Summary
- DeFi Development Corp has increased its SOL treasury by 55,491 tokens, bringing the total to about 2,388,923 SOL, marking a 2% rise since August 27.
- The firm has launched a $300 million at-the-market initiative for its CHAD preferred stock.
- According to DFDV, SOL has outstripped the Nasdaq-100 by 39% this quarter, while its shares have doubled SOL's performance in that timeframe.
DeFi Development Corp, a company focused on accumulating Solana assets, has added 55,491 SOL tokens, valued at approximately $5.78 million, to its treasury, which now totals around 2,388,923 SOL and equivalent assets.
The Nasdaq-listed firm announced this acquisition on Monday, alongside the introduction of a $300 million at-the-market program for its Variable Rate Series C Perpetual Preferred Stock, known as CHAD. These actions are part of a dynamic series of capital market activities that began in late August.
Myriad: What direction will Solana's price take next? Make your prediction here.This latest treasury figure reflects a 2% increase since August 27, when DeFi Development Corp’s holdings were approximately 2.33 million SOL. The company identifies itself as the first public U.S. entity focused on a Solana accumulation strategy and operates its own validator infrastructure to earn staking rewards in addition to benefiting from SOL's price movements.
The at-the-market strategy allows DFDV to gradually sell up to $300 million in CHAD shares over time through R.F. Lafferty & Co., a broker-dealer based in New York, acting as the sole sales agent.
Importantly, this program does not require immediate fundraising; DFDV is not compelled to sell any shares, and any issuance will depend on market conditions and investor interest. The company plans to sell shares only at or above the par value of $10.00, with net proceeds primarily aimed at acquiring more SOL.
CEO Joseph Onorati linked this initiative to the company's "accumulation flywheel"—a cycle of raising capital, purchasing SOL, generating yield, and repeating the process. “With a $300 million ATM now in place, we have the structure to scale CHAD into a significant new growth engine—and we intend to issue at or above $10.00 par. The flywheel is in motion, and we now have more capacity to leverage it,” he stated.
CHAD has only been available for a week. DeFi Development completed its first offering on September 8, raising around $11 million with contributions from Tom Lee of Fundstrat. As a non-convertible preferred equity, CHAD allows DFDV to raise funds without diluting the interests of common shareholders or increasing the total share count.
The CHAD offering itself was expedited. DFDV originally aimed for a $20 million target for the preferred stock on September 1, with shares priced initially at $9 each in a preliminary prospectus, but ultimately settled on $8 per share and a reduced $11 million raise during closure. That same week, the firm also reported purchasing 19,000 SOL, partially financed by liquidating its ZeroStack position, which raised its treasury to about 2.33 million SOL before the latest update.
DFDV emphasized its relative performance metrics to support its strategy. The company noted that quarter-to-date, SOL has surpassed the Nasdaq-100 by 39%, while DFDV shares have outperformed SOL by a factor of two during the same timeframe. These figures have improved since late August, when DFDV reported SOL beating the Nasdaq-100 by 33% and its shares besting SOL by 1.8x.
The net proceeds from the CHAD ATM are primarily intended to fund further SOL acquisitions, mirroring the use of funds from the $11 million CHAD offering that concluded on September 8.