DeFi Development Adds 55,491 Solana, Launches $300 Million ATM Program to Step Up SOL Buying
Summary
- Nasdaq-listed DeFi Development said it added 55,491 Solana (SOL), bringing its total holdings to about 2.39 million tokens.
- The company said it had established an ATM program of up to $300 million using perpetual preferred stock CHAD, which carries an initial dividend rate of 13%, and plans to use the proceeds for additional SOL purchases.
- DeFi Development said it is pursuing a strategy of buying SOL and generating returns through staking and other methods to increase SOL holdings per share, adding that it is the second-largest corporate holder of Solana.
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Nasdaq-listed DeFi Development Corp. has increased its Solana holdings again and put in place a $300 million fundraising program to expand its SOL purchases.
The Block reported on September 14 that DeFi Development recently added 55,491 SOL, bringing its holdings of SOL and SOL-equivalent assets to about 2.39 million. That is roughly 2% more than on August 27.
The company is also seeking funds for additional SOL purchases. It established an at-the-market program of up to $300 million using its perpetual preferred stock, CHAD, which carries an initial dividend rate of 13%. The shares will be issued at no less than their $10 par value, with the proceeds to be used primarily to buy more SOL.
Chief Executive Officer Joseph Onorati said the company is continuing to expand its SOL holdings. He added that the $300 million ATM gives CHAD a structure that can make it a new growth driver.
DeFi Development is pursuing a strategy of buying SOL, generating returns through staking and other methods, and using those proceeds to increase SOL holdings per share.
The company recently resumed regular SOL purchases and is currently the second-largest corporate holder of Solana after Forward Industries.
