On August 31, DeFi Development Corp (DFDV), which focuses on treasury asset management within the Solana ecosystem, announced its intention to conduct an initial public offering of Series C perpetual preferred stock worth up to $20 million. The proceeds will be used to increase its holdings in SOL tokens and to fund related cryptocurrency investments.
According to the press release, the nominal value of each share will be $10, with dividends set to be paid at a floating annual rate starting at 13%. The first regular payment is scheduled for October 1, 2026.
The company is also offering underwriters a 30-day option to purchase an additional 15% of the offering volume.
To protect investors, DFDV will establish a special reserve fund to cover payments for the first year. This fund will be backed by fiat money, traditional financial instruments, or digital assets.
The placement will be organized by the investment firm R.F. Lafferty & Co.
Top 10 companies holding SOL in their balance sheets. Source: CoinGecko.On August 27, DFDV resumed its investments, purchasing 19,000 SOL at an average price of $98.14. The company's total treasury balance has now reached 2.33 million SOL.
This purchase was partially financed by proceeds from the sale of stakes in the cryptocurrency treasury firm ZeroStack. The newly acquired SOL tokens are expected to be held as long-term assets and utilized through staking infrastructure.
According to CEO Joseph Onorati, the company’s business model aims to provide institutional investors with leveraged access to Solana through treasury yields.
Daily chart of the SOL/USDT pair on Binance (September 1, 2026). Source: TradingView.Following the announcement, DFDV shares rose by 8% on the day, closing at $5.38. As of this writing, SOL is trading around $102, having gained over 40% in the past month.
It’s worth noting that in August, participants in Solana's on-chain voting approved proposal SGP-0002, which doubles the annual disinflation rate from 15% to 30%.
Previously, ForkLog explored a similar business model in Strategy, discussing why critics label it a financial pyramid while supporters see it as an example of effective risk management, and what led to the recent sale of part of its cryptocurrency reserve.