DeFi Development targets more SOL with $11M raise

DeFi Development Corp. closed its $11 million CHAD preferred stock offering on Sept. 8, creating a new financing channel for its Solana treasury strategy. Summary DeFi Development closed an $11 million CHAD offering and received approximately $10.3 million net proceeds. CHAD sold at $8 per share with a $10 stated amount and 13% initial dividend. Company intends to use substantially all net proceeds to purchase additional SOL for its treasury. CHAD is perpetual non-convertible preferred stock ranking ahead of common equity but behind debt obligations. The first dividend payment is scheduled October 1 for shareholders recorded September 30, filings show. The Nasdaq-listed company sold 1.375 million shares of Variable Rate Series C Perpetual Preferred Stock at $8 each. The security trades on the Nasdaq Capital Market under the ticker CHAD and carries a $10 stated amount. DeFi Development received approximately $10.3 million in net proceeds after underwriting discounts, commissions and estimated expenses, according to its latest SEC filing. The company said it used the proceeds for general corporate purposes, including working capital, SOL purchases and strategic initiatives. CHAD’s fi...