DeFi Development Closes $11M CHAD Offering, First SOL-Backed Digital Credit
DFDV has more than doubled off its 52-week low of $2.44 on elevated volume (2.0× avg).
Summary
DeFi Development closed its $11 million Series C perpetual preferred offering, branded CHAD, at $8.00 per share. The instrument carries a 13% initial dividend rate, equivalent to a 16.25% effective yield, and is pitched as the first SOL-backed 'Digital Credit' product. Proceeds will fund additional Solana purchases, and the company has already resumed buying, adding roughly 19,000 SOL to reach about 2.33 million SOL. Participation from Fundstrat's Tom Lee adds credibility. This follows the 424B5 pricing filed earlier today and the 8-K confirming the close. The offering was downsized from the original $20 million target, but the structure avoids common share dilution while expanding the SOL treasury. First dividend payment is set for Oct. 1.
At the time of this announcement, DFDV was trading at $6.10 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $189.1M. The 52-week trading range was $2.44 to $18.99. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: The Block.