DeFi Development Corp. (NASDAQ: DFDV) announced Monday the successful closing of its $11 million CHAD preferred stock offering, with the security now trading on The Nasdaq Capital Market. According to the company's press release, the offering generated approximately $11 million in gross proceeds before underwriting discounts, commissions and offering expenses. The preferred stock, trading under the ticker symbol CHAD, was issued at $8.00 per share with a stated amount of $10.00 per share and carries an initial annual dividend rate of 13.0%, equivalent to an effective yield of approximately 16.25% for investors. The offering included participation from Thomas Lee, co-founder and head of research at Fundstrat Global Advisors and chairman of the board of directors of BitMine, alongside other investors.
CHAD is structured as perpetual non-convertible preferred stock that ranks ahead of common equity but behind existing and future debt obligations. As reported by the company, the 13% dividend rate is calculated against the $10 stated amount, resulting in an effective yield of approximately 16.25% for investors who paid $8 per share. The security pays cumulative dividends daily when declared by the company's board of directors, with the dividend rate potentially adjusted according to the security's terms. The company established a 12-month reserve covering 12 months of dividends at the initial rate, depositing $1.30 per issued share into a separate account using existing cash, financial instruments, or digital assets. R.F. Lafferty & Co., Inc. acted as sole book-running manager for the offering.
Ahead of the September 9 network upgrade, Solana whales are positioning for a potential rebound with $9.11 million in long positions opened between September 7-8, according to CoinGlass data. The upgrade will increase Solana's transaction size from 1,232 bytes to 4,096 bytes, more than tripling the current ceiling and potentially eliminating structural bottlenecks. As reported by Crypto Tony, this change should allow multiple transactions to be bundled into one, improving Solana's position against Ethereum. However, broader derivatives markets show weaker sentiment with negative funding rates, a 0.92 long-short ratio indicating short accounts outnumber long accounts, and futures trading volume falling 16% to $6.53 billion. Solana ETF products have recorded 10 straight weeks of inflows, suggesting institutional demand remains steadier than derivatives activity.
Technical analysis shows Solana at a critical decision point with price moving inside a symmetrical triangle with an estimated 16% height. A break below the lower trendline could send SOL toward $84, while a move above $107 resistance could imply a roughly 16% advance toward $124. RSI stands at 45, with the indicator making lower lows, signaling increasing selling pressure ahead of the upgrade. The four-hour chart shows momentum weakening as SOL trades near triangle support, following an uptrend that began August 17. The token traded at $102.65, down 2.37% on the day, though it has maintained a 35.91% gain over the past month and 58.91% over 90 days, while remaining 41.27% lower than a year ago.
