DeFi Development Corporation, the first U.S. public company building its treasury strategy around Solana (SOL) accumulation, today announced plans to raise $100 million through a private offering of convertible senior notes due 2030.
Also, DeFi Development Corporation may expand the offering by an additional $25 million if initial demand warrants.
1/ Today, we announce a $100M private convertible note offering, with plans to accumulate more $SOL. 🚀
Here’s what it means. 🧵 pic.twitter.com/LGdJAuKDM6
— DeFi Dev Corp. (@defidevcorp) July 1, 2025
DeFi Development Corp. Plans Major Solana Treasury Expansion
As per the press release, DeFi Development Corporation is planning to use a portion of the proceeds to repurchase its common stock through prepaid forward agreements, with the remainder allocated to general corporate purposes, including strategic acquisitions of SOL tokens.
The convertible notes will carry a semi-annual interest payment schedule beginning January 2026, maturing in July 2030. Investors will have the option to convert their notes into cash, company stock, or a combination, with specific conversion terms to be finalized at pricing.
The notes will be offered exclusively to qualified institutional buyers under SE Rule 144A.
DeFi Development Corporation is aiming to establish a prepaid forward stock purchase arrangement with one of the note purchasers. This sophisticated financial engineering is designed to help investors hedge their positions while stabilizing the company’s stock price during and after the offering period.
With this announcement, the company once again reminds its commitment to its unique position as a publicly-traded company betting big on Solana’s long-term potential.
The transaction represents one of the first instances of a Nasdaq-listed company using convertible debt specifically to accumulate a non-Bitcoin cryptocurrency.
“A prepaid forward allows hedge funds to short the stock without selling shares into the market. This gives them a more delta-neutral position and is part of the classic convertible arbitrage strategy that convertible funds use on almost every convertible deal in the market,” DeFi Dev Corp team writes on X.
Financial analysts stated that the new offering could signal growing institutional confidence in alternative layer-1 blockchain assets beyond Bitcoin and Ethereum. The notes offering comes as the Solana ecosystem is expanding with every passing day.
The crypto market’s buzzing about the possibility of a Solana ETF, and it’s already moving prices. After Bitcoin and Ethereum got their spot ETFs, traders are now observing SOL closely.
The main reason behind this is that Grayscale’s recently approved multi-crypto ETF includes Solana, treating it more like Bitcoin than a security. This has traders piling into SOL positions, with derivatives activity picking up and the price holding steady even when other altcoins dip.
Everyone’s eyeing October 2025, when the SEC faces deadlines on several Solana ETF applications. If approved, it could mean serious institutional money flowing into SOL, just like witnessed with Bitcoin.
Also Read: SEC Approves Grayscale’s Multi-Asset Crypto Spot ETF
