Overview
- The Nasdaq-listed company set up an at-the-market stock program of up to $200 million to fund additional Solana purchases, working capital and strategic projects.
- Shares will be sold under an effective shelf through broker R.F. Lafferty, which may earn up to a 0.75% commission on gross proceeds.
- The company ties issuance to its SOL-per-share metric and says it will sell stock only when new capital can raise each shareholder’s look-through SOL exposure, a stance investors will watch as the program rolls out.
- DeFi Development differs from passive crypto treasuries because it stakes SOL and runs its own validators, earning on-chain rewards and fees that add to holdings over time.
- The move extends a playbook that included a $125 million equity raise in August 2025 and more than 2.02 million SOL reported by September 2025, alongside a stated goal of one SOL per share by December 2028.