DeFi Development Corp.’s Solana treasury had grown to approximately 2,388,923 SOL and SOL equivalents after adding 55,491 SOL to its treasury, an increase of roughly 2% since August 27.
The firm also announced a new $300 million at-the-market program (”ATM) for CHAD, its Variable Rate Series C Perpetual Preferred Stock that trades on Nasdaq under the ticker CHAD.
The ATM does not mean DeFi Development has already raised $300 million. Instead, it creates capacity for the company to sell CHAD shares gradually, depending on market conditions, investor demand, and its capital needs. DeFi Development is not obligated to issue any shares under the program.
The company said any CHAD issuance through the ATM is intended to occur at or above the security’s $10.00 par value. Net proceeds would be used primarily to buy additional SOL.
That structure makes CHAD a repeatable funding channel as opposed to a one-time financing event. If demand is available on acceptable terms, DeFi Development can tap the market over time, convert the proceeds into SOL, stake or deploy those assets through its validator operations, and potentially compound its SOL-per-share growth. The ATM therefore expands the company’s capital-raising flexibility without requiring it to sell the full amount—or any amount—immediately.
Joseph Onorati, DeFi Development’s chief executive officer, described CHAD as a “meaningful new engine of growth.” He said the company intends to issue at or above the $10.00 par value and now has more capacity to put its SOL accumulation “flywheel” to work.
The company also cited recent market performance. Its release said SOL had outperformed the Nasdaq-100 by 39% quarter-to-date, while DFDV had delivered twice SOL’s performance over the same period.
