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Nasdaq-listed DeFi Development Corp has launched a $200M at-the-market equity program, pledging to issue stock only when it boosts \u201cSOL per share\u201d and fuels its Solana reserve strategy.<\/p>\n
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DeFi Development Corp, a Nasdaq-listed digital asset treasury company focused on Solana (SOL), has entered a sales agreement with broker R.F. Lafferty that allows it to sell up to $200 million of common stock from time to time through an at-the-market offering.<\/p>\n
According to the 8-K and prospectus supplement, shares will be issued under an effective shelf registration, with the agent earning up to 0.75% of gross proceeds as commission while using \u201ccommercially reasonable efforts\u201d to place stock into the market.<\/p>\n
The company said net proceeds will go primarily toward \u201ccontinuing to execute its Solana reserve strategy,\u201d alongside working capital and other strategic initiatives, reiterating that SOL is the principal asset in its digital asset treasury reserve.<\/p>\n
Management has emphasized that it intends to sell stock only when doing so has a positive impact on \u201cSOL per share,\u201d stressing that the ATM is designed to be accretive by raising capital above the look-through value of existing SOL holdings and then deploying that capital into additional Solana.<\/p>\n
In an April investor\u00a0briefing<\/a>, DeFi Development outlined a \u201cNorth Star\u201d target of reaching one SOL per share by December 2028, saying its strategy is to \u201cacquire as much SOL as possible, as quickly as possible, in a way that compounds value per share.\u201d<\/p>\n DeFi Development has already used equity capital to grow its SOL reserves.<\/p>\n In August 2025, the firm closed a $125 million equity offering at $12.50 per share, saying the transaction was expected to be \u201cNAV\/share accretive\u201d because it allowed the company to buy both spot SOL and discounted locked SOL, thereby expanding its treasury while capturing discounts.<\/p>\n By mid-2025 the company had accumulated around 1 million SOL worth roughly $190 million, and by September that year it reported holdings above 2.02 million SOL \u2014 about $412 million at the time \u2014 after purchasing 196,141 SOL at an average of $202.76 with the intention of staking the entire amount.<\/p>\n <\/p>\n DeFi Development positions itself as \u201cthe first public Digital Asset Treasury built to accumulate Solana,\u201d running its own validator infrastructure and deploying roughly 15% of its treasury on-chain to earn what CEO Joseph Onorati has described as an 8%\u201311% annualized \u201corganic\u201d yield from staking and ecosystem participation.<\/p>\n In a recent crypto.news\u00a0feature<\/a>, Onorati said an earlier raise \u201callows us to add a significant amount of SOL to our balance sheet while still driving NAV\/share accretion,\u201d underscoring that every financing step is evaluated through the lens of SOL per share growth.<\/a><\/p>\n Another crypto.news\u00a0overview<\/a>\u00a0highlighted how the company has already pushed its SOL treasury toward the $200 million mark, using a mix of credit facilities and equity issuance to scale what it calls a \u201cSolana reserve strategy\u201d for public-market investors.<\/a><\/p>\nBuilding a listed Solana treasury vehicle<\/h2>\n