DeFi Development Corp. (DFDV) priced an offering of 2.2 million shares of its Variable Rate Series C Perpetual Preferred Stock, known as CHAD Stock, at $9 per share on September 1, generating about $19.8 million in gross proceeds before expenses. The sole book-running manager, R.F. Lafferty & Co., holds a 30-day option to buy another 330,000 shares, which would raise total gross proceeds to as much as $22.77 million if fully exercised. Each CHAD share has a $10 stated amount and an initial 13% annual dividend rate, equal to $1.30 per share, implying an effective yield of roughly 14.44% at the $9 offer price; the board may adjust the variable rate at least monthly, with monthly cuts capped at 50 basis points. The first dividend is due Oct. 1 for the period from issuance through Sept. 30, after which dividends are payable each business day only when declared and legally available. At closing the company plans to fund a roughly $2.86 million dividend reserve equal to 12 months of payments at the initial rate. Chief Executive Officer Joseph Onorati said DFDV expects to buy SOL with most of the net proceeds, while the prospectus also lists working capital, other digital-asset investments and strategic transactions without a fixed allocation. The Nasdaq-listed Solana treasury firm recently purchased about 19,000 SOL at an average $98.14, lifting holdings to roughly 2.33 million SOL valued at about $236 million, partly funded by the sale of its ZeroStack position, and it stakes tokens through its own validators while positioning DFDV shares as leveraged SOL exposure.