DeFi Development Corp Expands Solana Holdings via $300M CHAD Program

DeFi Development Corp (DFDV), a Nasdaq-listed Solana treasury firm, has expanded its SOL holdings by over 2% since August 27. The company's SOL treasury now stands at approximately 2,388,923 tokens and SOL equivalents, following the addition of 55,491 tokens worth around $5.78 million. This increase is part of a broader trend for DFDV, which has seen its shares outperform SOL by 2x quarter-to-date, according to the company.

DFDV's CEO, Joseph Onorati, tied the expansion of the treasury to the company's 'accumulation flywheel,' where it raises capital, buys SOL, generates yield, and repeats. To support this process, the company has established a $300 million at-the-market program for its Variable Rate Series C Perpetual Preferred Stock (CHAD), which will allow DFDV to sell up to $300 million in CHAD shares over time through R.F. Lafferty & Co.

The proceeds from the sale of CHAD shares will primarily be used to fund additional SOL purchases, with DFDV intending to issue at or above $10.00 per share, the par value of CHAD. This move comes after DFDV closed its inaugural offering on September 8, raising around $11 million and participating in a non-convertible preferred equity offering that does not dilute common shareholders.