DeFi Development Approves Future Buybacks of CHAD Preferred Shares

DeFi Development Corp. approved a plan allowing future buybacks of its CHAD variable-rate Series C perpetual preferred shares, giving the company a way to repurchase shares if they trade below their $10 par value and it sees a capital-efficiency benefit.

The authorization covers all CHAD shares outstanding when a buyback takes place and automatically extends to shares issued later. It has no fixed expiration date.

The company may make purchases on the open market or in privately negotiated transactions. It can decide when to buy, as well as the price and volume.

The near-term objective is to bring CHAD back to its $10 par value. DeFi Development has no current plans to repurchase shares, but may use the program later if the stock trades below par and a buyback would maximize capital efficiency.