DeFi Development Corp. prices CHAD preferred stock IPO at $8, raising $11 million for Solana treasury

DeFi Development Corp. has priced its Variable Rate Series C Perpetual Preferred Stock at $8.00 per share, pulling in roughly $11 million through the sale of 1,375,000 shares. The stock will trade on Nasdaq under the ticker CHAD. The company, which rebranded from Janover Inc. in 2025, plans to funnel the proceeds into acquiring Solana and other digital assets. How the CHAD stock actually works The preferred shares carry a stated amount of $10, meaning they were issued at a discount to par. The initial cumulative annual dividend rate sits at 13%, payable daily, with the first payment scheduled for October 1, 2026. The board retains the right to adjust the dividend rate as needed, which is what the “variable rate” in the name refers to. The CHAD stock is perpetual and nonconvertible. It won’t turn into common shares down the road, and the preferred sits senior to common stock in the capital structure, giving CHAD holders priority on dividends and liquidation proceeds. Underwriters also secured a 30-day option to purchase up to an additional 206,250 shares. Settlement for the initial tranche is set for September 8, 2026. A Solana-first treasury strategy DeFi Development Corp. has posi...