DeFi Development Corp. authorizes open-ended buyback for CHAD preferred stock

DeFi Development Corp. (Nasdaq: DFDV) has given itself permission to buy back every share of its CHAD preferred stock, including shares it hasn’t issued yet. On October 6, 2026, the company’s board approved a repurchase program with no fixed end date. It covers all outstanding CHAD shares and any future issuances. What the buyback actually allows CHAD is the market nickname and ticker for DFDV’s Variable Rate Series C Perpetual Preferred Stock. It carries a stated par value of $10 per share. It is perpetual, meaning it has no maturity date, and non-convertible, meaning holders can’t swap it into common stock. The newly approved program lets DFDV repurchase CHAD shares when they trade below that $10 par value. Any buybacks would be opportunistic. They would happen only when shares sit below par and management views them as an attractive purchase. The board has signaled there is no immediate intention to start buying. The company first wants CHAD to reach or approach its $10 par value. Only after that would repurchases come into play. CEO Joseph Onorati framed the priority clearly. His focus is on getting CHAD established at par before any repurchase activity is considered. How CHAD ...