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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/09/2026

DeFi Development Raises $11M via CHAD Preferred Stock to Grow Solana Treasury

What happened: DeFi Development Corp.

DeFi Development Raises $11M via CHAD Preferred Stock to Grow Solana Treasury

What happened: DeFi Development Corp. closed an $11 million IPO for its CHAD Variable Rate Series C Perpetual Preferred Stock, offering a 13% initial dividend. The instrument, trading under the ticker CHAD, is marketed as the first Solana-backed digital credit product, with proceeds earmarked for further SOL acquisitions.

Why it matters: The offering mirrors MicroStrategy's preferred stock strategy and highlights the growing appetite for yield-bearing, crypto-backed securities. The aggressive dividend rate (13%, with an effective yield of 16.25% at offering price) signals both confidence in Solana's prospects and the need to attract risk-tolerant capital. The structure also gives DeFi Development flexibility to manage dividends to support the stock price.

Source: The Block, GlobeNewswire