Solana treasury company DeFi Development Corp (DFDV) said on Monday it plans to raise up to $20 million through a public offering of Variable Rate Series C perpetual preferred stock, with the proceeds earmarked for one clear use: buying more SOL. The preferred shares have a par value of $10 each and pay a variable dividend with an initial annual rate of 13%. The first regular dividend date is Oct. 1, 2026.
At closing, DFDV will establish a 12-month dividend reserve fund, which can be funded with cash, financial instruments or crypto assets. R.F. Lafferty & Co is acting as book-running manager for the offering. DFDV said in a Globenewswire release that the funds will go toward general corporate purposes, including additional purchases of SOL and other crypto-related investments.
DFDV resumed SOL accumulation last week
The offering comes right after DFDV said last week it had resumed buying SOL. The company bought about 19,000 SOL at an average price of $98.14, lifting its position to roughly 2.33 million SOL plus equivalent assets. SOL changed hands near $103, above the average buy-in level.
Joseph Onorati, CEO of DFDV, said last week: 「DFDV is designed to provide investors with leveraged exposure to Solana. Recent trading activity shows investors increasingly understand this value proposition. Amplified SOL exposure, strong trading liquidity, and differentiated treasury returns are how the DFDV model operates.」
A growing set of listed SOL treasury firms
DFDV is not alone in this niche. SOL Strategies (STK) has already been approved for a Nasdaq listing. Classover, a U.S. listed company, said last year it would raise $500 million to build SOL reserves, and its stock jumped nearly 40% in one day.
The playbook is the same across most of these companies: issue equity or debt instruments in the public market, concentrate proceeds in SOL, and give traditional investors an indirect channel to Solana exposure. DFDV's preferred-share design, starting at a 13% dividend, tries to create cash-flow appeal beyond a pure bet on SOL price gains.
Earlier, the firm also announced the launch of meme token $DONT, whose market cap briefly reached $28 million.
Whether the preferred-stock sale succeeds, and how much buying power it creates after closing, will directly determine whether DFDV can expand its share in the crowded Solana treasury company space.