through GlobeNewswire. "Those gains are adding up. We expect to report double-digit growth in SOL per share and more than a doubling of NAV per share since our August update. Our focus remains on making each common share represent more SOL over time."
The company has described its approach as a "capital flywheel" that cycles through raising capital, accumulating SOL, generating yield, and increasing SOL per share. DFDV launched a $300 million at-the-market (ATM) program in September to raise funds through incremental share sales, with proceeds primarily earmarked for additional SOL purchases.
CHAD preferred stock pays its first dividend
DeFi Development paid the first dividend on its CHAD variable-rate preferred stock on October 1. CHAD was launched in September through an $11 million offering. The stock carries a 13% annual dividend rate on its $10 stated amount, which equals $1.30 per share per year at the current rate.
The company designed CHAD as a perpetual preferred stock to provide another source of capital for SOL purchases without diluting common shareholders. The larger $300 million ATM program was established afterward to expand that funding capacity.
Figures are still preliminary
DFDV cautioned that its preliminary third-quarter numbers remain subject to finalization. The company's final audited or reviewed financial results may differ from these estimates.
Stock performance context
DFDV shares were up about 2% in early Monday trading following the release. Over the past year, however, the stock is down nearly 70%.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.