DeFi Development Corp. prices $112.5 million convertible notes offering

BOCA RATON - DeFi Development Corp. (NASDAQ:DFDV), whose stock has surged over 2,900% year-to-date according to InvestingPro data, announced Wednesday the pricing of its upsized private offering of $112.5 million in 5.5% convertible senior notes due 2030 to qualified institutional buyers.

The notes will be sold with a conversion premium of approximately 10% to the $21.01 closing price on July 1, 2025, resulting in an initial conversion price of about $23.11 per share. The offering is expected to close on July 8, 2025, subject to customary closing conditions. With a market capitalization of $309.7 million, the company maintains a healthy current ratio of 2.89, indicating strong short-term liquidity.

The company has granted initial purchasers an option to buy up to an additional $25 million in notes within a 7-day period after issuance.

DeFi Development Corp. estimates net proceeds of approximately $108.1 million from the offering, or $132.2 million if the additional purchase option is fully exercised. The company plans to use about $75.6 million to fund a prepaid forward stock purchase transaction, with the remainder allocated for general corporate purposes, including the acquisition of Solana (SOL).

The notes will mature on July 1, 2030, unless earlier repurchased, redeemed, or converted. Interest will be payable semi-annually beginning January 1, 2026. The notes will be convertible into cash, shares of common stock, or a combination, at the company’s election.

In connection with the offering, the company entered into a prepaid forward stock purchase transaction with one of the initial purchasers involving approximately 3.6 million shares of common stock.

DeFi Development Corp. describes itself as the first public company with a treasury strategy built to accumulate and compound Solana, providing investors with direct economic exposure to SOL while participating in the Solana ecosystem.

The information in this article is based on a company press release statement.

In other recent news, DeFi Development Corp. has announced plans to offer $100 million in convertible senior notes due 2030 to qualified institutional buyers. The company intends to use part of the proceeds to repurchase shares of its common stock and fund general corporate purposes, including the acquisition of Solana (SOL) cryptocurrency. Additionally, DeFi Development Corp. has secured a $5 billion equity line of credit from RK Capital Management, allowing it to issue and sell shares of its common stock to support its ongoing accumulation of Solana and enhance growth in Solana per share. This equity line provides the company with the flexibility to raise capital gradually, avoiding the need to lock in pricing during volatile market conditions.

Furthermore, DeFi Development Corp. will host an investor call to discuss its recent S-1 filings and the newly announced equity line of credit. Key company executives will explain the company’s approach to fundraising and its Solana-focused strategy. The company has made it clear that it does not plan to disclose any material nonpublic information during this event. These recent developments reflect DeFi Development Corp.’s ongoing efforts to strengthen its financial position and strategic focus on Solana.

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