DeFi Development prices $19.8M CHAD preferred stock offering

DeFi Development Corp. (DFDV) announced the pricing of its Variable Rate Series C Perpetual Preferred Stock, known as CHAD, at $9 per share. The offering comprises 2.2 million shares, generating $19.8 million in gross proceeds before underwriting costs.

Offering details and potential upside

The underwriter, R.F. Lafferty & Co., received a 30‑day option to purchase an additional 330,000 shares at the same price, which could increase total gross proceeds to $22.77 million.

Dividend structure

CHAD carries a $10 stated amount and an initial annual dividend rate of 13%, calculated on the stated amount. At the $9 offering price, this translates to an effective annual yield of roughly 14.44%. The first dividend is scheduled for October 1 and will be payable each business day thereafter, subject to board declaration.

Use of proceeds

Proceeds are intended for general corporate purposes, including working capital, strategic transactions, and potential purchases of Solana (SOL) and other digital assets. The company has previously acquired about 19,000 SOL at an average price of $98.14, expanding its treasury to roughly 2.33 million SOL.

Redemption and listing plans

CHAD is a perpetual security with no maturity date. DeFi Development may redeem shares at $11 per share plus accrued dividends after the security lists on Nasdaq. The company has applied to list CHAD on the Nasdaq Capital Market under the ticker “CHAD” and plans an at‑the‑market program for future sales.

Key timelines

• Offering pricing announced: after market close on Aug. 31.
• First dividend payment: Oct. 1.
• Nasdaq listing decision: pending.
• Potential additional share purchase by underwriter: within 30 days of pricing.