Solana treasury company DeFi Development Corp. has opened an at-the-market program for up to 30 million CHAD preferred shares, creating an optional financing channel that could support further SOL purchases alongside other corporate uses.
The ATM program, with R.F. Lafferty serving as agent, allows DeFi Development to sell CHAD shares at market prices without a fixed schedule or minimum issuance volume. The prospectus filed September 11 sets the aggregate stated amount at $300 million, based on the $10 stated value per share used to calculate dividends.
CHAD is a variable-rate perpetual preferred stock. The initial annual dividend accrues at 13% on the $10 stated amount, or $1.30 per share annually. If all 30 million shares were issued and held for a full year, annualized dividend costs would reach approximately $39 million. The board determines the regular annual dividend rate at least monthly, with any reduction capped at 50 basis points per month.
Dividends accrue subject to board declaration and legally available funds. The prospectus sets no minimum offering amount and gives no assurance shares will be sold. DeFi Development is not obligated to issue any shares under the program.
R.F. Lafferty will receive a commission of 0.75% on gross proceeds. A portion of net proceeds will be allocated to acquire SOL; the company may also use proceeds for working capital and strategic initiatives, though no fixed allocation to either use has been disclosed.
The ATM program follows a separate CHAD offering that closed September 8 at $8 per share, generating approximately $11 million in gross proceeds. Market prices for CHAD shares can differ from the $10 stated amount.
DeFi Development reported holding 2,388,923 SOL and SOL equivalents as of September 11, an increase of 55,491 from August 27. The company attributed the increase to purchases and organic treasury growth but did not break down the contribution of each component.
