DeFi Development Corp. the first US public company with a treasury strategy built to accumulate and compound Solana (“SOL”), announced that it has entered into definitive agreements for a $125 million equity offering priced at $12.50 per share. The transaction is expected to close on Thursday, August 28, 2025, subject to customary closing conditions.
Pursuant to the terms of the subscription agreements, the Company is selling an aggregate of approximately 4.2 million shares of its common stock at a purchase price of $12.50 per share and pre-funded warrants to purchase an aggregate of approximately 5.7 million shares of its common stock, at a purchase price of $12.4999 per share with an exercise price of $0.0001 per share. The Company will receive a mix of cash and locked SOL as consideration in the offering, reinforcing DFDV’s strategy of maximizing Solana per Share (“SPS”) growth. Net proceeds will be deployed into both spot SOL and discounted locked SOL, enabling the Company to expand its treasury holdings. As a result, the transaction is expected to be NAV/share accretive and, given the discount capture on SOL, SPS accretive.
The controlling stockholders of the Company have executed a written consent approving the issuance of the shares underlying the pre-funded warrants, which is sufficient to authorize this action pursuant to the listing rules of Nasdaq. The Company will issue an information statement describing the corporate action in more detail, which will be furnished to stockholders for information purposes only, pursuant to Section 14(c) of the Securities Exchange Act of 1934, as amended.
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“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 transaction accelerates both the absolute size of our SOL treasury and the efficiency of our SPS growth strategy.”
This transaction follows DFDV’s earlier financings in 2025, including convertible debt, PIPE equity, and an ELOC facility, and brings total capital raised year-to-date to over $370 million. Together, these efforts position DFDV as a leading Solana treasury vehicle in public markets, with access to institutional capital and onchain integrations across the Solana ecosystem.
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