Defi Development Corp has unveiled plans to collect $ 100 million through a private offer from convertible senior notes to strengthen the Solana-oriented Treasury strategy as anticipation of possible American approval of Solana Exchange-Traded Funds (ETFs) Helling.
Defi Development Corp. said that the proceeds will be partially used to reduce its own shares through a prepaid agreement with a ticket buyer, while the remaining funds will go to general business purposes, including the acquisition of more Solana (SOL) as part of its assets accumulation strategy.
The company, which is the first public listed company in the US that continues a Solana-based Treasury model, announced On July 2, the banknotes will mature in July 2030 and pay interest twice a year.
The uncovered banknotes are offered to qualified institutional buyers under line 144A of the Securities Act, where buyers have granted an option to buy $ 25 million extra within 13 days of the first issue.
Before January 2030, the conversion in company shares or cash is only permitted under certain conditions. Then holders can convert the banknotes at any time before the due date, with the settlement method determined during the prices.
Fundraising follows a legal setback in June for the company, forced to include a planned registration request of $ 1 billion after the Securities and Exchange Commission (SEC) did not qualify for the streamlined S-3 form due to a missing internal checking report in its annual archiving.
That submitting, submitted in April, was intended to attract capital to build a substantial sol treasury, comparable to strategies used by companies that keep Bitcoin to stimulate the long -term value through deployment and price valuation.
The last capital increase of the company comes shortly after the shares fell by 16% on 24 June, indicating an attempt to strengthen his balance and reassure investors when the interest in solana -based investment products grows.
Recent ETF launches have added Momentum to the market. On 1 June, Rex shares and Osprey de Sol + strike ETF ($ SSK) debuted, the first American fund to offer exposure by assigning 40% of assets to overseas Solana products to meet the legal requirements.
A day earlier, the SEC approved the digital Large Cap fund of Grayscale to convert in an ETF, thereby added indirect exposure to Solana alongside Bitcoin, Ethereum, XRP and Cardano.
Since the SEC is considering multiple crypto ETF proposals, the relocations of Defi Development Corp position to take advantage of an increase in the institutional demand for Solana. The offer remains subject to definitive prices and market conditions, and the company has not announced when the transaction will be closed.
