DeFi Development authorized to initiate CHAD preferred stock repurchase program.

BlockBeats news, October 6: Nasdaq-listed company DeFi Development Corp. has authorized the launch of a CHAD preferred stock repurchase program, under which it may repurchase all outstanding CHAD preferred shares in the future, including shares the company may issue in the future. The program gives the company flexibility to repurchase when the CHAD share price falls below its $10 per share par value.

The Solana treasury company said it currently has no plans to repurchase CHAD, hoping first to let the security build liquidity in the market and stabilize its price at or near the $10 par value.

This open-ended authorization adds a potential capital allocation tool to DeFi Development's (DFDV) existing $300 million CHAD ATM offering program. The company previously said it plans to raise funds through the program to purchase more SOL. The company paid its first CHAD dividend on October 1.