Second Largest Solana Treasury Reaches 2.39 Million SOL: How Will New Purchases Be Funded?

DeFi Development Corp. has increased its SOL holdings to 2.39 million units while establishing a $300 million CHAD share program to finance new purchases.

Nasdaq-listed DeFi Development Corp. (DFDV) has made a two-stage move to expand its Solana treasury. The company has established a new capital channel to provide resources for future purchases while increasing its current SOL holdings.

DFDV’s SOL and SOL-equivalent assets have increased by 55,491 SOL since August 27, reaching approximately 2.39 million SOL. This rise represents an approximately 2 percent increase in the company’s treasury size.

DFDV Establishes $300 Million CHAD Program

The company also created a $300 million at-the-market offering program for CHAD perpetual preferred shares. Under the program, shares are planned to be issued at a par value of at least $10. The proceeds are intended to be primarily used for new SOL purchases.

CHAD shares are defined as floating-rate Series C perpetual preferred shares. The initial annual dividend rate for the shares will be 13 percent.

DFDV CEO Joseph Onorati stated that the company continues to grow its SOL holdings and that the new program will be used to transform CHAD into a larger growth vehicle. The company describes this structure as a cycle of raising capital, accumulating SOL, generating yield, and increasing the amount of SOL per share.

According to the statement, DFDV is the second largest public company with a Solana treasury after Forward Industries. The company has recently resumed regular SOL purchases. Additionally, it has launched a real-time research platform that monitors market, staking, validator, yield, and ecosystem data on the Solana network.