DeFi Development approves CHAD preferred stock buyback plan

DeFi Development, a Solana treasury company, has approved a buyback plan for its CHAD preferred stock. The move allows the company to repurchase all currently outstanding shares as well as any shares that may be issued in the future. The company said it has no immediate plans to begin repurchases and is first aiming to restore CHAD to its $10 par value. If the price stabilizes at par and later falls back below $10, the company may begin buybacks. Funds raised through the program will be used to buy additional SOL.