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Solana-Focused Firm DeFi Development Corp. Upsizes Convertible Notes Offering to $112.5 Million
Boca Raton, FL – July 2, 2025 – Nasdaq-listed DeFi Development Corp. (DFDV) has increased its private offering of convertible senior notes to $112.5 million, up from the initially planned $100 million, with an option to raise an additional $25 million .
Terms: The five-year notes carry a 5.5% annual interest, payable semi-annually, and mature in 2030 . They can be converted into 43.2694 shares per $1,000 principal (approximately $23.11/share), marking a roughly 10% premium to the July 1 closing price .
**Use of Proceeds:**
**$75.6 million** to finance a prepaid forward stock purchase agreement—letting investors hedge their convertible note holdings .
Remaining funds, estimated at $32–$57 million depending on the full exercise of the extra tranche, will support general corporate purposes, including buying more SOL tokens .
Closing Timeline: Expected to finalize around July 7–8, 2025, pending usual closing conditions .
DeFi Development Corp. launched its Solana-centric treasury strategy in early 2025, accumulating over 600,000 SOL and acquiring a Solana validator firm . The convertible notes complement its existing $5 billion equity line of credit for ongoing token acquisitions .
Following the announcement, DFDV shares edged lower—declining around 3–12% intraday—though the stock remains up significantly year-to-date .