DeFi Development Corp Raises $11M for SOL Treasury via CHAD Stock
Solana (SOL)
Editor:
Eugene Serbin
cryptobriefing.com reports that DeFi Development Corp has completed an $11 million public offering of its CHAD Stock, a Solana-backed credit instrument. The Nasdaq-listed firm sold 1.375 million preferred shares at $8.00 each, marking the first SOL-backed digital credit instrument to trade on a major exchange. These shares, trading under the ticker CHAD, are Variable Rate Series C Perpetual Preferred Stock that pay an annual dividend of 13% on a $10 stated value.
This structure results in an effective yield of roughly 16.25% for investors, with the first payment scheduled for October 1, 2026. Notable participants in the offering included Thomas Lee of Fundstrat Global Advisors and the chairman of BitMine. The net proceeds will be directed primarily toward acquiring more SOL and investing in related digital asset projects.
DeFi Development Corp, which holds approximately 2.33 million SOL, recently added roughly 19,000 SOL at an average price of $98 per token. Unlike convertible notes, CHAD Stock is explicitly non-convertible, meaning holders receive yield and liquidation preference but no path to common equity upside. If SOL appreciates, the company retains the upside beyond its dividend obligations, but it must still pay dividends if the price drops. The company previously rebranded from Janover Inc. in April 2025 to pivot toward this Solana-focused treasury strategy.
How the market reacted
Whalio's own Binance spot order flow for SOL, measured when this story was written up on 8 September 2026. Not the outlet's figures.
Whalio's Binance spot data for SOL shows a price of $103.80 with a 24-hour buy ratio of 48.3%, indicating a near-even split between buyers and sellers. Over the shorter 1-hour and 4-hour windows, buying pressure has weakened, with buy ratios dropping to 41.1% and 49.1% respectively. This decline in short-term buy ratios suggests that immediate momentum is fading compared to the broader daily trend. Volume delta data reinforces this shift, showing a net outflow of $2,445,964 in the last hour and $517,560 over four hours. The 24-hour volume delta stands at -$7,883,754, indicating that sellers have dominated the flow over the full day. Net cumulative volume delta closed at -$6,401,446, confirming that selling pressure has outweighed buying pressure in the recent session.
The latest daily buy ratio of 48.8% sits at the 27th percentile of the last 322 days, against a median of 50.0% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for SOL, averaged over the days leading up to the story.
Over the preceding week, SOL experienced a 7-day average buy ratio of 50.9%, which is slightly higher than the current 24-hour reading of 48.3%. This represents a decline of 2.6 percentage points from the weekly average, signaling a subtle shift in sentiment. Trading volume over the last day was at 0.98x the weekly average, showing activity levels that are largely consistent with recent norms. The coin saw net buying on 5 of the past 7 days, with a total volume delta of +$26,934,762 for the period. Compared to the strong weekly accumulation, today's negative volume delta marks a departure from the prevailing upward flow, though the price change over 8 days remains positive at +0.7%.