DeFi Development Corp Sets $300M CHAD ATM as SOL Treasury Reaches 2.39 Million

DeFi Development Corp. dfdvSOL$122.56-0.3% disclosed on September 14 that it had grown its Solana treasury to 2,388,923 SOL and announced a $300 million at-the-market (ATM) offering for its CHAD preferred stock, the largest capital facility the company has established for SOL accumulation.

The company (Nasdaq: DFDV) purchased 55,491 SOL for approximately $5.78 million since August 27, according to The Block, a gain of roughly 2%. DFDV ranks as the second-largest Solana treasury among publicly traded companies, trailing Forward Industries (Nasdaq: FWDI) as of the announcement.

CHAD ATM: $300M Facility, Par-Value Floor

CHAD (the Variable Rate Series C Perpetual Preferred Stock) made its market debut on September 8 in an inaugural offering that raised approximately $11 million at $8 per share, with New York broker-dealer R.F. Lafferty & Co. acting as sales agent. Fundstrat's Tom Lee participated in the offering. That $8 pricing came in below the stock's $10 par value.

The $300 million ATM program operates under a commitment to issue shares only at or above that $10 par value. Proceeds are designated for additional SOL purchases. CHAD carries an initial annual dividend rate of 13%, per the September 14 announcement.

CEO Joseph Onorati framed the ATM as a step-up in capital capacity:

SOL Accumulation Flywheel and Staking Yield

DFDV's stated strategy runs in a cycle: raise capital through preferred stock issuances, use proceeds to buy SOL, generate staking yield on the holdings, then repeat, with progress measured in SOL per share rather than dollar returns.

"The flywheel is spinning, and we now have more capacity to put it to work," Onorati said. The company runs its own validator infrastructure, capturing staking yield directly rather than delegating to third parties. Staking revenue grew 369% year-over-year in DFDV's most recent quarter, per the company's Q2 earnings disclosure.

Ahead of this capital push, DFDV launched stateofsol.com in late August, a free public Solana analytics platform.

DFDV vs. SOL vs. Nasdaq-100: Management's Performance Claims

Onorati said SOL has outperformed the Nasdaq-100 by 39% quarter-to-date and that DFDV shares have returned roughly double what SOL itself returned over the same period, per Yahoo Finance. The company presents this compounding as the core rationale for the flywheel model.

Those figures are management claims and have not been independently verified. DFDV's Q2 2026 results disclosed a $27.3 million second-quarter loss and a $110.7 million first-half loss for a period when SOL briefly fell below the company's cost basis, though its SOL-per-share metric rose 24% year-over-year through that same stretch.