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Investing.com -- DeFi Development Corp. (NASDAQ:DFDV) stock tumbled 13% after the company announced a $125 million equity offering priced at $12.50 per share, aimed at expanding its Solana treasury holdings.
The offering involves selling approximately 4.2 million shares of common stock and pre-funded warrants to purchase roughly 5.7 million additional shares. The transaction, expected to close on Thursday, August 28, 2025, will be settled through a combination of cash and locked Solana (SOL) tokens.
According to the company, the proceeds will be deployed into both spot SOL and discounted locked SOL, furthering DFDV’s strategy of maximizing Solana per Share (SPS) growth. The company claims the transaction will be accretive to net asset value per share due to the discount capture on SOL.
"This raise allows us to add a significant amount of SOL to our balance sheet while still driving NAV/share accretion," said Joseph Onorati, Chief Executive Officer of DeFi Development Corp. "Our goal is straightforward: acquire as much SOL as possible, as quickly as possible, and do it in a way that compounds value per share for our investors."
This latest fundraising brings DFDV’s total capital raised in 2025 to over $370 million, following earlier financings including convertible debt, PIPE equity, and an ELOC facility. The company positions itself as a leading Solana treasury vehicle in public markets.
DFDV describes itself as the first US public company with a treasury strategy built specifically to accumulate and compound Solana tokens.
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