Nasdaq-listed DeFi Development Corp has launched a $200M market equity offering, promising to issue stock only if it increases “SOL per share” and accelerates its Solana reserve strategy.
Summary
- Nasdaq-listed Solana treasury vehicle DeFi Development Corp has launched a $200 million equity in the market (ATM) program to fund further SOL fundraising.
- The company says the proceeds will primarily support its Solana reserve strategy and will only issue shares when doing so “adds” to the value of each shareholder’s SOL.
- DeFi Development has used incremental equity to scale SOL’s treasury to SOL’s long-term target per share in 2028.
DeFi Development Corp, a Nasdaq-listed digital asset treasury company based in Solana ( SOL ), has entered into a sales agreement with broker RF Lafferty that allows it to sell up to $200 million of common stock from time to time in an over-the-counter offering.
The ATM facility is directly tied to the SOL reserve scheme
According to the 8-K and the prospectus supplement, the shares will be issued under active shelf registration, with the agent earning up to 0.75% of the gross proceeds as a commission while using “commercially reasonable efforts” to place the stock on the market.
The company said the proceeds will be focused on “continuing to implement its Solana reserve strategy,” as well as working capital and other strategic initiatives, stressing that SOL is a key asset in its digital currency reserve.
Management emphasized that they intend to sell stock only when doing so has a positive impact on “SOL per share,” stressing that ATM is designed to be acceptable by raising cash above the look value of SOL’s existing stock and sending that cash to additional Solana.
At an April investor forum, DeFi Development described a “North Star” that aims to reach one SOL per share by December 2028, saying its strategy is to “acquire as much SOL as possible, as quickly as possible, in a way that adds value to each share.”
Building a listed Solana treasury vehicle
DeFi Development has already used equity capital to increase its SOL reserves.
In August 2025, the company closed a $125 million equity offering at $12.50 per share, saying the transaction was expected to be “nav/share acceptable” because it allowed the company to purchase both SOL and locked-in SOL at a discount, thereby increasing its treasury while capturing discounts.
By mid-2025 the company had accumulated about 1 million SOL worth about $190 million, and in September of that year it reported that it held more than 2.02 million SOL – about $412 million at the time – after buying 196,141 SOL at an average of $202.76 with the goal of holding all the money.
DeFi Development is positioning itself as “the first Public Digital Asset Treasury built to accumulate Solana,” using its verification infrastructure and issuing approximately 15% of its wealth to obtain what CEO Joseph Onorati described as an annual “living” yield of 8%-11% in participation and environmental participation.
In a recent crypto.news feature, Onorati said the previous raise “allows us to add a significant amount of SOL to our balance sheet while still driving NAV/share accretion,” stressing that all financial measures are evaluated through the lens of SOL growth per share.
Another crypto.news summary highlighted how the company has already pushed SOL’s treasury to $200 million, using a combination of debt facilities and equity issuance to scale what it calls the “Solana reserve strategy” to public market investors.
A separate analysis of crypto.news noted that by measuring the reporting of SOL per share and treating Solana as its primary asset, DeFi Development is effectively acting as a proxy for Solana in the list, with this new $200 million ATM providing new coins to continue expanding that bet.
