DeFi Development Raises $11M in Preferred Stock for Solana Exposure

DeFi Development Corp., based in Boca Raton, Florida, has raised approximately $11 million through a public underwritten offering of its Variable Rate Series C Perpetual Preferred Stock, designated CHAD on Nasdaq’s Capital Market. The transaction, led by book-running manager R.F. Lafferty & Co., Inc., priced shares at $8.00 per share but aimed for $10.00, yielding an initial effective yield of about 16.25%—reflecting a cumulative dividend rate of 13% daily, subject to board approval and adjustable under the security’s terms. The offering was non-convertible, ensuring no dilution of the company’s common share count while providing a perpetual capital source.