$SOL DeFi Development Corp Raises $112.5 Million for $SOL Treasury Expansion
#DeFiDevelopmentCorp Corp has disclosed a $112.5 million private placement to fund = #SOL token purchases through convertible notes.
The offering could reach $132.2 million if initial purchasers exercise their full options, with closure expected July 7.
The notes carry 5.5% annual interest, mature in 2030, and feature a 10% conversion premium to the $21.01 July 1 closing price.
Approximately $75.6 million will fund a "prepaid forward" stock purchase transaction, allowing investors to hedge investment risk.
DDC, formerly real estate firm Janover, rebranded in April after being acquired by former Kraken executives.
The company held 621,313 =#SOL valued at approximately $107 million as of end-May, following its aggressive purchasing program.
The firm secured a $5 billion line of credit in June and follows SOL Strategies' playbook for corporate $SOL treasury building.
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