Nasdaq-listed DeFi Development Corp has launched a $200M at-the-market equity program, pledging to issue stock only when it boosts “SOL per share” and fuels its Solana reserve strategy.
Summary
- Nasdaq-listed Solana treasury vehicle DeFi Development Corp has launched a $200 million at-the-market (ATM) equity program to fund further SOL accumulation.
- The company says proceeds will primarily support its Solana reserve strategy and that it will only issue shares when doing so is “accretive” to the value of each shareholder’s SOL holdings.
- DeFi Development has previously used equity raises to scale its SOL treasury toward a long-term target of one SOL per share by 2028.
DeFi Development Corp, a Nasdaq-listed digital asset treasury company focused on Solana (SOL), has entered a sales agreement with broker R.F. Lafferty that allows it to sell up to $200 million of common stock from time to time through an at-the-market offering.
ATM facility tied directly to SOL reserve strategy
According to the 8-K and prospectus supplement, shares will be issued under an effective shelf registration, with the agent earning up to 0.75% of gross proceeds as commission while using “commercially reasonable efforts” to place stock into the market.
The company said net proceeds will go primarily toward “continuing to execute its Solana reserve strategy,” alongside working capital and other strategic initiatives, reiterating that SOL is the principal asset in its digital asset treasury reserve.
Management has emphasized that it intends to sell stock only when doing so has a positive impact on “SOL per share,” stressing that the ATM is designed to be accretive by raising capital above the look-through value of existing SOL holdings and then deploying that capital into additional Solana.
In an April investor briefing, DeFi Development outlined a “North Star” target of reaching one SOL per share by December 2028, saying its strategy is to “acquire as much SOL as possible, as quickly as possible, in a way that compounds value per share.”
Building a listed Solana treasury vehicle
DeFi Development has already used equity capital to grow its SOL reserves.
In August 2025, the firm closed a $125 million equity offering at $12.50 per share, saying the transaction was expected to be “NAV/share accretive” because it allowed the company to buy both spot SOL and discounted locked SOL, thereby expanding its treasury while capturing discounts.
By mid-2025 the company had accumulated around 1 million SOL worth roughly $190 million, and by September that year it reported holdings above 2.02 million SOL — about $412 million at the time — after purchasing 196,141 SOL at an average of $202.76 with the intention of staking the entire amount.
DeFi Development positions itself as “the first public Digital Asset Treasury built to accumulate Solana,” running its own validator infrastructure and deploying roughly 15% of its treasury on-chain to earn what CEO Joseph Onorati has described as an 8%–11% annualized “organic” yield from staking and ecosystem participation.
In a recent crypto.news feature, Onorati said an earlier raise “allows us to add a significant amount of SOL to our balance sheet while still driving NAV/share accretion,” underscoring that every financing step is evaluated through the lens of SOL per share growth.
Another crypto.news overview highlighted how the company has already pushed its SOL treasury toward the $200 million mark, using a mix of credit facilities and equity issuance to scale what it calls a “Solana reserve strategy” for public-market investors.
A separate crypto.news analysis noted that by standardizing reporting around SOL per share and treating Solana as its core reserve asset, DeFi Development is effectively operating as a listed Solana proxy, with this new $200 million ATM providing fresh ammunition to keep expanding that bet.
