DeFi Development Corp, a Solana treasury company, has launched an at-the-market program to sell up to 30 million CHAD preferred shares, potentially raising up to $300 million at the stated price of $10 per share. These variable-rate perpetual preferred shares carry a cumulative dividend initially set at 13% annually, equivalent to $1.30 per share, which would total $39 million per year if all 30 million shares were outstanding for a full year. The company stated that a portion of net proceeds will be allocated to SOL acquisitions without a fixed allocation percentage. As of September 11, DeFi Development held 2,388,923 SOL and equivalents, up 55,491 from August 27.
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