DeFi Development Corp. (Nasdaq: DFDV) closed its $11 million offering of Variable Rate Series C Perpetual Preferred Stock, known as CHAD, on Sept. 8, receiving approximately $10.3 million in net proceeds. The company sold 1.375 million non-convertible preferred shares at $8 each, below their $10 stated amount, with an initial annual dividend rate of 13% that produces an effective yield of about 16.25% at the offering price. DeFi Development expects to use substantially all net proceeds to acquire additional SOL, although its SEC filing also permits spending on working capital and strategic initiatives. CHAD trades on the Nasdaq Capital Market, ranks ahead of common shares but behind debt, and does not dilute DFDV common shareholders. The company held approximately 2.33 million SOL and SOL-equivalent assets before the closing and plans to disclose updated holdings and SOL-per-share data after deploying the proceeds. The first dividend payment is scheduled for Oct. 1 for holders recorded on Sept. 30.