DeFi Development seeks $20 million for SOL purchases with 13% preferred stock offering

DeFi Development Corp., which holds the second-largest solana (SOL) treasury, is preparing to raise about $20 million through an offering of perpetual preferred stock.

The proceeds are earmarked for additional SOL purchases, other crypto investments and general corporate purposes, according to a filing. The firm currently holds 2.23 million SOL worth over $226 million.

The Solana treasury company would offer 2.2 million “CHAD” shares at $9 apiece, with a stated value of $10. The stock would initially pay cumulative dividends at an annual rate of 13% on that stated value, payable each business day when declared, with the board able to adjust the rate at least monthly.