DeFi Development Corp. Authorizes Buyback of CHAD Preferred Stock

The authorization matters less for what it does now than for the optionality it creates: a standing tool to retire CHAD if the company ever chooses, while the stated priority is restoring the $10 par value. That framing puts the preferred's trading level, not the buyback itself, at the center of the story. The open question is whether the company leans on the buyback or continues to rely on the existing CHAD ATM to fund SOL purchases, since those two uses of the same instrument pull in different directions.