DeFi Development sets a $1.30 per share reserve behind its 13% CHAD dividend

DeFi Development Corp. (DFDV) said Monday it is seeking to raise up to $20 million through the sale of a new perpetual preferred stock.

The Nasdaq-listed Solana treasury company will pay a 13% annual dividend in daily installments, with the cash earmarked mostly for buying more SOL.

R.F. Lafferty holds a 30-day option on an extra 15%

Officially, it is called the Variable Rate Series C Perpetual Preferred Stock. The company dubbed it “CHAD Stock,” per its August 31 press release.

Each share has a stated amount of $10.00. The initial dividend rate is 13.00% per annum.

Instead of a quarterly payout structure, DFDV stated dividends will accrue cumulative value and pay out on each business day when declared by the board, with the initial payment scheduled for October 1, 2026.

The rate is variable, and the initial 13% may vary depending on the terms of the stock.

R.F. Lafferty & Co. is the sole book running manager. The company also granted its underwriter a 30-day option to purchase an additional 15% of the shares sold.

DFDV said it will establish a dividend reserve when the offering closes. It plans to set aside $1.30 per share, equivalent to a full year of dividends at the 13% rate, according to its filing.

The account will be funded from existing cash, financial instruments, or digital assets. The Boca Raton company is registering the sale under a Form S-3 shelf statement, the SEC declared effective April 27, 2026.

Net proceeds are for general corporate purposes, DFDV said. The list includes working capital, strategic transactions, growth initiatives, and buying more SOL and other digital-asset investments.

The company describes itself as the first U.S. public company built around accumulating and compounding Solana.

A ZeroStack sale helped fund 19,000 SOL at $98.14

In a separate statement on Aug. 27, DFDV said it had restarted buying SOL. It purchased about 19,000 tokens at an average cost of $98.14, leaving it with a treasury of about 2,333,432 SOL and SOL equivalents.

The company sold its ZeroStack position to help fund part of that purchase.

“DFDV is designed to provide investors with leveraged exposure to Solana,” Chief Executive Joseph Onorati said last week.

He said the company’s blend of “amplified SOL exposure, strong trading liquidity, and differentiated treasury yield is the DFDV model at work.”

Shares of DFDV climbed 8.03% Monday to close at $5.38, up 110% in the past month but flat for the year. SOL was trading around $101. That’s a long way from the 52-week peak of $18.99 the shares once touched.

Cryptopolitan reported the company expanded a share buyback program to $100 million as its market-value-to-net-asset-value ratio slipped to 0.9.

DFDV warned that there is no assurance it will be completed.

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