DeFi Development seeks $19.8 million through preferred-stock offering

The preferred shares have a $10 stated value and begin with a 13% annual cumulative dividend rate, payable when declared. The board can adjust the rate under the security's terms, making the funding cost variable rather than fixed forever.

A larger treasury comes with a senior claim

Preferred equity avoids a conventional maturity date, but its dividend and liquidation preferences sit ahead of common stock. For common shareholders, the relevant comparison is not only how much SOL the company can acquire, but also the ongoing cost and seniority of the capital used to acquire it.

The offering is a financing plan rather than a completed SOL purchase. Final proceeds, closing conditions and the amount actually allocated to digital assets remain execution risks.