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DFC Secures $112M Convertible Notes for Solana Purchase
DeFi Development Corp. (DFDV) finalized a $112 million upsizing of its convertible notes offering, after initially announcing a $100 million raise Tuesday and subsequently increasing the target to $112 million Wednesday. The amended final note purchase agreement also permits an additional $25 million commitment from initial note purchasers within seven days.
The company intends to use the bulk of net proceeds (~$75 million) for a prepaid forward stock purchase designed to hedge convertible note investments. “This pre-purchase reduces potential future dilution,” COO/CIO Parker White explained, adding that the mechanism prevents the forced sale of shares related to bond conversions. Remaining proceeds (~$57 million, assuming full subscription of the over-allotment option) will fund general corporate purposes and further Solana (SOL) accumulation.
This financing comes alongside DFDV’s existing holdings of ~621,313 SOL purchased earlier this year (~$95 million) plus acquiring a Solana validator firm. The company also secured a $5 billion equity line of credit to facilitate strategic SOL purchases. White noted the diverse funding sources allow capital raising without diluting shareholders.
Market Context
DFDV share price fell ~3% on Wednesday, after temporary losses of around 10%, though the stock remains up over 2,300% year-to-date. Solana (SOL) price also dipped ~5% recently, trading near $152, down ~48% from its January all-time high despite the company’s treasury strategy.
