DeFi Development Corp. has finalized a $112.5 million private placement of convertible senior notes due 2030 to strengthen its Solana (SOL) treasury strategy. The announcement came as Solana price continued to hold firm above $150, maintaining investor confidence in the asset.
The offering was increased from the initial $100 million due to investor interest. A large portion of the capital will be used to acquire additional SOL tokens, while the remainder will support structured equity transactions and general operations.
Solana Price Holds Support as DFDV Commits to Expanded SOL Accumulation
DeFi Dev Corp’s latest financing effort aligns with its treasury model built around acquiring and compounding Solana tokens.
The company plans to use approximately $75.6 million of the offering proceeds to acquire additional SOL.
More so, Solana price remained stable above $150 despite recent market volatility. The token’s ability to maintain this level has provided support for DFDV’s continued accumulation strategy.
Consequently, following the announcement, Solana price surged by 6% to reach $153. Its market cap climbed to $81.9 billion, while the circulating supply stood at 534.6 million SOL.
Notably, as of May 2025, the DeFi company held 621,313 SOL tokens valued at around $107 million. By increasing its SOL holdings and staking operations, DeFi Dev Corp aims to generate sustainable returns.
DeFi Dev Corp previously raised $42 million to acquire its initial SOL holdings. In June, it secured a $5 billion line of credit to support further expansion.
The firm’s leadership has stated that staking rewards could allow them to continue acquiring SOL without raising additional capital.
Convertible Note Offering to Close by July 8
Remarkably, the firm offered 5.5% convertible senior notes of up to 112.5 million dollars, to be matured in 2030.
Investors will earn semi-annual interest, and they can convert their stake into equity at $23.11 per share, a 10% premium over the closing price of the stock on July 1, 2025, $21.01.
The company has also granted an option for up to $25 million in additional notes to be purchased by initial investors.
More so, the notes are convertible into cash, stock, or a mix of both, depending on the company’s discretion.
Redemption is only allowed after July 5, 2026, and only if the stock price exceeds 150% of the conversion price for at least 20 days within a 30-day window.
Prepaid Forward Stock Transaction
Simultaneously, DeFi Dev Corp arranged a prepaid forward stock buy of about 1,000 or so shares in value, equivalent to $75.6 million, to cover the exposure to the risk of note holders.
This agreement involves roughly 3.6 million shares and was executed with one of the initial purchasers of the notes.
Moreover, the forward counterparty may enter into derivative contracts or conduct stock trades in the open market.
These activities are outside the company’s control and are tied to investor risk management rather than direct capital raising.
Solana-Based Firms Expand Treasury Models
DeFi Dev Corp is part of a growing trend among public companies focused on Solana. Other entities, such as Sol Strategies and Upexi, have launched Solana-focused treasury initiatives.
Sol Strategies has submitted a shelf prospectus of $1 billion, and Upexi has concluded on a $100 million plan to procure tokens.
In the general market, Solana has gained the attention of institutional investors after the debut of the REX-Osprey Solana Staking ETF in the United States.
These treasury-based business models have been sustained through the recent stability in Solana price above $150.
