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 positioned itself as the first US public company to build a treasury strategy centered on accumulating Solana. The company currently holds approximately 2.33 million SOL or equivalent assets.

The strategy blends SOL accumulation with staking activity. The company buys Solana, stakes it to earn network rewards, and reports those holdings to shareholders through standard public company disclosures.

This offering’s proceeds are earmarked for more SOL purchases, strategic transactions, and growth initiatives. A portion of the raise will also be set aside as a dividend reserve at the close of the transaction.

From fintech lender to crypto treasury play

As Janover Inc., the business operated as a fintech platform focused on commercial real estate lending. The 2025 rebrand to DeFi Development Corp. marked a strategic pivot toward combining those traditional fintech operations with a Solana-centric treasury model.

What this means for investors and the broader market

At the $8.00 purchase price with a $10 stated amount generating 13% annually, the effective yield on invested capital comes out higher than the stated rate. The dividend is variable and the underlying treasury is denominated in a volatile digital asset.

The nonconvertible, perpetual structure means CHAD shares can’t convert into common stock, so existing DFDV shareholders maintain their proportional ownership. The preferred holders get yield and seniority, but not a future claim on the common equity.

A sustained downturn in SOL’s value could force the company to sell treasury assets at depressed prices to fund distributions. The variable rate mechanism gives the board some flexibility to adjust, but the company’s 2.33 million SOL position concentrates its fortunes in a single blockchain ecosystem.

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