DeFi Development Corp. has executed a $112.5 million convertible notes offering to fund its Solana (SOL) acquisition strategy, marking a significant step in its treasury diversification and operational focus on the Solana ecosystem. The 5.5% convertible senior notes due 2030, marketed under Rule 144A, were upsized from the initial offering target, reflecting strong investor interest in the company’s long-term positioning in the DeFi space. The offering is expected to close on July 8, subject to customary conditions [1].

Net proceeds from the transaction are projected at approximately $108.1 million, with a potential increase to $132.2 million should the $25 million option be fully exercised. Of the initial amount, $75.6 million will be allocated to a prepaid forward stock purchase transaction with an initial investor, a structure designed to facilitate hedging for note holders. The remaining capital is earmarked for general corporate purposes, including the continued accumulation of SOL [1].

The notes feature an initial conversion price of $23.11 per share, representing a 10% premium to the company’s stock price of $21.01 on July 1. The conversion feature allows investors to benefit from potential upside in DFDV’s stock while providing the company with a flexible funding mechanism. The notes are set to mature on July 1, 2030, with optional redemption features available from July 5, 2026 [1].

The company has recently purchased an additional 110,000 SOL tokens for around $22 million, bringing its total holdings to 1.42 million SOL and equivalent assets. The Solana portion of its treasury is now valued at $263 million, reflecting a strategic pivot toward becoming a full-time Solana-focused accumulation and staking entity. DeFi Development Corp. has also reported daily staking revenue of approximately $63,000, with an Annualized Organic Yield (AOY) of 10% [1].

The convertible offering in July 2025 has enabled the firm to expand its Solana exposure while reinforcing its influence in the decentralized finance (DeFi) sector. The company’s strategy includes offering staking services to third-party investors, leveraging its growing asset base to generate additional income streams [1].

DeFi Development Corp.’s accumulation pace has outstripped that of similar firms like Upexi and Sol Strategies, establishing it as one of the most active corporate buyers of Solana in the current DeFi expansion phase. Multiple independent platforms, including Coingecko, The Block, and Coinlive, have documented the company’s growing Solana holdings, reinforcing the credibility of its public disclosures [1][2][3]. The firm’s financial performance further validates its strategy, with Q2 net income reaching $15.4 million, largely driven by $21.2 million in fair-value gains from its Solana holdings [4]. As of the latest report, DeFi Development Corp. holds $89.2 million in Solana-related assets out of total assets of $107.2 million [4].

The use of convertible notes as a financing tool demonstrates the company’s ability to adapt to market conditions while pursuing a long-term growth strategy. By securing stable capital at a favorable rate and offering investors the option to convert into equity, DeFi Development Corp. is positioning itself to navigate volatility while maintaining a strong balance sheet [5]. This approach aligns with broader DeFi trends emphasizing liquidity management and strategic treasury planning [1].

Source:

[1] title1 (https://www.cryptotimes.io/2025/08/16/solana-treasury-defi-development-corps-holdings-rise-to-263-million/) [2] title2 (https://www.coinlive.com/news-flash/872214) [3] title3 (https://www.coinlive.com/en/news-flash/872140) [4] title4 (https://www.stocktitan.net/sec-filings/JNVR/10-q-janover-inc-quarterly-earnings-report-4d1342d75bb5.html) [5] title5 (https://www.bankless.com/read/the-strategy-and-bitmine-playbook-showdown)