DeFi Development Sells $100 Million Convertible Notes to Expand Solana Bet

DeFi Development Corp., the first U.S.-listed company to adopt Solana as a core treasury asset, said it intends to raise $100 million through a private offering of convertible senior notes maturing in 2030. The deal, marketed under Rule 144A to qualified institutional buyers, includes an option to lift the size to $125 million depending on demand.

Net proceeds will be used primarily to acquire additional Solana tokens and to fund a prepaid forward agreement to repurchase DeFi Development’s common stock, the company said. Any remaining cash will go toward general corporate needs. The structure allows hedge-fund investors to run delta-neutral convertible-arbitrage trades, which the firm believes could help temper volatility in its shares.

DeFi Development already holds more than 600,000 SOL—worth about $90 million at recent prices—and operates its own validator on the network. The latest financing follows a 16% drop in the stock last week and comes on the heels of a separate agreement that gives the company access to as much as $5 billion in equity capital for future SOL purchases.

The offering lands as institutional access to Solana broadens. The Rex Shares-Osprey SOL + Staking ETF, the first U.S. exchange-traded fund to provide staking exposure, began trading this week, while the SEC recently cleared Grayscale’s Digital Large Cap Fund to convert into an ETF that also holds SOL. DeFi Development said accelerating its accumulation strategy positions the company ahead of potential inflows if spot Solana ETFs win approval later this year.

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