DeFi Development Corp. Prices IPO at $8, Raising $11M for Solana Treasury

DeFi Development Corp., formerly Janover Inc., has raised $11 million through an initial public offering (IPO) of its Variable Rate Series C Perpetual Preferred Stock, priced at $8.00 per share.

The stock, traded on Nasdaq under the ticker CHAD, is perpetual and nonconvertible, with a stated amount of $10 and an initial cumulative annual dividend rate of 13%, payable daily.

The company plans to use the proceeds from the sale to acquire more Solana (SOL) and other digital assets, as part of its treasury strategy centered on accumulating SOL. DeFi Development Corp. currently holds approximately 2.33 million SOL or equivalent assets.

The underwriters have secured a 30-day option to purchase up to an additional 206,250 shares.