DeFi Development Corporation, a treasury firm for Solana, has increased its convertible notes offering to $112 million, following an initial announcement of $100 million. This adjustment allows initial purchasers to add another $25 million within a week. The majority of the proceeds, approximately $75 million, will fund a prepaid forward stock purchase transaction, enabling investors to hedge their investments without flooding the market with new stock. COO Parker White explained that this strategy minimizes the supply of stock when the bonds convert. The remaining funds, potentially around $57 million, will support general operations and further Solana acquisitions. Since launching its Solana treasury strategy in April, the firm has amassed 621,313 Solana tokens, valued at about $95 million, and has also acquired a Solana validator company. Additionally, DeFi Development Corp. secured a $5 billion equity line of credit to facilitate strategic purchases. Despite a nearly 3% drop in shares, they remain up over 2,300% year-to-date. Read more AI-generated news on: https://app.chaingpt.org/news