DeFi Development Seeks Up to $20 Million for Expanded Solana Holdings

DeFi Development Corp., a Nasdaq-listed company focused on Solana holdings, plans to raise up to $20 million through a public offering of floating-rate Series C perpetual preferred stock. The funds will be used to expand its SOL holdings and pursue other digital-asset investments.

The preferred shares will have a $10 par value and an initial annual dividend rate of 13%, which will reset as a floating rate. DeFi Development recently resumed buying SOL, acquiring about 19,000 tokens last week at an average price of $98.14. This increased its SOL holdings and equivalent assets to approximately 2.33 million.

Chief Executive Officer Joseph Onorati said DFDV was designed to provide investors with leveraged exposure to Solana. Recent trading activity shows investors are gradually recognizing the value of that strategy, he added.

The company plans to set aside a separate reserve equal to 12 months of dividends based on the initial 13% annual rate. The reserve will consist of cash, financial products or digital assets.