DeFi Development Corp expands Solana treasury to 2.39 million SOL, sets up $300 million CHAD ATM

Nasdaq-listed DeFi Development Corp. said its Solana (SOL) holdings have grown by 55,491 SOL to about 2.39 million SOL and SOL equivalents, up about 2% since Aug. 27, as it continues to accumulate the token and generate organic yield.

The Solana treasury company also established a $300 million at-the-market offering for its CHAD perpetual preferred stock, with shares to be issued at or above their $10 par value and proceeds primarily used to buy more SOL. CHAD is a Variable Rate Series C perpetual preferred stock, with an initial annual dividend rate of 13%.

DeFi Development Corp. (DFDV) said the new funding capacity will expand its "capital flywheel" of raising capital, accumulating SOL, generating yield, and increasing SOL per share.

"We are growing our SOL treasury...with DFDV returning twice as much as SOL quarter-to-date," CEO Joseph Onorati said in a release. "With a $300 million ATM now in place, we have the structure to scale CHAD into a meaningful new engine of growth—and we intend to issue at or above $10.00 par. The flywheel is spinning, and we now have more capacity to put it to work."

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DeFi Development Corp. recently resumed making regular SOL purchases and has the second-largest Solana treasury after Forward Industries (FWDI).

Also last month, DeFi Development Corp. launched a public real-time data and research platform tracking the Solana network's market, staking, validator, yield, and ecosystem metrics.

Notably, the market's leading Solana ETF hit a milestone with $1 billion in assets under management, and SOL's price has risen over the past month.