DeFi Development Corp. closes $11M CHAD preferred stock offering to fund Solana purchases
DeFi Development closes $11M CHAD offering
DeFi Development Corp., a Nasdaq‑listed firm that manages a Solana treasury, has completed a preferred‑stock offering called CHAD. The offering raised $11 million and will be used to buy more SOL tokens.
The company announced the closing on September 8, 2026 and noted that the first regular dividend payment will be made on October 1.
Key numbers
- Offering size: $11 million
- Instrument: Variable Rate Series C perpetual preferred stock (CHAD)
- Initial annual dividend rate: 13 %
- Effective yield based on price: about 16.25 %
- Current SOL holdings: roughly 2.33 million SOL and equivalents
What the CHAD instrument is
CHAD is a type of preferred stock that pays a dividend rather than giving voting rights. It is “perpetual,” meaning it does not have a set maturity date. The dividend is paid in cash and is expected to be funded by the SOL purchased with the offering proceeds. The instrument is marketed as a “digital credit” because SOL can generate staking rewards, which are earnings from helping secure the Solana network.
Current Solana treasury
Before the offering, DeFi Development resumed buying SOL and added about 19,000 tokens, bringing its total to roughly 2.33 million SOL and SOL‑equivalent assets.
Why the offering matters
The CHAD offering gives the company a way to raise permanent capital without issuing new common shares, which could dilute existing shareholders. The raised funds are earmarked for additional SOL purchases, potentially increasing the value of the treasury and the earnings per share derived from staking rewards.
