Backed Offers CHADx Certificate on Ethereum and Solana as Partnership Report Remains Unconfirmed
Key Facts
Backed Assets describes CHADx as a freely transferable tracking certificate designed to follow the price of DeFi Development Corp.'s preferred stock, CHAD. The product page says the certificate is available on the Ethereum and Solana networks under the ERC-20 and SPL standards. The company's announcement of a partnership with xStocks to launch the tokenization could not be verified, so the account cannot be confirmed as company-issued news. CHAD remains the original preferred stock, while CHADx is a digital certificate tracking its price, according to Backed. This structure separates the security issued by the company from the digital product issued by another entity.
The product page says Backed Assets (JE) Limited issues the CHADx certificate, while Backed Finance AG handles the tokenization. The certificate currently carries no management fees, although the page says annual fees of up to 0.25% could be charged in the future. The company's filing with the U.S. Securities and Exchange Commission defines CHAD as a perpetual preferred stock, Series C, with a variable dividend rate. That means describing the digital product as tracking the stock's price does not change the nature of the original instrument as defined in the company's filing. The fees mentioned relate to the product page and do not indicate fees currently being charged.
The company raised CHAD's annual dividend rate to 14% effective November 2, 2026, from 13% previously. According to its disclosure, the new rate equates to $1.40 per share annually, based on a $10 par value. Cumulative dividends are paid each business day when declared, the disclosure said. The change places the distribution rate among the information related to the preferred stock tracked by CHADx. The available information does not state that the dividends themselves are paid to holders of the digital certificate.
In a separate update dated November 2, the company said its SOL treasury and equivalents totaled 2,600,948 units, an increase of 5,336 units since the previous update. Chief Executive Joseph Onorati linked the strategy to SOL's native yield, saying, "Solana's native yield means our treasury is always working." The disclosure cited staking, validator operations and other treasury activities in this context. In a September statement, the company had described itself as the first U.S. public company to adopt a treasury strategy built around accumulating and growing Solana holdings. These disclosures provide background on the company's deployment of capital, but do not by themselves establish details of the CHADx launch.
The company announced a partnership with Kraken in June 2025 to offer a tokenized representation of its common stock, DFDV, under the ticker DFDVx as part of the xStocks alliance. That puts CHADx in the context of the company's earlier expansion into digital representations of its shares, but does not confirm a new partnership involving the preferred stock. In trading, DFDV shares closed at $3.23 on November 10, 2026, according to EL7 data, compared with $3.43 on November 9. They had closed at $3.35 on November 6, $3.17 on November 5 and $3.73 on November 4. The closes show mixed moves in prior sessions, without establishing a link to the CHADx product.
In September, the company said the CHAD offering raised about $11 million in gross proceeds before underwriting discounts, commissions and expenses. This provides context for the amount of financing raised through the preferred stock before the subsequent update to its dividend rate. The available information contains no data for the November 11 trading session or the market's response that day. The product page also does not specify the certificate's trading start date or detailed conversion and redemption terms. Published information about CHADx remains limited to the product description, its networks, and the entities responsible for its issuance and tokenization.