Solana Treasury Firm DeFi Development Corp. Boosts Convertible Notes Offering to $112 Million
DeFi Development Corporation increased its convertible notes offering from $100 million to $112 million, with an option for an additional $25 million. The majority of the proceeds, approximately $75 million, will fund a prepaid forward stock purchase transaction to allow investors to hedge their investments. This strategy aims to minimize new stock supply when convertible bonds convert into stock. The remaining funds will support general purposes and further Solana acquisitions. The company has amassed 621,313 Solana, valued at around $95 million, and established a $5 billion equity line of credit for strategic purchases. DFDV shares closed down nearly 3% at $20.39 but remain up over 2,300% year-to-date. Solana (SOL) rose 5% in the last 24 hours, trading above $152.
