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first_img Solana Treasury Company DeFi Development Authorized CHAD Preferred Stock Buyback Plan

According to The Block, Nasdaq-listed Solana Treasury company DeFi Development Corp. (DFDV) announced that it has approved an open-ended buyback plan to repurchase all outstanding shares of its CHAD preferred stock, including any shares that may be issued in the future.The plan gives the company flexibility to repurchase when the trading price of CHAD is below the $10 par value. The company stated that it does not intend to immediately buy back CHAD but hopes that the preferred stock will stabilize near the par value first.DeFi Development CEO Joseph Onorati stated that the company's primary goal is simple: to bring CHAD back to par value. He mentioned that this is not an announcement to buy CHAD today, but rather to set up the infrastructure, so that once CHAD stabilizes near par value, if it subsequently falls below par, the company will have an additional tool available. He also stated that the company views CHAD as a long-term financing platform rather than a one-time issuance.This open-ended authorization adds a potential funding allocation tool to DeFi Development's existing $300 million At-the-Market (ATM) issuance plan for CHAD, which the company previously stated would be used to raise funds for increasing its holdings of SOL. The company paid the first dividend on CHAD on October 1.Additionally, the company stated on Monday that preliminary estimates for the third quarter show that as its Solana Treasury increased to 2.56 million SOL over the past week, the net asset value per share has more than doubled compared to before. DFDV's stock price rose 3.3% during Tuesday's trading session.

first_img Arrakis: On-chain dollar yield RWA buyers primarily use crypto-native funds

On-chain liquidity protocol Arrakis Finance released a study tracking the on-chain buying records of 10 tokenized dollar yield products, using Ethena's sUSDe as a benchmark. The study covered 71,697 buyers with a total buying amount of 91.3 billion dollars. Of the 12.4 billion dollars in categorized demand, about two-thirds came from protocols and DAO treasuries, while the remainder came from individuals, exchanges, market makers, and crypto funds, with no purchases clearly traceable to traditional financial institutions such as pensions, asset management firms, or banks.Wallets with single purchases of 1 million dollars or more accounted for about 4% of buyers but held approximately 93% of the funds; among them, 2,586 buyers contributed over 90% of the nominal purchase amount. The median purchase amount for institutional buyers of Centrifuge's JAAA was about 29.1 million dollars, nearly three times that of the next product. About 80%, totaling 17.4 billion dollars, was settled in USDC, while USDT accounted for about 4.4 billion dollars, almost all of which was used for syrupUSDT. Primary subscriptions were the main pathway, with secondary market purchases accounting for less than 6%, and only sUSDe had 55% obtained through decentralized exchanges.The median first activity time for buyer wallets concentrated around mid-2024, described as new entrants of crypto-native funds. By time zone, Europe, the Middle East, and Africa accounted for 42%, Asia-Pacific for 40%, and the Americas for 18%. After tracing back two hops for 5.17 billion dollars of unmarked institutional-level funds, exchange sources accounted for 40% (Binance 1.12 billion dollars, Coinbase 970 million dollars), DeFi native funds accounted for 38%, and another 22% could not be identified.
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