DeFi Development Corp raises $11 million via CHAD offering for Solana treasury

CHAD offering — DeFi Development Corp has raised $11 million through a private offering of its CHAD perpetual preferred stock, with proceeds earmarked to grow its treasury on the Solana blockchain.

The CHAD instrument is structured as a Variable Rate Series C perpetual preferred stock. It carries an initial annual dividend rate of 13%, payable to investors.

The capital raise follows a Strategy-style offering format, a structure previously used by other entities in the digital asset space to secure funding. The fresh funds are intended to bolster the company’s financial reserves dedicated to Solana-based activities.

DeFi Development Corp focuses on building and investing within the decentralized finance ecosystem, with Solana being a primary network for its operations and treasury management.