DeFi Development Corp completes $11M CHAD offering for Solana-backed credit instrument

DeFi Development Corp completed an $11 million public offering of its Nasdaq-listed CHAD Stock on September 8, 2026. The preferred equity instrument is backed by the company's Solana treasury, which holds approximately 2.33 million SOL. DeFi Development Corp, formerly known as real estate firm Janover Inc. before its April 2025 pivot, plans to use the proceeds to acquire more Solana. The offering features a 13% annual dividend rate, yielding roughly 16.25%.

CHAD Stock offering structure

• ▪CHAD Stock carries an annual dividend rate of 13% on its stated value, yielding approximately 16.25% at the purchase price, with the first payment scheduled for October 1, 2026.
• ▪Notable participants in the CHAD Stock offering included Fundstrat Global Advisors co-founder Thomas Lee and the chairman of Ethereum-focused treasury firm BitMine.
• ▪DeFi Development Corp closed an $11 million public offering of 1.375 million shares of CHAD Stock on September 8, 2026.
• ▪CHAD Stock, trading on Nasdaq under ticker CHAD, is a non-convertible Variable Rate Series C Perpetual Preferred Stock priced at $8.00 per share with a $10 stated value.

Solana treasury strategy

• ▪DeFi Development Corp plans to use the net proceeds from the CHAD Stock offering primarily to acquire more Solana and invest in related digital asset projects.
• ▪DeFi Development Corp holds approximately 2.33 million Solana tokens, including a recent acquisition of 19,000 Solana tokens purchased at an average price of $98 per token.

DeFi Development Corp pivot

• ▪DeFi Development Corp, which trades on Nasdaq under the ticker DFDV, was previously known as Janover Inc., a real estate and AI-powered financing firm.
• ▪Janover Inc. rebranded as DeFi Development Corp and pivoted to a Solana-focused digital asset treasury strategy in April 2025.

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