DeFi Development Corp has announced a $125 million equity raise, structured through an offering priced at $12.50 per share, which includes the sale of approximately 4.2 million common shares alongside 5.7 million pre-funded warrants with a nominal exercise price of $0.0001 per share. The transaction accepts a combination of cash and locked Solana (SOL) tokens as proceeds and is expected to close on August 28, 2025, subject to customary closing conditions. Cantor Fitzgerald & Co. served as the exclusive financial advisor for the offering, which is listed on Nasdaq under the ticker DFDV. This raise adds to over $370 million in capital secured by the company during 2025, reflecting a sustained effort to strengthen its financial position.
DeFi Development Corp raises $125 million through equity and warrants, enhancing its financial strength and Solana treasury.
The primary objective of this equity raise is to expand and compound DeFi Development Corp’s Solana treasury holdings, targeting maximization of Solana per Share (SPS) accretion and net asset value (NAV) per share growth. Proceeds from the offering are earmarked for deployment into spot SOL and discounted locked SOL, enabling the company to capture pricing discounts and strategically increase both the value and liquidity of its SOL treasury. The company emphasizes the importance of rapid SOL acquisition to compound per-share value for investors, positioning this strategy as a fundamental driver of future growth.
Following the raise, the company markedly increased its SOL treasury by purchasing approximately 407,247 SOL tokens, valued at around $77 million, resulting in a 29% increase in total holdings from 1,420,173 to approximately 1,831,011 SOL tokens. These holdings are currently valued near $371 million, with an SPS metric of 0.0864 SOL per share or $17.52 per share based on roughly 21 million outstanding shares. An additional $40 million of raised capital remains available for further SOL acquisitions, underscoring the company’s commitment to enhancing its treasury position.
While the equity offering was priced below recent trading prices, making it accretive to shareholder economic value due to the discount on purchased SOL, investors should remain aware of market volatility and regulatory risks inherent in cryptocurrency-related assets. The company disclosed all transaction details in filings with the U.S. Securities and Exchange Commission (SEC), confirming adherence to regulatory standards and providing transparency regarding the use of proceeds. Executive leadership, including CEO Joseph Onorati, COO & CIO Parker White, and Head of Investor Relations Dan Kang, participated in investor Q&A sessions, clarifying that no material nonpublic information was revealed during discussions and reiterating the raise’s alignment with the company’s broader strategy to support Solana adoption and ecosystem integration. However, investors should stay vigilant about the heightened volatility and speculation risks that can impact cryptocurrency assets like SOL.
