DeFi Development Closes $11M SOL-Backed CHAD Offering

DeFi Development Corp. closed an approximately $11 million preferred-stock offering on Sept. 8 and said it plans to direct substantially all net proceeds toward additional Solana purchases.

The Nasdaq-listed company described the security, trading under the ticker CHAD, as the first SOL-backed “Digital Credit” instrument; that characterization is the company’s own.

The SEC-filed company announcement says the offering involved Variable Rate Series C Perpetual Preferred Stock.

It gives DeFi Development a financing route that does not increase its common-share count, although preferred dividends and the market performance of SOL remain relevant to the economics.