DeFi Development Buys 55,491 SOL, Launches $300M Fundraising Program
DeFi Development Corp., a Nasdaq-listed company, has significantly increased its holdings of Solana (SOL) and set up a $300 million fundraising program to accelerate additional SOL purchases. The company acquired an additional 55,491 SOL, bringing its total SOL and SOL-equivalent assets to about 2.39 million.
This acquisition raises DeFi Development's SOL holdings by roughly 2% compared to August 27. The company aims to generate returns through staking and other methods, which will be used to increase SOL holdings per share. DeFi Development is currently the second-largest corporate holder of Solana, behind Forward Industries.
The company has established an at-the-market (ATM) program of up to $300 million using its perpetual preferred stock, CHAD, with an initial 13% dividend rate. The proceeds from this program will primarily be used for additional SOL purchases. This move provides DeFi Development with a structure to scale CHAD as a new growth driver.
Chief Executive Officer Joseph Onorati stated that the company continues to expand its SOL holdings and is pursuing a strategy of buying SOL with raised funds, generating returns through staking, and using those returns to increase SOL holdings per share. The company has recently resumed regular SOL purchases.