DeFi Development seeks $20M for SOL
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- DeFi Development Corp proposed raising up to US$20 million through preferred stock.
- DFDV shares rose 8.03% to US$5.38 on Monday.
- The company plans to use the funds to buy more Solana (CRYPTO:SOL) and other crypto assets.
DeFi Development Corp proposed raising up to US$20 million through a preferred stock offering.
The company plans to use the proceeds for more Solana (CRYPTO:SOL) purchases and other crypto-related investments.
“DFDV is designed to provide investors with leveraged exposure to Solana,” said CEO Joseph Onorati last week.
The Series C preferred shares would have a US$10 stated value and dividends starting at 13% annually.
Following the announcement, DeFi Development Corp shares closed at US$5.38, up 8.03% on Monday.
The company recently resumed SOL purchases, buying about 19,000 SOL at an average price of US$98.14.
That purchase lifted its holdings to about 2.33 million SOL and equivalents, while SOL traded at US$104.04.
