DeFi Development Corp. increased the volume of Solana in its corporate treasury by 101,381 SOL over the week. Since September 14, the company added about 101,381 SOL, bringing the total reserves to 2,490,304 SOL – an increase of approximately 4.24% for the week.
The company does not limit itself to holding cryptocurrency on its balance sheet: part of the assets is used in staking, and its own validator infrastructure allows it to receive rewards and commissions from delegated funds. Therefore, the growth structure includes not only the purchase of coins on the market but also income from the operation of the already accumulated reserve. Previously, on September 14, DeFi Development Corp. reported an increase in reserves by 55,491 SOL to 2,388,923 SOL and equivalents. Thus, in the subsequent period, the treasury received more than 100,000 SOL, and the company valued this growth at more than $10 million. Joseph Onorati, CEO of DeFi Development Corp., stated that the company intends to further accelerate the growth of the treasury.
Simultaneously, DeFi Development Corp. is forming a mechanism for further financing of the cryptocurrency reserve. On September 8, the company completed the placement of Variable Rate Series C Perpetual Preferred Stock under the ticker CHAD and received about $11 million before accounting for commissions and expenses. According to the issuer's statement, the majority of the net proceeds were planned to be directed towards acquiring SOL. By September 14, a CHAD placement program of up to $300 million was created. Its terms provide for the issuance of shares at a price not lower than the declared value of $10, and the raised funds can be used by the company, among other things, for further accumulation of Solana. On September 21, an additional $1.65 million in gross revenue was added to the financing after the underwriter exercised an option to purchase 206,250 additional shares. This scheme links capital raising in the traditional market with the increase of the cryptocurrency reserve and the subsequent use of SOL in staking and validator activities.
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