DeFi Development Corp lifts Solana treasury to 2.39 million SOL, launches $300M CHAD offering
DeFi & Yields ·
The company paired its latest treasury expansion with a new at-the-market program for perpetual preferred stock carrying a 13% initial dividend.
DeFi Development Corp now holds 2.39 million SOL, according to The Block, marking a continued build-out of its Solana position. Alongside the treasury update, the company introduced an at-the-market offering, branded CHAD, sized at $300 million.
The CHAD product is structured as perpetual preferred stock, carrying an initial dividend of 13%. That yield is intended to attract capital that the company can then deploy toward further SOL purchases, tying the offering's proceeds directly to the growth of its treasury position.
A separate account of the same event describes the offering in nearly identical terms, framing it specifically as a $300 million at-the-market program for the perpetual preferred stock, corroborating the size and structure of the raise.
The move places DeFi Development Corp among a broader set of firms and protocols expanding their exposure to Solana infrastructure and assets. Other recent developments in the ecosystem include Forward Industries adding over 500,000 SOL to its own holdings even as its treasury sits $1 billion underwater, and Raydium rolling out permissioned automated market makers aimed at regulated, KYC-gated asset issuance on the network.
What remains unclear is how quickly the $300 million ATM capacity will be drawn down, and whether the 13% dividend rate will hold as market conditions shift or be adjusted as the offering progresses. Also unresolved is the pace at which proceeds will translate into additional SOL purchases, and how the treasury's size will compare to peers pursuing similar strategies amid Solana's ongoing network upgrades, including a planned 66% increase to its mainnet compute limit.