DeFi Development Adds 55,491 Solana, Sets Up $300 Million Program to Expand SOL Purchases

DeFi Development Corp., a Nasdaq-listed company, has increased its Solana holdings and put in place a $300 million fundraising program to accelerate additional SOL purchases.

The Block reported on Sept. 14 that DeFi Development recently acquired 55,491 SOL, lifting its holdings of SOL and SOL-equivalent assets to about 2.39 million. That is roughly 2% higher than on Aug. 27.

The company is also raising capital for further SOL purchases. It established an at-the-market program of up to $300 million using its perpetual preferred stock, CHAD, which carries an initial dividend rate of 13%. The shares will be issued at no less than their $10 par value, and the proceeds are intended primarily for additional SOL purchases.

Chief Executive Officer Joseph Onorati said the company continues to expand its SOL holdings. He added that the $300 million ATM gives DeFi Development a structure to scale CHAD as a new growth driver.

DeFi Development is pursuing a strategy of buying SOL with raised funds, generating returns through staking and other methods, and using those returns to increase SOL holdings per share.

The company recently resumed regular SOL purchases and is currently ranked as the second-largest corporate holder of Solana, behind Forward Industries.