Nasdaq-listed Solana Reserve Company DeFi Development raised the CHAD dividend yield to 14%

According to The Block, Nasdaq-listed Solana reserve company DeFi Development Corp. (DFDV) announced that it will raise the annual dividend yield of its CHAD preferred stock from 13% to 14%, effective November 2. Based on a par value of $10 per CHAD share, the annual dividend will increase from $1.3 per share to $1.4 per share, paid once every business day, contingent upon the company's board declaring the dividend. The company stated that future funds raised from CHAD issuance will be used to expand its Solana reserves, which generate income through staking and validating node operations.

CEO Joseph Onorati stated that raising the dividend yield to 14% will help expand investor participation and grow the scale of CHAD. He noted that the appeal of CHAD lies in providing double-digit dividend income through Nasdaq-listed preferred securities, with daily payouts, while the issuer holds income-generating SOL reserves. The company aims to position CHAD as a leading digital credit tool, enhancing the ability to accumulate SOL, adding value for common stock shareholders, while maintaining prudent capital management.

DeFi Development increased its holdings by approximately 22,070 SOL and equivalent assets last week, raising its total holdings to about 2.59 million SOL; the company stated that CHAD reached a new trading price high that week and recently approved a buyback plan to repurchase up to all issued CHAD shares.