DeFi Development Corp completes $11M CHAD offering for SOL-backed credit instrument
The Nasdaq-listed Solana treasury firm sold 1.375 million preferred shares at $8 apiece, with proceeds earmarked for buying more SOL.
DeFi Development Corp has closed an $11 million public offering of something called CHAD Stock, a preferred equity instrument backed by the company’s Solana treasury. The offering, which wrapped up on September 8, marks what the company is calling the first SOL-backed digital credit instrument to trade on a major exchange.
What CHAD Stock actually is
CHAD is the company’s Variable Rate Series C Perpetual Preferred Stock. It’s a share class that sits above common equity but below debt in the event the company ever has to liquidate. It pays dividends, doesn’t convert into common stock, and trades on Nasdaq under the ticker CHAD.
The offering consisted of 1.375 million shares priced at $8.00 each. Each share carries a stated value of $10, with an annual dividend rate of 13% on that stated value. At the $8 purchase price, that translates to an effective yield of roughly 16.25%. The first dividend payment is scheduled for October 1, 2026.
Notable participants in the offering included Thomas Lee, co-founder and head of research at Fundstrat Global Advisors, and the chairman of BitMine, an Ethereum-focused treasury firm.
The SOL treasury play
DeFi Development Corp, which trades on Nasdaq under the ticker DFDV, currently holds approximately 2.33 million SOL along with other equivalent digital assets. A recent acquisition added roughly 19,000 SOL at an average price of $98 per token.
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The net proceeds from the CHAD offering will be directed primarily toward buying more Solana and investing in related digital asset projects. The comparison to MicroStrategy is instructive but imperfect. MicroStrategy’s convertible notes gave bondholders an equity kicker through conversion rights. CHAD Stock is explicitly non-convertible, meaning holders get their yield and their liquidation preference, but no path to common equity upside.
If SOL appreciates meaningfully, DFDV keeps the upside beyond its 13% dividend obligation. If SOL drops, the company still owes those dividends.
From real estate to Solana
DeFi Development Corp was previously known as Janover Inc., a firm involved in real estate and AI-powered financing. In April 2025, the company rebranded and pivoted to a Solana-focused digital asset treasury strategy.