DeFi Development Corp. raises $11M to expand Solana treasury

DeFi Development Corp. has completed an $11 million issuance of its CHAD Variable Rate Series C Perpetual Preferred Stock. The Nasdaq-listed company received approximately $10.3 million in net proceeds after underwriting discounts, commissions, and estimated expenses.

The company intends to use the majority of the net proceeds to purchase additional Solana (SOL) for its treasury, alongside general corporate purposes and strategic initiatives. The CHAD shares were sold at $8 each with a $10 stated amount and a 13% initial dividend. The first dividend payment is scheduled for October 1 for shareholders of record as of September 30.

Fundstrat co-founder Tom Lee participated in the offering. R. F. Lafferty & Co. served as the sole book-running manager for the transaction.