DeFi Development Corp. Launches $300M ATM Offering to Grow SOL Treasury

DeFi Development Corp. has launched a $300 million at-the-market (ATM) offering for its CHAD preferred stock to fund further accumulation of Solana (SOL) and increase holdings on a per-share basis. The company’s treasury now holds 2,388,923 SOL, an increase of 55,491 SOL since August 27, 2026, according to an SEC filing.

"The flywheel is spinning, and we now have more capacity to put it to work," said Joseph Onorati, CEO of DeFi Development Corp., in a statement regarding the expansion.

Understanding the ATM Facility

An at-the-market (ATM) offering is a capital-raising mechanism that allows a company to sell newly issued shares directly into the secondary market over time. Unlike a traditional underwritten offering, which involves selling a large block of shares at once, an ATM program enables the issuer to sell shares incrementally at prevailing market prices.

According to company disclosures, DeFi Development Corp. is not obligated to sell any specific number of shares under the $300 million facility. The company intends to issue the Variable Rate Series C Perpetual Preferred Stock (CHAD) only at or above its $10.00 par value.

Financial Context and Market Position

The company's strategy focuses on compounding its SOL holdings per share, using the proceeds from equity issuance to grow its digital asset base. This approach links the company's treasury growth to its ability to raise capital through its preferred stock offerings.

As of September 16, 2026, DFDV stock was trading at $4.39. The establishment of the $300 million ATM program provides the firm with a source of capital to execute its treasury acquisition strategy as market conditions allow, avoiding the dilution or pricing volatility associated with a single, large-scale stock issuance.