DeFi Development Corp proposes $20 million offering to buy more SOL

DeFi Development Corp. proposed raising up to $20 million through a public offering of preferred stock to fund additional SOL purchases. The offering covers Variable Rate Series C perpetual preferred stock with a $10 stated amount. Dividends would accrue at a variable rate starting at 13% a year. The first regular dividend payment is scheduled for Oct. 1, 2026. The company plans to establish a dividend reserve covering the first 12 months of payments at a 13% rate. The reserve would be funded with cash, financial instruments or digital assets. The company intends to use the proceeds for general corporate purposes, including additional SOL purchases and other crypto-related investments. R.F. Lafferty & Co. is serving as the book-running manager. Last week, the company resumed SOL purchases and acquired roughly 19,000 SOL at an average price of $98.14. Its holdings reached approximately 2.33 million SOL and equivalents. CEO Joseph Onorati said DFDV is designed to provide investors with leveraged exposure to Solana. On Monday, DFDV shares rose 8.03% to close at $5.38. The stock has risen 110% over the past month and remains flat year-to-date. SOL rose 1.9% over the past 24 hours to trade at $103.3. SOL has gained 41% over the past month and remains down 17% since the beginning of 2026.