DeFi Development Corp. (NASDAQ: DFDV), the firm that has built its balance sheet around accumulating Solana, has outlined plans for a new preferred-stock raise aimed at expanding that treasury. The company said it intends to offer up to $20 million of Variable Rate Series C Perpetual Preferred Stock, marketed under the nickname CHAD Stock, in a registered public offering.
The securities would carry a $10 stated amount per share and begin with an annual dividend rate of 13 percent, paid on a daily basis when declared.
The first regular payment is scheduled for October 1, 2026. Because the stock is perpetual, it has no maturity date.
The underwriter would also receive a 30-day option to buy an additional 15 percent of the shares. R.F. Lafferty & Co. is serving as sole book-running manager.
Completion remains subject to market conditions, and the company cautioned that size and final terms could still change.
Management said net proceeds would go toward general corporate purposes.
That list includes working capital, purchases of additional SOL, other digital-asset investments, strategic deals, and growth projects.
In other words, the raise is designed to keep DFDV’s core strategy moving: convert newly raised capital into more Solana and related exposures rather than rely solely on common-stock issuance.
At closing, the company plans to set aside a dividend reserve equal to the first 12 months of payments at the initial 13 percent rate, funded with cash, financial instruments, or digital assets.
The timing fits a broader pattern. DFDV has repeatedly used equity programs, convertible notes, and at-the-market facilities to scale its SOL holdings while tracking a metric it calls SOL per share.
Last week it reported that it had resumed buying Solana, adding roughly 19,000 SOL at an average price of about $98.
Earlier communications have described preferred equity as a cleaner form of leverage than convertible debt, because distributions can theoretically be supported by staking yield, validator income, and other on-chain activity rather than by issuing more common shares.
The new variable-rate series is the latest attempt to put that idea into practice.
For investors, the instrument sits between ordinary equity and senior debt.
Holders would rank ahead of common stockholders for dividends and in a liquidation, but the coupon can be adjusted after the first period at the board’s discretion, and payments still depend on legally available funds.
The company has applied to list the shares on Nasdaq under the ticker CHAD.
Whether a liquid market develops after listing is another open question.
The proposal also reflects how digital-asset treasury companies have evolved.
Instead of treating crypto simply as an unproductive reserve, DFDV presents Solana as an asset that can appreciate and generate yield. Preferred stock, in that framing, becomes a way to add leverage without the forced-sale risk of margin loans.
Critics will note the usual caveats: SOL prices remain volatile, dividend coverage is not guaranteed, and any new senior claim sits ahead of existing common shareholders.
Still, the announcement is consistent with DFDV’s stated goal of compounding Solana exposure per share over a multi-year horizon. If the offering closes near the proposed size, it would give the company another modest but targeted pool of capital to deploy into the same asset that already dominates its treasury.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!