DeFi Development completes $11M preferred stock sale to buy more SOL

Nasdaq-listed DeFi Development (DFDV) has completed an $11 million sale of CHAD preferred stock, with the proceeds set to be used for additional SOL purchases, The Block reported. CHAD is a floating-rate Series C perpetual preferred stock with an initial annual dividend rate of 13%. Based on the offering price, the initial effective yield is around 16.25%, and the first regular dividend is scheduled to be paid on Oct. 1. Fundstrat’s Tom Lee also participated in the offering.