Solana treasury firm DeFi Development launches $300M CHAD preferred share program

Solana treasury company DeFi Development Corp. has initiated an at‑the‑market (ATM) program to issue up to 30 million CHAD preferred shares. The offering provides an optional source of capital that may be used for additional SOL acquisitions, working capital, and strategic initiatives.

Structure of the CHAD offering

CHAD is a variable‑rate perpetual preferred security with a $10 stated amount per share. The dividend is calculated on this amount, not on the market price of the shares. The program’s aggregate stated amount equals $300 million (30 million × $10). No minimum amount is set in the prospectus, and the company is not obligated to sell any specific number of shares.

Dividend terms

• Initial regular dividend rate: 13 % per year on the $10 stated amount (equivalent to $1.30 per share annually).
• The board sets the annual rate at least monthly; any monthly reduction is limited to 50 basis points and subject to conditions.
• If all 30 million shares were outstanding for a full year at the initial rate, annual dividend accrual would be about $39 million.

Potential proceeds and costs

Cash proceeds will depend on the number of shares actually issued and the market price at which they are sold. The offering agent may receive up to 0.75 % of gross proceeds, and the company must cover specified offering expenses.

Use of proceeds

DeFi Development states that a portion of net proceeds may be used to purchase SOL. Remaining funds are available for working capital and other strategic initiatives, giving management broad discretion without a fixed allocation to the token.

Recent related activity

Earlier in September, a separate CHAD offering closed at $8 per share, generating roughly $11 million in gross proceeds. The new ATM program adds a preferred‑share financing route alongside existing common‑share mechanisms.