DeFi Development Corp. filed a preliminary prospectus supplement on Aug. 31 for a $19.8 million preferred-stock offering that could provide capital for SOL acquisitions, among other corporate
DeFi Development Corp. filed a preliminary prospectus supplement on Aug. 31 for a $19.8 million preferred-stock offering that could provide capital for SOL acquisitions, among other corporate purposes. The filing with the U.S. Securities and Exchange Commission proposes the sale of 2.2 million shares of Variable Rate Series C Perpetual Preferred Stock, branded “CHAD Stock,” at $9 per share.
The proposed transaction is structured as a firm-commitment offering and would generate approximately $19.8 million in gross proceeds before underwriting discounts, commissions and expenses. Underwriters would also have an option to buy up to 330,000 additional shares.
The preliminary supplement sets out an offering of preferred shares rather than common stock. At the proposed $9 price, the base deal covers 2.2 million CHAD Stock shares; the underwriter option would increase the number of shares available if exercised.
The filing does not state an offering closing date in the supplied materials. A preliminary prospectus supplement outlines proposed terms and is not, by itself, confirmation that the shares have been sold.
DeFi Development said the proceeds are intended for general corporate purposes, including the acquisition of SOL, other digital-asset investments, strategic transactions and growth initiatives, according to the SEC filing. It did not assign a dollar amount or percentage of the raise to Solana purchases.
The Block reported that the company plans to raise up to $20 million through the preferred-stock offering to fund additional SOL purchases. The prospectus language provides a broader permitted-use framework, meaning any eventual SOL allocation remains unspecified.
That distinction matters because the proposed $19.8 million base offering is gross proceeds, while the filing allows the company to deploy capital across digital assets and corporate initiatives rather than committing the full amount to SOL.
SEC filing exhibit image associated with DeFi Development Corp.’s 2026 shelf registration. — Source: U.S. Securities and Exchange Commission
The proposed Series C securities have a $10 stated amount and an initial liquidation preference of $10 per share, despite the $9 proposed public offering price. They would pay cumulative dividends at a variable rate when declared by DeFi Development’s board.
The securities are described as perpetual preferred stock, with the stated amount, liquidation preference and board-declared dividend structure forming the core terms disclosed in the preliminary prospectus supplement.
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