Nasdaq-listed DeFi Development Corp has launched a $200M at-the-market fairness program, pledging to difficulty inventory solely when it boosts “SOL per share” and fuels its Solana reserve technique.
Abstract
- Nasdaq-listed Solana treasury car DeFi Development Corp has launched a $200 million at-the-market (ATM) fairness program to fund additional SOL accumulation.
- The corporate says proceeds will primarily assist its Solana reserve technique and that it’ll solely difficulty shares when doing so is “accretive” to the worth of every shareholder’s SOL holdings.
- DeFi Development has beforehand used fairness raises to scale its SOL treasury towards a long-term goal of 1 SOL per share by 2028.
DeFi Development Corp, a Nasdaq-listed digital asset treasury firm targeted on Solana (SOL), has entered a gross sales settlement with dealer R.F. Lafferty that enables it to promote as much as $200 million of frequent inventory every now and then by way of an at-the-market providing.
ATM facility tied on to SOL reserve technique
In response to the 8-Ok and prospectus complement, shares can be issued below an efficient shelf registration, with the agent incomes as much as 0.75% of gross proceeds as fee whereas utilizing “commercially reasonable efforts” to position inventory into the market.
The corporate mentioned web proceeds will go primarily towards “continuing to execute its Solana reserve strategy,” alongside working capital and different strategic initiatives, reiterating that SOL is the principal asset in its digital asset treasury reserve.
Administration has emphasised that it intends to promote inventory solely when doing so has a constructive impression on “SOL per share,” stressing that the ATM is designed to be accretive by elevating capital above the look-through worth of present SOL holdings after which deploying that capital into further Solana.
In an April investor briefing, DeFi Development outlined a “North Star” goal of reaching one SOL per share by December 2028, saying its technique is to “acquire as much SOL as possible, as quickly as possible, in a way that compounds value per share.”
Constructing a listed Solana treasury car
DeFi Development has already used fairness capital to develop its SOL reserves.
In August 2025, the agency closed a $125 million fairness providing at $12.50 per share, saying the transaction was anticipated to be “NAV/share accretive” as a result of it allowed the corporate to purchase each spot SOL and discounted locked SOL, thereby increasing its treasury whereas capturing reductions.
By mid-2025 the corporate had collected round 1 million SOL value roughly $190 million, and by September that 12 months it reported holdings above 2.02 million SOL — about $412 million on the time — after buying 196,141 SOL at a median of $202.76 with the intention of staking the whole quantity.
DeFi Development positions itself as “the first public Digital Asset Treasury built to accumulate Solana,” operating its personal validator infrastructure and deploying roughly 15% of its treasury on-chain to earn what CEO Joseph Onorati has described as an 8%–11% annualized “organic” yield from staking and ecosystem participation.
In a latest crypto.information characteristic, Onorati mentioned an earlier increase “allows us to add a significant amount of SOL to our balance sheet while still driving NAV/share accretion,” underscoring that each financing step is evaluated by way of the lens of SOL per share development.
One other crypto.information overview highlighted how the corporate has already pushed its SOL treasury towards the $200 million mark, utilizing a mixture of credit score amenities and fairness issuance to scale what it calls a “Solana reserve strategy” for public-market traders.
A separate crypto.information evaluation famous that by standardizing reporting round SOL per share and treating Solana as its core reserve asset, DeFi Development is successfully working as a listed Solana proxy, with this new $200 million ATM offering contemporary ammunition to maintain increasing that guess.
