DeFi Development Corp., the Nasdaq-listed company trading under the ticker DFDV, has filed a preliminary prospectus supplement for a preferred-stock offering designed to raise approximately $19.8 million. The capital is intended for general corporate purposes that explicitly include the acquisition of Solana (SOL) and other digital assets.

The offering covers 2.2 million shares of Variable Rate Series C Perpetual Preferred Stock, branded as CHAD Stock, priced at $9 per share. Underwriters hold an option to purchase up to an additional 330,000 shares. The transaction is structured as a firm-commitment deal, with R.F. Lafferty & Co. serving as sole book-running manager. The company has applied to list the preferred shares under the ticker CHAD.

Preferred Share Terms and Dividend Structure

Each share carries a stated amount and initial liquidation preference of $10. Dividends are cumulative and accrue at a variable rate. The initial annual dividend rate is set at 13 percent, subject to adjustment under the terms of the securities. Payments are scheduled for each business day of each calendar month, beginning October 1, 2026.

At closing, the company intends to deposit $1.30 per share into a separate account. That reserve is designed to cover 12 months of dividend payments at the initial rate and may be funded with existing cash, financial instruments, or digital assets.

While the prospectus does not allocate a fixed percentage of the raise to any single purpose, Chief Executive Joseph Onorati stated that the firm expects to deploy most of the net proceeds toward SOL purchases.

Recent SOL Accumulation and Treasury Position

The filing follows a resumption of SOL purchases by the company. Last week DeFi Development acquired approximately 19,000 SOL at an average price of $98.14. The purchase increased its treasury to about 2.33 million SOL and SOL equivalents, valued at roughly $236 million at the time of the announcement.

Part of the funding for the latest acquisition came from the divestiture of the company’s ZeroStack position. DeFi Development said it plans to hold the tokens as a long-term treasury asset and deploy them through staking and on-chain infrastructure. The firm operates its own Solana validators, earning staking rewards and fees from delegated tokens, and participates in decentralized finance activity on the network.

Onorati has described DFDV equity as a leveraged vehicle for SOL exposure. He noted that the company’s month-to-date returns had more than doubled those of SOL itself, attributing the outperformance to leveraged positioning, trading liquidity, and treasury yield.

Market Context for Solana

The capital raise arrives after a strong month for Solana. SOL rose 41.4 percent in August, marking its first positive monthly performance of 2026 following declines in every preceding month of the year. Other digital-asset treasury companies also returned to accumulation activity in late August, including firms focused on Bitcoin.

DeFi Development is already among the larger public holders of SOL. Completion of the preferred-stock offering would provide additional resources for the company to continue expanding its Solana treasury while maintaining its staking and validator operations.