Crypto
DFDV Uses CHAD Stock to Fuel Solana Buying Spree
The DeFi Development Corporation (NASDAQ: DFDV) is using its CHAD stock to buy more Solana (SOL), potentially becoming a new catalyst for SOL's price target of $150.
DFDV has announced that it will raise up to $20 million from the issuance of its preferred stock, CHAD, which will pay a 13% yearly dividend in daily payments. This move allows DFDV to utilize the funds to improve its balance sheet and buy back more SOL, aligning with its strategy to grow its Solana treasury.
The timing of this move is significant, as it comes after a strong quarter for DFDV's stock price, which has grown over 80% in Q3. The company's momentum could enable it to raise additional funds and continue accumulating SOL.