DeFi Development Raises $11M in Preferred Stock Sale to Buy More SOL

DeFi Development Corp. (NASDAQ: DFDV) announced the pricing of a public offering of Series C perpetual preferred stock for approximately $11 million dollars. The company confirmed the placement of 1.375 million shares at a value of $8 per share —internally referred to as “CHAD Stock“—, granting the underwriter an additional 30-day purchase option for up to 206,250 shares to support its institutional reserves. 

The firm will use the net proceeds primarily for the direct acquisition of Solana (SOL) tokens, in addition to driving other strategic investments in the crypto ecosystem. The financial instrument features a variable dividend rate calculated on a par value of $10, with which they seek to maintain the trading price in a range of $9.95 to $11. This initiative reinforces the trend of corporate treasuries adopting SOL as a store of value, adding to its previous $200 million stock program.

The closing of the issuance is scheduled for next September 8th, and the first dividend payment will be executed on October 1st. With this operation, DeFi Development takes the next step in consolidating its institutional balance sheet backed by Solana’s infrastructure. 

… Continue reading the full article at the original source below.