DeFi Development Corp. completed the closing of its public offering of Series C Variable Rate Perpetual Preferred Stock, designated as “CHAD“, raising $11 million in gross proceeds. The U.S. firm confirmed that it will allocate practically all net proceeds toward the ongoing purchase of Solana (SOL) to strengthen its corporate balance sheet.
The transaction sets a precedent in traditional financial markets by being structured as non-convertible preferred equity. This mechanism avoids diluting common shareholders while expanding SOL holdings per share. Through this move, the company solidifies a model similar to MicroStrategy, but tailored to the Solana ecosystem and staking rewards.
Following the settlement of the offering, DeFi Development will execute spot market purchases and integrate the newly acquired tokens into its institutional validator infrastructure to generate additional network yields.
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