Solana treasury giant DeFi Development Corp. launches an at-the-market program to sell up to 30 million CHAD preferred shares, targeting up to $300 million in aggregate stated value. The variable-rate perpetual stock offers an initial 13% annual dividend, though actual payouts depend on board declaration. While a portion of the proceeds will fund SOL token acquisitions, management retains broad discretion to use the capital for working capital and strategic initiatives.
CHAD preferred stock ATM program
- ▪The CHAD preferred stock has a stated amount of $10 per share, making the aggregate stated amount of the ATM program up to $300 million.
- ▪The September 11, 2026 prospectus for the CHAD offering sets no minimum offering amount, and DeFi Development Corp. is not obligated to issue shares.
- ▪Solana treasury company DeFi Development Corp. opened an at-the-market program to sell up to 30 million CHAD preferred shares.
- ▪R.F. Lafferty serves as the agent for the CHAD ATM program and can receive up to 0.75% of gross proceeds.
Dividend structure
- ▪The board of DeFi Development Corp. determines the regular annual dividend rate for CHAD preferred stock at least monthly.
- ▪CHAD is a variable-rate perpetual preferred stock with regular dividends initially accruing at a rate of 13% annually on the $10 stated amount.
- ▪Any monthly reduction in the CHAD preferred stock dividend rate is limited to 50 basis points and subject to specific conditions.
Annual dividend cost
- ▪If all 30 million CHAD shares were outstanding for a full year at the initial 13% rate, they would accumulate $39 million in annual dividends.
- ▪Cash payment of the CHAD preferred stock dividends remains subject to board declaration and legally available funds.
SOL treasury allocation
- ▪The treasury of DeFi Development Corp. increased by 55,491 SOL between August 27, 2026, and September 11, 2026, due to purchases and organic growth.
- ▪DeFi Development Corp. reported holding 2,388,923 SOL and SOL equivalents in its treasury as of September 11, 2026.
Management discretion over proceeds
- ▪DeFi Development Corp. plans to use a portion of the net proceeds from the CHAD offering to acquire SOL, but has not set a fixed allocation.
- ▪Management of DeFi Development Corp. retains broad discretion to use the CHAD offering proceeds for working capital and strategic initiatives.
DeFi Development financing history
- ▪In August 2026, DeFi Development Corp. shuttered its SOL accelerator and implemented deep cost cuts following a $27 million quarterly reversal.
- ▪DeFi Development Corp. closed a separate CHAD offering on September 8, 2026, at $8 per share, generating approximately $11 million gross.
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