DeFi Development adds 22,070 SOL as CHAD preferred hits record
The Solana treasury firm lifted its stash to 2.59 million SOL last week, even as the broader market sold off.
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Key takeaways
- DeFi Development (DFDV) bought 22,070 SOL last week
- Total holdings now stand at 2.59 million SOL
- The company's CHAD preferred stock hit record highs
- The buying came during a market selloff
DeFi Development (DFDV) kept stacking Solana last week. The firm added 22,070 SOL, bringing its total to 2.59 million SOL, according to The Block.
Buying into weakness
Look at the timing. Crypto sold off during the period, and DFDV bought anyway. Meanwhile its CHAD preferred stock hit record highs. So investors still want the company's paper, even when the rest of the market is running for the exits.
Don't get carried away, though. The reported figures are thin. We don't have the purchase price, the funding source or the exact size of the selloff. Read the details with a skeptical eye.
Why it matters
Treasury companies like DFDV are now a steady source of demand for SOL, and that demand lives or dies on their ability to raise money. Strong appetite for the preferred stock suggests the funding channel is still open. If it closes, the buying stops. Simple as that.
If you hold SOL, that's what you should be watching: who keeps buying when prices dip, and for how long.
Source: The Block
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