AI · The Block
DeFi Development Corp proposes $20 million preferred stock offering to buy more SOL
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★ Tier-1 Source
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.
Key facts
- Meanwhile, Solana climbed 1.9% over the past 24 hours to trade at $103.3, 's SOL price page
- On Monday, DFDV shares jumped 8.03% to close at $5.38
- Last week, DeFi Development, which trades on the Nasdaq under ticker DFDV, said it has resumed SOL purchases, acquiring roughly 19,000 SOL at an average price of $98.14
- 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
Summary
The Nasdaq-listed company announced Monday that it has proposed an initial public offering of its Variable Rate Series C perpetual preferred stock. 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. Last week, DeFi Development, which trades on the Nasdaq under ticker DFDV, said it has resumed SOL purchases, acquiring roughly 19,000 SOL at an average price of $98.14.