Solana treasury firm DeFi Development Corp. floats $20M preferred stock raise to buy more SOL

DeFi Development Corp., the Nasdaq-listed company that holds Solana as its treasury asset, said Monday it has proposed a public offering of up to $20 million in Variable Rate Series C perpetual preferred stock, with the proceeds earmarked for buying more SOL and other crypto, according to The Block.

The mechanics, per the company's announcement as reported by The Block: the shares carry a $10 stated amount and pay a variable dividend starting at 13% a year, with the first regular payment scheduled for Oct. 1, 2026. At closing, the company said it plans to fund a dividend reserve equal to the first 12 months of payments at that 13% rate — using cash, financial instruments or digital assets. R.F. Lafferty & Co. is book-running manager. "Perpetual" means the preferred stock has no maturity date, so the dividend obligation does not expire on its own.

The raise follows a week of activity. DeFi Development said last week it had resumed SOL purchases, buying roughly 19,000 SOL at an average price of $98.14, lifting its holdings to about 2.33 million SOL and equivalents. CEO Joseph Onorati described the stock, which trades under DFDV, as offering "leveraged exposure to Solana" and "differentiated treasury yield." Shares closed Monday at $5.38, up 8.03% on the day and up 110% over the past month, but flat year-to-date. Solana traded at $103.3, up 41% on the month and down 17% since the start of 2026, per The Block's price page.

Key facts

• Proposed offering: up to $20 million in Variable Rate Series C perpetual preferred stock; $10 stated amount; initial dividend 13%/year (The Block, citing the company's Monday announcement).
• First dividend payment set for Oct. 1, 2026; 12-month dividend reserve to be funded at closing (The Block).
• Book-running manager: R.F. Lafferty & Co. (The Block).
• Prior purchase: ~19,000 SOL at $98.14 average, bringing holdings to ~2.33 million SOL and equivalents (The Block, citing the company).
• DFDV closed $5.38 Monday, +8.03% on the day, +110% on the month, flat YTD; SOL ~$103.3 (The Block).

The real-world read

This is a leveraged-treasury play funded by expensive money. A 13% starting dividend is a steep cost of capital, and it's variable — meaning it can rise. The company is borrowing (in preferred-equity form) at that rate to buy a volatile asset whose price, on its own numbers, sits below the $98.14 it just paid and 17% below where it started the year. The reserve funds only the first 12 months; the perpetual dividend runs indefinitely after that, and can be paid in "digital assets" — i.e., potentially in the same SOL the strategy depends on.

Note the framing: the "leveraged exposure" and "differentiated treasury yield" language comes from CEO Onorati, an interested party marketing his own stock, not from an independent assessment. The offering is proposed, not closed, and terms can change before pricing.

Opinion, and whose

CEO Joseph Onorati argues recent trading shows investors "increasingly understand" DFDV's value proposition of "amplified SOL exposure, strong trading liquidity, and differentiated treasury yield." That is the company's own characterization of its stock.

Sources

• The Block (reputable secondary; independent, majority-owned by Foresight Ventures per its own disclosure) — reported the offering's terms, the prior SOL purchase, executive quotes, and DFDV/SOL price data, citing the company's Monday announcement. Onorati's quotes are corporate marketing and are treated as such.

Not financial advice.