DeFi Development Corp Plans $20M Offering to Buy More Solana

DeFi Development Corp. filed a preliminary prospectus supplement on Aug. 31 for a $19.8 million preferred-stock offering that could provide capital for SOL acquisitions, among other corporate purposes. The filing with the U.S. Securities and Exchange Commission proposes the sale of 2.2 million shares of Variable Rate Series C Perpetual Preferred Stock, branded “CHAD Stock,” at $9 per share.

The proposed transaction is structured as a firm-commitment offering and would generate approximately $19.8 million in gross proceeds before underwriting discounts, commissions and expenses. Underwriters would also have an option to buy up to 330,000 additional shares.

DeFi Development files CHAD Stock offering

The preliminary supplement sets out an offering of preferred shares rather than common stock. At the proposed $9 price, the base deal covers 2.2 million CHAD Stock shares; the underwriter option would increase the number of shares available if exercised.

The filing does not state an offering closing date in the supplied materials. A preliminary prospectus supplement outlines proposed terms and is not, by itself, confirmation that the shares have been sold.

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