DeFi Development Prices $19.8M CHAD Preferred Offering

The sale gives the Solana-focused firm flexible capital that could fund buybacks of SOL while listing approval and dividend terms remain unsettled.

Overview

DeFi Development priced 2.2 million Variable Rate Series C perpetual preferred shares at $9 each on Tuesday, Sept. 1, 2026, targeting $19.8 million in gross proceeds.
The shares carry a $10 stated amount and start with a 13% annual dividend equal to $1.30 per share, which yields about 14.44% at the $9 price.
The company will seed a separate dividend reserve of roughly $1.30 per share, creating an initial reserve near $2.86 million to cover one year of payments at the initial rate.
CHAD is perpetual, ranks below DeFi Development’s debt, has limited voting rights, a board‑reviewed variable dividend that can be cut monthly, and redemption rights that hinge on a Nasdaq listing and other conditions.
Key near-term events to watch are the offering close, the underwriter’s 30-day option on 330,000 shares, Nasdaq’s listing decision, the Oct. 1 first dividend payment, and any company disclosure if proceeds are used to buy more SOL.