Solana treasury giant DeFi Development opens $300M CHAD offering backed by a massive 13% dividend catch

Solana treasury company DeFi Development Corp. has opened an at-the-market program for up to 30 million CHAD preferred shares, creating an optional financing channel that could support further SOL purchases alongside other corporate uses.CHAD is variable-rate perpetual preferred stock. Its $10 stated amount is the base used to calculate dividends; the security's market price and eventual sale prices can differ. Multiplying that stated amount by the program's 30 million-share limit gives $300 million of aggregate stated amount. Cash proceeds will depend on actual issuance volume and market prices.The September 11 prospectus sets no minimum offering amount and gives no assurance that any or all shares will be sold. DeFi Development is not obligated to issue shares, while R.F. Lafferty is not required to sell a specific number or dollar amount. The agent can receive up to 0.75% of gross proceeds, and the company must cover specified offering expenses.The larger continuing cost comes from CHAD's cumulative dividend. Regular dividends initially accrue at 13% a year on the $10 stated amount, equivalent to $1.30 per share annually. Cash payment remains subject to board declaration and leg...