DeFi Development Corp Builds SOL Treasury to 2.39M and Opens $300M Preferred-Stock Facility

DeFi Development Corp. said on September 14 that it had added 55,491 SOL, bringing its treasury to 2,388,923 SOL and SOL equivalents. The company described that as roughly 2% above its August 27 level.

The update also announced an at-the-market, or ATM, programme allowing sales of up to $300 million of CHAD preferred stock over time.

DeFi Development Corp. said the sales are intended to occur at or above CHAD's $10 par value. The programme is therefore not a completed $300 million fundraising, although it gives the company a potentially larger source of funding for further Solana purchases than the latest increase alone.

SOL treasury reaches 2.39 million tokens

The September 14 update puts DeFi Development Corp.'s holdings at just under 2.39 million SOL and SOL equivalents. The company described the addition of 55,491 SOL as an approximately 2% increase from the total it reported on August 27, according to its announcement via GlobeNewswire.

The total includes both SOL and SOL equivalents, rather than only tokens held directly. That distinction matters when reading the reported figure, as the company presented the two categories together in its treasury total.

Separately, The Block reported both the treasury expansion and the planned preferred-stock facility—steps that signal DeFi Development Corp. is continuing to build its Solana-focused balance-sheet position while establishing a mechanism that could support subsequent acquisitions.

CHAD ATM provides sale capacity, not $300 million upfront

DeFi Development Corp. established an at-the-market programme to sell up to $300 million of its Variable Rate Series C Perpetual Preferred Stock, traded on Nasdaq as CHAD. The company said the shares are intended to be issued at or above the stock’s $10 par value, but the facility is only sale capacity: ATM shares may be sold in increments over time, and the programme alone does not show the size, timing or proceeds of future sales.

CHAD is preferred stock rather than an immediate common-equity issuance and carries a financing cost. The Block described the security as having an initial annual dividend rate of 13%.

Preferred-stock proceeds target further SOL purchases

DeFi Development Corp. said the CHAD ATM, which authorizes up to $300 million of preferred-share sales, is intended primarily to fund additional SOL purchases. Unlike the initial CHAD offering completed on September 8, which generated approximately $11 million in gross proceeds before expenses, the ATM is only a capacity to sell shares over time and does not commit the company to raise the full amount.

The company said in the related SEC filing that substantially all net proceeds from the earlier offering were expected to be deployed into SOL. It reported a 55,491-SOL treasury addition on September 14.

Additional CHAD-funded purchases would depend on actual sales under the ATM, with issuances intended to occur at or above the stock’s $10 par value.

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