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Defi Dev Hikes Convertible Note Offering to $112M for Buyback, More SOL Purchase
The Nasdaq-listed firm upsized its note offering from $100 million as it ramps up its Solana-focused crypto treasury strategy.
Jul 2, 2025, 3:12 p.m.
What to know:
- DeFi Development Corp is issuing $112.5 million in convertible notes, with an option to increase the offering by $25 million.
- The company plans to use $75 million for a prepaid forward stock purchase deal with one of the prospective investors. The rest is intended for general corporate purposes, including acquiring more SOL tokens.
- The firm pivoted to a Solana-focused crypto treasury strategy earlier this year and acquired over 600,000 SOL as of May.
Defi Development Corp (DFDV), a Nasdaq-listed firm with a crypto treasury strategy focused on Solana , said on Wednesday it is issuing $112.5 million in convertible notes to raise capital for a stock buyback program and more SOL purchases.
The notes offering, which was upsized from $100 million, will mature in 2030 with a 5.5% annual rate and offer investors the right to convert debt into equity at $23.11 per share, roughly a 10% premium on Monday’s closing price.
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Investors also have an option to buy $25 million more of the notes in this round, expected to close on July 7.
DFDV shares traded 12% down in the early Wednesday session. That's more than 60% lower than the May peak, but the firm's crypto pivot has pushed it around 3,500%.
The firm aims to use $75 million of the proceeds for a prepaid forward stock purchase transaction that's being negotiated with one of the initial investors in convertible notes, according to the press release. This facility would allow the investor to hedge the convertible note position through derivative trades and short sales, the firm said.
The remainder of the capital would go to general corporate use, including the acquisition of more SOL tokens.
Defi Dev, formerly known as real estate tech platform Janover, is part of a growing roster of publicly-traded firms raising funds by selling shares and debt to add cryptocurrencies on their balance sheet, following Strategy's playbook with bitcoin . The company focuses on the Solana blockchain, operating validators and accumulating the network's native token.
The latest fundraising round follows last month's $5 billion equity line of credit with RK Capital Management.
Read more: DeFi Adding $5B of Solana Buying Power With New Line of Credit
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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