Solana Treasury DeFi Development Corp Eyes $20 Million Raise to Buy More SOL

In brief

• DeFi Development Corp. is offering 2.2 million preferred shares at $9 each.
• CEO Joseph Onorati said most of the proceeds are expected to fund SOL purchases.
• The company recently bought 19,000 SOL, increasing its treasury to 2.33 million SOL and equivalents.

Solana treasury firm DeFi Development Corp. has launched a preferred stock offering that could raise $19.8 million, with most of the proceeds expected to fund SOL purchases.

DeFi Development Corp. is a publicly traded company listed on the Nasdaq under the ticker DFDV. It has adopted a treasury strategy centered on accumulating and staking SOL.

According to CEO Joseph Onorati, the company intends to use the net proceeds from the offering for general corporate purposes, including for working capital and the acquisition of SOL.

“Intended use of proceeds are outlined in the prospectus, but we expect to buy SOL with most of the proceeds,” he told Decrypt.

The Nasdaq-listed company is offering 2.2 million shares of Variable Rate Series C Perpetual Preferred Stock at $9 each, according to a preliminary prospectus. It has applied to list the shares under the ticker CHAD.

The prospectus lists working capital, SOL and other digital asset investments, strategic transactions and growth initiatives as possible uses of the proceeds. It does not specify how much will go toward each purpose.