DFDV Launches $300M CHAD ATM to Fund More SOL Buys — SkimNews
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- DeFi Development Corp added 55,491 SOL (~$5.78M) to its balance sheet, pushing total holdings to ~2,388,923 SOL — about 2% higher than the ~2.33M it held on August 27.
- DFDV established a $300M at-the-market program for its Variable Rate Series C Perpetual Preferred Stock (ticker CHAD), with R.F. Lafferty & Co. serving as sole sales agent; issuance is subject to market conditions, not obligated.
- DFDV will sell CHAD shares only at or above $10.00 par value, with net proceeds primarily earmarked for additional Solana purchases.
- CHAD is barely a week old — DFDV closed its inaugural preferred offering on September 8, raising ~$11M with participation from Fundstrat's Tom Lee, after initially targeting $20M at $9/share before settling on $8/share and a smaller raise.
- CEO Joseph Onorati tied the new ATM to DFDV's "accumulation flywheel" — raise capital, buy SOL, generate yield, repeat — saying the program "scales CHAD into a meaningful new engine of growth."
- DFDV claimed SOL has outperformed the Nasdaq-100 by 39% quarter-to-date, while DFDV shares have outperformed SOL itself by 2x — figures that have climbed since late August when it reported 33% and 1.8x respectively.
- Because CHAD is non-convertible preferred equity, DFDV can raise through it without diluting common shareholders or growing its share count.
Why it matters: The $300M ATM gives DFDV a structured, draw-down pipeline — contingent on CHAD clearing $10 par — to keep stacking SOL without diluting common holders, with the company explicitly using SOL's outperformance versus the Nasdaq-100 as its fundraising pitch. For Solana-treasury peers, DFDV's flywheel just scaled from an $11M first close to a $300M issuance ceiling, with every additional CHAD dollar routed back into SOL accumulation.
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