DeFi Development Corp. (DFDV) announced it is seeking to raise up to $20 million through the sale of a new perpetual preferred stock, officially titled Variable Rate Series C Perpetual Preferred Stock and dubbed "CHAD Stock."
The Nasdaq-listed Solana treasury company will pay a 13% annual dividend in daily installments. Each share carries a stated value of $10.00, with the initial dividend rate set at 13% per annum. Rather than using a quarterly payout structure, dividends will accrue cumulative value and pay out on each business day when declared by the board, with the initial payment scheduled for October 1, 2026.
The company plans to establish a dividend reserve of $1.30 per share when the offering closes, equivalent to a full year of dividends at the 13% rate. The reserve will be funded from existing cash, financial instruments, or digital assets.
R.F. Lafferty & Co. is serving as the sole book running manager and has been granted a 30-day option to purchase an additional 15% of the shares sold. The company is registering the sale under a Form S-3 shelf statement, which the SEC declared effective April 27, 2026.
Net proceeds will be used for general corporate purposes, including working capital, strategic transactions, growth initiatives, and purchases of Solana and other digital-asset investments. DFDV describes itself as the first U.S. public company built around accumulating and compounding Solana.
In a separate announcement, DFDV said it purchased approximately 19,000 SOL tokens at an average cost of $98.14, bringing its treasury to about 2,333,432 SOL and SOL equivalents. The company funded part of the purchase through the sale of its ZeroStack position.
