DeFi Development Corp closed an $11 million perpetual preferred stock offering on Sept. 8, earmarking proceeds for additional Solana purchases. The Nasdaq-listed treasury firm holds roughly 2.33 million SOL as it pursues a MicroStrategy-style balance-sheet strategy.
DeFi Development Corp raised $11 million from a perpetual preferred stock offering, directing net proceeds toward additional Solana purchases for its corporate treasury.
The Nasdaq-listed firm, which trades under DFDV, confirmed the allocation in its Sept. 8 closing statement, saying proceeds will go primarily toward buying more Solana and investing in related digital asset projects.
The offering comprised 1.375 million shares of Series C Variable Rate Perpetual Preferred Stock, designated CHAD, priced at $8 each. Each share carries a $10 stated value with a 13 percent annual dividend, translating to an effective yield of roughly 16.25 percent at the purchase price. The first dividend payment is scheduled for Oct. 1, 2026. CHAD trades on Nasdaq and is non-convertible, meaning holders receive yield and liquidation preference but no path to common equity upside.
DeFi Development Corp, formerly Janover Inc., pivoted from real estate financing to a Solana treasury strategy in April 2025. The company now holds approximately 2.33 million SOL along with other equivalent digital assets, with a recent acquisition adding roughly 19,000 SOL at an average price of $98 per token.
The CHAD structure mirrors the MicroStrategy playbook of using capital markets instruments to fund digital asset accumulation, but with a key structural difference. MicroStrategy's convertible notes gave bondholders an equity kicker through conversion rights; CHAD Stock is explicitly non-convertible, meaning holders get their yield and liquidation preference but no path to common equity upside. If SOL appreciates meaningfully, DFDV keeps the upside beyond its 13 percent dividend obligation. If SOL drops, the company still owes those dividends.
Notable participants in the offering included Thomas Lee, co-founder and head of research at Fundstrat Global Advisors, and the chairman of BitMine, an Ethereum-focused treasury firm. The company calls CHAD the first SOL-backed digital credit instrument to trade on a major exchange.
The offering adds a fresh data point to a growing trend of publicly traded companies treating Solana as a balance-sheet reserve asset. While Bitcoin treasury adoption has been led by MicroStrategy's multi-billion-dollar accumulation, Solana-focused treasury vehicles remain comparatively small. Still, each new capital-markets vehicle tied to SOL purchases creates incremental buy-side pressure for the token, and the structure could attract copycats seeking yield-bearing exposure to digital assets without direct token custody.
This article is for informational purposes only and does not constitute investment advice.
