DeFi Development boosts CHAD dividend to 14% amid push to grow Solana holdings

Nasdaq-listed DeFi Development Corp. is increasing the annual dividend rate on its CHAD preferred stock from 13% to 14%, effective Nov. 2.

The increase raises annual dividends to $1.40 per share from $1.30, based on CHAD’s $10 stated value, with payments made each business day when declared by the company’s board.

DeFi Development (DFDV) said it plans to use proceeds from future CHAD issuances to expand its Solana (SOL) treasury, which generates returns through staking and validator operations.

CEO Joseph Onorati said increasing the rate to 14% "strengthens that proposition as we broaden investor participation and scale CHAD."

"CHAD's proposition is compelling: double-digit dividend income, paid every business day, through a Nasdaq-listed preferred security issued by a company with a productive SOL treasury," Onorati said in a release. "We see a significant opportunity to build CHAD into a leading digital credit instrument, expanding our capacity to accumulate SOL and drive accretive growth for common shareholders while maintaining disciplined capital management."

DeFi Development Corp. added approximately 22,070 SOL and SOL equivalents last week, bringing its total holdings to about 2.59 million SOL.

DeFi Development said CHAD reached record trading highs during that same week. The company recently authorized a program to repurchase up to all outstanding shares of CHAD.