DFDV's operation this time is quite straightforward! They just announced a $125 million equity financing, with a price of $12.5 per share, and are just waiting for the settlement on August 28.

The specific strategy is also simple: sell 4.2 million shares of common stock, while also throwing out 5.7 million pre-emptive warrants—these warrants are interesting, buying at nearly $12.5, but the exercise price is only $0.0001, basically meaning that you can convert to shares just by holding them.

The more critical question is how to use the money? Cash plus locked SOL to make up the price, and all the net cash will be used to buy spot SOL and discounted locked SOL, clearly indicating that they want to pile up SOL holdings.

Speaking of which, this company hasn't stopped financing this year, trying out convertible bonds, PIPE equity, and ELOC, and with this round, the money raised for 2025 has already exceeded $370 million, clearly betting on SOL is a real investment. $SOL