Solana
DeFi Development Corp Files for $19.8 Million Preferred Stock Offering
The firm submitted an SEC filing to issue Series C preferred stock that could help finance Solana acquisitions and other corporate initiatives.
DeFi Development Corp. filed a preliminary prospectus supplement with the US Securities and Exchange Commission on August 31 for a $19.8 million preferred stock offering. The proposal outlines the sale of 2.2 million shares of Variable Rate Series C Perpetual Preferred Stock, branded as "CHAD Stock," at an offering price of $9 per share.
Structured as a firm-commitment offering, the transaction could raise approximately $19.8 million in gross proceeds before underwriting expenses and commissions, with underwriters holding an option to purchase up to 330,000 additional shares. The Series C shares carry a $10 stated amount and an initial liquidation preference of $10 per share, alongside variable-rate cumulative dividends if declared by the board.
According to the filing, net proceeds are earmarked for general corporate purposes, including the potential purchase of Solana (SOL), other digital asset investments, and strategic growth projects. The prospectus outlines a flexible corporate framework rather than a fixed allocation, meaning the exact amount of capital that may be directed toward SOL purchases remains unspecified.
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