DFDV Buys 55,491 SOL, Launches $300M CHAD ATM — SkimNews
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- DeFi Development Corp added 55,491 SOL (~$5.78 million) to its balance sheet, pushing its treasury to roughly 2,388,923 SOL — about a 2% gain since August 27.
- DFDV established a $300 million at-the-market program for its Variable Rate Series C Perpetual Preferred Stock (ticker CHAD), with R.F. Lafferty & Co. acting as sole sales agent.
- DFDV said it intends to sell CHAD shares only at or above $10.00 par value, with net proceeds earmarked primarily for additional SOL purchases — the ATM is not an immediate raise and depends on market conditions.
- CHAD is barely a week old: DFDV closed its inaugural offering on September 8, raising roughly $11 million with participation from Fundstrat's Tom Lee, after initially targeting $20 million and pricing preliminary shares at $9 before settling at $8.
- Because CHAD is non-convertible preferred equity, DFDV can raise through it without diluting common shareholders or increasing its share count.
- DFDV claimed SOL has outperformed the Nasdaq-100 by 39% quarter-to-date, while its own shares have beaten SOL itself by 2x over that same stretch — figures that have climbed since late August when the spread was 33% and 1.8x.
- CEO Joseph Onorati tied the program to an "accumulation flywheel" of raising capital, buying SOL, generating yield, and repeating: "The flywheel is spinning, and we now have more capacity to put it to work."
Why it matters: DFDV now has up to $300 million in potential dry powder earmarked for SOL purchases — roughly 27x the size of the initial $11 million CHAD offering it closed just a week earlier. By using non-convertible preferred equity, the company avoids diluting common shareholders, but preferred holders now sit ahead of them in the capital stack for yield.
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