DeFi Development Corp. Seeks $20M to Boost SOL Holdings
DeFi Development Corp., a company that has been actively acquiring SOL, plans to raise $20 million through a preferred-stock offering. The company filed a preliminary prospectus supplement on August 31 for a $19.8 million sale of Variable Rate Series C Perpetual Preferred Stock, branded 'CHAD Stock', at $9 per share.
The proposed transaction is structured as a firm-commitment offering and would generate approximately $19.8 million in gross proceeds before underwriting discounts, commissions, and expenses. The company intends to use the proceeds for general corporate purposes, including SOL acquisitions, other digital-asset investments, strategic transactions, and growth initiatives.
The preliminary prospectus supplement sets out an offering of preferred shares rather than common stock, with a base deal covering 2.2 million CHAD Stock shares at $9 per share. The underwriter has the option to buy up to 330,000 additional shares, increasing the number of shares available if exercised.