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SOL DeFi Development Corp. increased its holdings in SOL, with its total holdings exceeding 2.38 million
Solana Treasury Management Company DeFi Development Corp. (hereinafter referred to as DFDV) recently added 55,491 SOLs to the balance sheet, worth approximately US$5.78 million. This move pushed its total holdings of SOL and equivalents to approximately 2,388,923.
The Nasdaq-listed company disclosed the purchase plan on Monday and announced the launch of a $300 million "At-the-Market"(ATM) financing plan for its variable-rate Series C permanent preferred shares (code: CHAD). The two moves continue a rapid series of moves the company has launched in the capital markets space since late August.
Strategic Positioning and Operating Model
The new position data this time increased by about 2% compared with August 27, when the number of SOLs held by DFDV was approximately 2.33 million. As a Nasdaq-listed company (symbol: DFDV), DFDV claims to be the first U.S. public company to focus on Solana's accumulation strategy. In addition to building the treasury, the company also operates its own verification node infrastructure to gain additional revenue through pledge rewards while gaining SOL price exposure.
Details of Financing Plan
根据该入市发行策略，DFDV 将通过纽约经纪交易商 R.F. Lafferty & Co.（担任唯一销售代理）在一段时间内出售最高 3 亿美元的 CHAD 股份。需要强调的是，建立该计划并不意味着立即筹集资金——DFDV 没有义务必须出售任何股份，且发行需视市场状况和投资者需求而定。公司表示，拟以等于或高于 CHAD 面值 10.00 美元的价格出售股票，净收益主要用于进一步购买 SOL。
首席执行官 Joseph Onorati 将这一计划与公司所称的“积累飞轮”联系起来，即“筹集资本、购买 SOL、产生收益、循环往复”。他说道：“随着 3 亿美元 ATM 计划的落地，我们已具备将 CHAD 打造为有意义的新增长引擎的结构——并且我们打算以等于或高于 10.00 美元的面值发行。飞轮正在旋转，我们现在有了更大的能力来推动其运转。”
CHAD 优先股背景
CHAD 优先股推出仅一周。DeFi Development 于 9 月 8 日完成了首次发行，筹集了约 1,100 万美元，其中包括 Fundstrat 的 Tom Lee 的参与。由于 CHAD 属于不可转换优先股权益，DFDV 可通过该工具筹集资金，而无需稀释普通股股东权益或增加股本数量。
CHAD 的发行进程颇为迅速。DFDV 最初于 9 月 1 日宣布目标金额为 2,000 万美元，并在初步招股说明书中将股价定为每股 9 美元，随后最终确定条款为每股 8 美元，并在收盘时完成了 1,100 万美元的较小规模发行。同一周，该公司另行披露了一笔 19,000 枚 SOL 的采购计划，部分资金来源于出售其 ZeroStack 头寸，这将其在周一更新前的国库提升至约 233 万枚 SOL。
业绩表现对比
DFDV 引用相对表现数据来佐证其策略的有效性。据公司称，本季度至今，SOL 的表现优于纳斯达克 100 指数 39%，而 DFDV 的股票在同一时期内跑赢 SOL 本身达 2 倍。这些数字自 8 月底以来持续攀升，当时公司报告称 SOL 跑赢纳斯达克 100 指数 33%，而 DFDV 跑赢 SOL 1.8 倍。
来自 CHAD ATM 的净收益主要用于资助额外的 SOL 购买，这与 DFDV 在 9 月 8 日完成的 1,100 万美元 CHAD 发行的资金用途一致。
