DeFi Development raises $125 million in equity offering at $12.50 per share

DeFi Development Corp. (NASDAQ: DFDV) announced it has entered into definitive agreements for a $125 million equity offering priced at $12.50 per share. The transaction is expected to close on August 28, 2025, subject to customary closing conditions.

The company is selling approximately 4.2 million shares of common stock at $12.50 per share and pre-funded warrants to purchase approximately 5.7 million shares at $12.4999 per share with an exercise price of $0.0001 per share. DeFi Development will receive a combination of cash and locked Solana (SOL) tokens as consideration.

The controlling stockholders have executed a written consent approving the issuance of shares underlying the pre-funded warrants. The company will issue an information statement describing the corporate action pursuant to Section 14(c) of the Securities Exchange Act of 1934.

"This raise allows us to add a significant amount of SOL to our balance sheet while still driving NAV/share accretion," said Joseph Onorati, Chief Executive Officer. "Our goal is straightforward: acquire as much SOL as possible, as quickly as possible, and do it in a way that compounds value per share for our investors."

The transaction follows earlier financings in 2025, including convertible debt, PIPE equity, and an ELOC facility, bringing total capital raised year-to-date to over $370 million. Net proceeds will be deployed into spot SOL and discounted locked SOL to expand treasury holdings.

Cantor Fitzgerald & Co. served as exclusive financial advisor and sole placement agent. Perkins Coie LLP served as counsel to the company, while DLA Piper LLP served as counsel to Cantor Fitzgerald.

DeFi Development operates with a treasury policy focused on accumulating SOL tokens and participates in the Solana ecosystem through validator infrastructure and staking operations.

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