TheBlock
Nasdaq-listed DeFi Development Corp. is raising the annual dividend rate on its CHAD preferred stock from 13% to 14%, effective Nov. 2. Based on CHAD's $10 stated value, annual dividends rise from $1.30 to $1.40 per share, with payments made each business day when declared by the board.
Why it matters
The company plans to use proceeds from future CHAD issuances to expand its Solana treasury. DeFi Development says that treasury generates returns through staking and validator operations. CEO Joseph Onorati said the higher rate is intended to strengthen CHAD's proposition as the company broadens investor participation.
Market impact
DeFi Development added approximately 22,070 SOL and SOL equivalents last week, bringing holdings to about 2.59 million SOL. The company also said CHAD reached record trading highs during the same week and recently authorized a program to repurchase up to all outstanding CHAD shares. The dividend increase ties the preferred security's income offer to the company's stated plan to build its SOL holdings.
Frequently asked questions
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When does CHAD's new 14% annual dividend rate take effect?
The higher rate takes effect Nov. 2, increasing the annual dividend from $1.30 to $1.40 per share based on CHAD's $10 stated value.
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How often are CHAD dividend payments made?
Payments are made each business day when declared by DeFi Development's board.
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How does DeFi Development plan to use proceeds from future CHAD issuances?
The company plans to use the proceeds to expand its Solana treasury, which it says generates returns through staking and validator operations.
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How much SOL does DeFi Development hold?
After adding approximately 22,070 SOL and SOL equivalents last week, DeFi Development reported holdings of about 2.59 million SOL.
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What other recent CHAD developments did the company report?
DeFi Development said CHAD reached record trading highs during the same week it added to its SOL holdings. It also authorized a program to repurchase up to all outstanding CHAD shares.
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