DeFi Development Corp. (NASDAQ:DFDV) said on Wednesday its board of directors approved a significant expansion of its existing share repurchase program.
The authorization has been raised from $1 million to as much as $100 million of the company's common stock, the firm said in a statement.
The program allows DeFi Development to repurchase common shares in the open market under Rule 10b-18 of the Securities Exchange Act, subject to market conditions and regulatory requirements.
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The company said the authorization gives it flexibility to repurchase as much as $100 million of stock, with an initial $10 million limit requiring board notification before further purchases.
The repurchased shares will be retired and returned to authorized but unissued status, or held as treasury stock, it added.
In August, DeFi Development reported second-quarter earnings of 84 cents per share, far above the consensus estimate of a 2-cent loss, marking a 4,300% upside surprise. The result also compares with an 8-cent loss per share in the same quarter last year, reflecting a 1,150% improvement.
The quarterly revenue came in at $1.99 million, beating analyst expectations of $705,500 by 181.5%. Sales increased 350% from $441,000 in the prior year.
DeFi Development noted that its management will determine the timing, method, and volume of repurchases based on market conditions and other relevant factors.
Price Action: DFDV shares were trading higher by 5.23% to $15.90 at last check Wednesday.
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