Solana Treasury Firm DeFi Dev Corp Rolls Out $300M CHAD to Buy More SOL

DeFi Development Corp. disclosed a fresh purchase of 55,491 SOL — valued at roughly $5.78 million — expanding its Solana treasury to about 2,388,923 SOL and equivalents. The company, which trades on Nasdaq under the ticker DFDV, said this increase represents close to a 2% rise in holdings since August 27 and continues a rapid string of balance-sheet and capital-markets activity that began in late August.

Alongside the token acquisition, DFDV established a $300 million at-the-market (ATM) program for its Variable Rate Series C Perpetual Preferred Stock, known as CHAD. The program, for which R.F. Lafferty & Co. will act as sole sales agent, permits sales of CHAD over time but does not obligate the company to issue shares immediately; any sales would depend on market conditions and investor demand. Management said it intends to offer CHAD only at or above its $10 stated par value.

Company executives described the ATM as part of an "accumulation flywheel" in which capital is raised, used to buy SOL, and then staked to earn yield before repeating the cycle. CHAD is non-convertible preferred equity, which DFDV says allows it to raise funds without diluting common shareholders. The preferred stock is a recent addition to the firm's funding toolkit: DFDV closed an inaugural CHAD offering on September 8 that raised about $11 million, after initially targeting $20 million in early September.

DFDV has pointed to recent relative returns to justify its strategy. Quarter-to-date, the company reported that SOL has outpaced the Nasdaq-100 by 39%, while DFDV’s own shares have outperformed SOL by roughly two times over the same period. Net proceeds from any CHAD sales under the ATM are intended primarily to finance additional SOL purchases, consistent with the use of funds from the September offering.