DeFi Development Corp. launches CHAD, a SOL-backed digital credit instrument, with backing from Fundstrat analyst Tom Lee.
Tech & Launches ·
DeFi Development Corp. closed an $11 million public offering of CHAD, a variable-rate preferred share it describes as the first digital credit instrument backed by Solana, with Thomas Lee of Fundstrat Global Advisors participating as an investor. The shares priced at $8 per unit with an initial dividend rate of 13.0% and are expected to trade on Nasdaq Capital Market under ticker CHAD. The company plans to deploy substantially all net proceeds into additional SOL holdings, with management projecting the issuance will increase its SOL-per-share metric without expanding its common share count.