Key facts
- DeFi Development Corp. increased its SOL holdings by 55,491 tokens to approximately 2,388,923 SOL and SOL equivalents.
- The company launched a $300 million at-the-market program for its CHAD preferred stock.
- The net proceeds from the CHAD program are intended primarily for additional SOL purchases.
- SOL has outperformed the Nasdaq-100 by 39% quarter-to-date.
- DeFi Development Corp. shares have outperformed SOL by 2x over the same period.
- The company aims to sell CHAD shares at or above $10.00 per share.
DeFi Development Corp. (DFDV), a Nasdaq-listed company focused on accumulating Solana's SOL cryptocurrency, has announced a new $300 million at-the-market (ATM) program for its CHAD preferred stock. The company intends to use the net proceeds primarily to purchase more SOL, continuing its strategy of raising capital to expand its digital asset holdings.
In its latest update, DeFi Development Corp. disclosed that its treasury grew by 55,491 SOL, bringing its total holdings to approximately 2,388,923 SOL and SOL equivalents. This represents a roughly 2% increase since August 27. The company positions itself as the first U.S. public company built around a Solana accumulation strategy, also running its own validator infrastructure to earn staking rewards.
The new ATM program allows DFDV to sell up to $300 million in CHAD shares over time, subject to market conditions and investor demand. The company stated it will only sell shares at or above $10.00, the stock's par value. CEO Joseph Onorati described the program as a way to scale CHAD into a "meaningful new engine of growth" for the company's "accumulation flywheel" strategy.
DeFi Development Corp. recently closed its inaugural offering for CHAD preferred stock on September 8, raising about $11 million. This offering was priced at $8 per share. The company highlighted SOL's performance, noting it has outperformed the Nasdaq-100 by 39% quarter-to-date, while DFDV shares have outperformed SOL by a factor of two over the same period.