The Solana purchases made by DeFi Development Corp have slowed down, yet the firm is still describing its pace as “lightning speed.” Between Sept. 28 and Oct. 2, the Nasdaq-listed company added roughly 26,203 Solana tokens to its treasury, valued at around $3 million, according to an 8-K filing made Oct. 5. This figure represents approximately half the 47,706 it added during the previous week and about a quarter of the 101,381 it added in the week ending Sept. 18.
Now the company sits with 2,564,212 Solana tokens and “SOL equivalents,” a term that the filing leaves undefined. Its total comes to $302 million, up by 1% since Sept. 25, when its holdings stood at 2,538,010.
What the Company Says
CEO Joseph Onorati framed the slower pace in the company’s press release. “The DFDV ship is flying at lightning speed. We have continued buying SOL and have grown our treasury by 11% since August 12,” he said.
The current rate of progress came in at about half the speed seen during the preceding week.
The company holds a single cryptocurrency on its balance sheet as its core plan. It follows the method that Michael Saylor made famous with Bitcoin, but applied instead to Solana. It also operates its own validators, the machines that keep the network running and bring in rewards. The draw for investors is owning a piece of Solana through a standard brokerage account.
DFDV brands itself as a larger swing on Solana. In its August release, Onorati described the company as built to offer investors amplified exposure to Solana. Put simply, changes in Solana’s price should affect the stock more strongly, going up and down alike.
CHAD is a preferred stock that the company sells to raise funds, with its prospectus stating part of the proceeds will be used for purchasing Solana. The shares carry a stated amount of $10, and they currently pay 13% a year, or $1.30 per share, based on the release. The dividend rate can be changed by the board, as noted in the same document.
The release states that DFDV established an at-the-market program, which allows the sale of new shares over time at market prices, for $300 million.
The Slowing Pace
That week, the company’s own figures show the buying is cooling fast. The 26,203 tokens added over five days compares to the prior week’s 47,706, which in turn fell further from the 101,381 added the week before.
The filing shows DFDV’s treasury has grown by 11% since Aug. 12. The company made its initial 13% dividend payment on its CHAD preferred stock on Oct. 1.
The firm released early third-quarter numbers as of Sept. 30, rather than complete financials. It reported that Solana per share and total Solana both rose by double digits since Aug. 12. Net asset value per share — the amount remaining for each common share after debts and preferred stock are taken from holdings and cash — climbed more than 100%.
From Real Estate to Crypto
DFDV was known as Janover, a commercial real estate platform, until its 2025 pivot. In May 2025, it held nearly 600,000 Solana tokens. It now holds more than four times that.
To fund its Solana purchases, the company sold CHAD shares. It offered 2.2 million shares of CHAD at $9 on Sept. 1, which could bring in $19.8 million. Two days later, the IPO went public with 1,375,000 shares and $8 each, raising about $11 million.
That is a modest piece against a treasury valued at $302 million by the company.
Each business day through Oct. 30, DFDV has paid CHAD dividends of $0.00516 per share.
The Catch With Digital Treasuries
The DAT model carries a drawback. Treasury firms expand through issuing shares at a premium, which means they sell for more than the tokens backing each share are worth, and experience shows that expansion stops when those shares fall below that value. By December 2025, many firms’ shares had slipped below the value of their crypto holdings, Strategy’s were among those affected.
DFDV’s current valuation depends on that premium holding.
What This Means for Investors
The narrative centers on reduced demand. The firm is injecting fewer units into circulation weekly, while it describes the pace as brisk.
The key facts are simple:
- 26,203 Solana tokens added between Sept. 28 and Oct. 2, worth roughly $3 million
- 47,706 tokens added the prior week; 101,381 added the week ending Sept. 18
- Treasury up 11% since Aug. 12, valued at $302 million
- CHAD dividend paid Oct. 1 at 13%
DFDV is betting that Solana’s price moves will amplify its stock performance. Whether that holds depends on the premium staying intact. The company’s own figures show the buying has cooled.
Source material: “DeFi Development Corp Adds $3 Million in Solana as SOL Buys Slow,” Decrypt.
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