<span class="acf-media-credit"><span class="acf-credit"><span class="acf-credit"><a href="theblock.co" target="_blank">The Block</a></span></span><span class="acf-credit"> | <span class="acf-credit"><a href="irischo.com" target="_blank">Illustration by Iris Cho for The Block</a></span></span></span>Solana treasury firm DeFi Development Corp. plans to raise up to $20 million through a public offering of preferred stock to fund more Solana (SOL) purchases.
The Nasdaq-listed company announced Monday that it has proposed an initial public offering of its Variable Rate Series C perpetual preferred stock. The shares would come with a $10 stated amount, with dividends accruing at a variable rate, starting at 13% a year. The first regular dividend payment is set to occur on Oct. 1, 2026.
At closing, the company said it plans to set up a dividend reserve in an amount equal to the first 12 months of payments at a 13% rate, which would be funded with cash, financial instruments or digital assets.
The company added that it intends to use the proceeds for general corporate purposes, including purchases of additional SOL and other crypto-related investments. R.F. Lafferty & Co. is serving as the book-running manager for the offering.
