Solana treasury firm DFDV touts doubled NAV per share — on its own preliminary, unaudited numbers

DeFi Development Corp. (NASDAQ: DFDV) said Monday that preliminary third-quarter estimates show its net asset value per share more than doubled since its August update, and that its Solana treasury has grown to roughly 2.56 million SOL, worth about $302 million, according to The Block.

The company said it added about 26,203 SOL since Sept. 28, putting its stack up roughly 11% since its Aug. 12 earnings update. CEO Joseph Onorati, quoted in the company's statement, said DFDV expects to report "double-digit growth in SOL per share and more than a doubling of NAV per share." DFDV also said cash and cash equivalents more than doubled and SOL-denominated borrowings fell — while stressing the figures are preliminary and subject to finalization.

The fundraising machinery behind the accumulation: in September DFDV launched a perpetual preferred stock, CHAD, via an $11 million offering, then established a $300 million at-the-market program for CHAD with proceeds primarily earmarked for buying more SOL. CHAD paid its first dividend on Oct. 1. It carries a 13% annual rate on its $10 stated amount — $1.30 per share a year. DFDV frames the loop as a "capital flywheel": raise capital, buy SOL, generate yield, grow SOL per share.

DFDV shares were up about 2% in early Monday trading. They are down nearly 70% over the past year.

Key facts

• Solana treasury: ~2.56 million SOL and SOL equivalents, ~$302 million; +11% since Aug. 12 (DFDV preliminary Q3 estimate, via The Block).
• Added ~26,203 SOL since Sept. 28 (DFDV, via The Block).
• NAV per share "more than doubled"; "double-digit" growth in SOL per share — preliminary, unaudited (DFDV statement).
• CHAD preferred: launched September via $11M offering; first dividend paid Oct. 1; 13% annual rate on $10 stated amount ($1.30/share/yr) (The Block).
• $300M ATM program for CHAD established September, proceeds mainly for SOL (The Block).
• DFDV shares +~2% Monday; −~70% over the trailing year (The Block).

The real-world read

Nearly every number here comes from DFDV itself, is labeled preliminary, and hasn't been audited — read it as an investor-relations update, not a verified result. "More than doubling" NAV per share leans heavily on SOL's price rising, not just coins accumulated; a treasury's dollar value swings with the token regardless of management. The "capital flywheel" and the CEO's "flying at lightning speed" are marketing, and the mechanics deserve scrutiny: the growth is funded by issuing 13%-yield preferred stock, a steep, standing cash obligation that the upbeat framing glosses over. And the metric management points to — SOL per share — sits awkwardly next to the share price, down roughly 70% in a year. Investors have valued the company well below the pace of its SOL hoard. The exact SOL-per-share figure and audited totals weren't disclosed.

Not financial advice.

Sources

• The Block (reputable secondary), Oct. 5, 2026 — reported DFDV's preliminary Q3 estimates, treasury size, CHAD terms, ATM program, and share performance. All operational and NAV figures are self-reported by DFDV, an interested party, and quote CEO Joseph Onorati's promotional statement; treat those as company marketing, not independent verification.