DeFi Development Corp completes $11M CHAD offering for SOL-backed credit instrument

DeFi Development Corp has closed an $11 million public offering of something called CHAD Stock, a preferred equity instrument backed by the company’s Solana treasury. The offering, which wrapped up on September 8, marks what the company is calling the first SOL-backed digital credit instrument to trade on a major exchange. What CHAD Stock actually is CHAD is the company’s Variable Rate Series C Perpetual Preferred Stock. It’s a share class that sits above common equity but below debt in the event the company ever has to liquidate. It pays dividends, doesn’t convert into common stock, and trades on Nasdaq under the ticker CHAD. The offering consisted of 1.375 million shares priced at $8.00 each. Each share carries a stated value of $10, with an annual dividend rate of 13% on that stated value. At the $8 purchase price, that translates to an effective yield of roughly 16.25%. The first dividend payment is scheduled for October 1, 2026. Notable participants in the offering included Thomas Lee, co-founder and head of research at Fundstrat Global Advisors, and the chairman of BitMine, an Ethereum-focused treasury firm. The SOL treasury play DeFi Development Corp, which trades on Nasdaq ...