DeFi Development Corp (DFDV), specializing in treasury asset management within the Solana ecosystem, has announced plans for a public offering of perpetual preferred Series C shares. The issuance volume will be up to $20 million, with the raised capital directed toward increasing SOL positions and financing related crypto investments.
Offering Terms and Investor Protection
The par value of one share is set at $10. The dividend yield will be floating, with an initial annual rate of 13%. The first regular payment is scheduled for October 1, 2026. The underwriter is granted a 30-day option to purchase an additional 15% of the offering volume, which could increase the total inflow of funds.
To mitigate risks, DFDV will establish a reserve fund to cover dividend payments for the first 12 months. The fund will be backed by fiat currencies, traditional instruments, or digital assets. The offering is organized by the investment firm R.F. Lafferty & Co.
Treasury Accumulation Strategy
It is worth noting that the company is already actively expanding its reserves. On August 27, DFDV purchased an additional 19,000 SOL at an average price of $98.14, bringing the total treasury balance to 2.33 million SOL. Part of the purchase was financed with proceeds from the sale of stakes in the crypto treasury company ZeroStack. The newly acquired tokens will be held as a long-term asset and utilized through staking infrastructure.
CEO Joseph Onorati emphasizes that the business model is focused on providing institutional access to Solana, using treasury yield as a lever. Following the announcement, DFDV shares rose 8% during the day, closing at $5.38. SOL itself is trading around $102, showing growth of more than 40% over the month.
In a broader context, participants in Solana's on-chain governance recently approved proposal SGP-0002, doubling the annual disinflation rate — from 15% to 30%. This enhances the asset's long-term appeal for institutional holders.
My view: This model — a hybrid of classic treasury management and a crypto investment fund — is becoming increasingly popular, but investors should carefully assess the volatility risks of the underlying asset. The reserve fund only partially mitigates potential losses, and dependence on the SOL price remains a key factor in returns.