DeFi Development Corp, a Nasdaq-listed company, closed on September 8 an $11 million public offering of its CHAD preferred shares, a credit instrument backed by its Solana treasury. The offering comprised 1.375 million preferred shares priced at $8 each, with a stated value of $10 and an annual dividend rate of 13%, translating to an effective yield of approximately 16.25%. The first dividend payment is scheduled for October 1, 2026. The company, which currently holds approximately 2.33 million SOL, will use the bulk of the proceeds to buy additional Solana. Notable participants included Thomas Lee, co-founder of Fundstrat Global Advisors, and the chairman of BitMine.
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