DeFi Corp Seeks $20M to Fuel Solana Buying Spree

DeFi Development Corp., a Nasdaq-listed company, is proposing a $20 million preferred stock offering to fund additional Solana (SOL) purchases.

The company plans to issue Variable Rate Series C perpetual preferred stock with a $10 stated amount and a variable dividend rate starting at 13% per year. The first regular dividend payment is set for October 1, 2026.

DeFi Development Corp. will use the proceeds from the offering for general corporate purposes, including buying more SOL and other crypto-related investments.

The company has already resumed purchasing SOL, acquiring approximately 19,000 coins at an average price of $98.14 last week. This brings its total holdings to around 2.33 million SOL and equivalents.