Nasdaq-listed DeFi Development Corp has launched a $200 million equity program, promising to only issue shares if it rises.$SOL per share” and fuels its Solana reserve strategy.
DeFi Development Corp, a Nasdaq-listed digital asset treasury company, focused on Solana ($SOL), has entered into a sales agreement with broker RF Lafferty that allows up to $200 million of its common stock to be sold from time to time through an at-market offering.
ATM is directly connected to $SOL reserve strategy
According to the 8-K and prospectus supplement, shares will be issued under an effective shelf registration, with the agent earning up to 0.75% of gross proceeds as commission while using “commercially reasonable efforts” to market shares.
The company said net proceeds will primarily go toward “continuing the execution of the Solana reserve strategy,” in addition to working capital and other strategic initiatives, and reiterated that $SOL is the top holding in the Treasury’s reserve for digital assets.
Management has emphasized that it only plans to sell shares if it has a positive impact on “$SOL per share”, highlighting that the ATM is designed to contribute by raising capital above the see-through value of the existing $SOL holding companies and then invest that capital in additional Solana.
In an April investor briefing, DeFi Development outlined a “North Star” goal to achieve one $SOL per share by December 2028, saying its strategy is to “acquire as much as possible.” $SOL as quickly as possible, in a way that compounds value per share.”
Building a monumental Solana treasury vehicle
DeFi Development has already used equity to grow its business $SOL reserves.
In August 2025, the company closed a $125 million stock offering at $12.50 per share, saying the transaction was expected to “accomplish NAV/share” as it would allow the company to purchase both shares in cash. $SOL and locked at a discount $SOLthus expanding the treasury while grabbing discounts at the same time.
By mid-2025, the company had collected approximately 1 million $SOL worth about $190 million, and in September of that year reported assets above 2.02 million $SOL – approximately $412 million at the time – after purchasing 196,141 $SOL at an average of $202.76 with the intention of betting the full amount.
DeFi Development is positioning itself as “the first public Digital Asset Treasury built to accumulate Solana,” with its own validator infrastructure and approximately 15% of its treasury on-chain to earn what CEO Joseph Onorati has described as an “organic” annualized return of 8%-11% from staking and ecosystem participation.
In a recent crypto.news column, Onorati said that an earlier increase “allows us to add a significant amount $SOL on our balance sheet while still driving net asset value/share growth,” underscoring that every financing step is evaluated through the lens of $SOL growth per share.
Another overview from crypto.news highlighted how the company has already pushed its expectations $SOL Treasury towards the $200 million mark, using a mix of credit facilities and equity issuance to scale what it calls a “Solana reserve strategy” for public market investors.
A separate analysis by crypto.news found that by standardizing reporting around $SOL per share and by treating Solana as its core reserve, DeFi Development effectively operates as a publicly traded Solana proxy, with this new $200 million ATM providing new ammunition to continue expanding that stake.