The Nasdaq-listed company (DFDV) announced the 5.5% convertible senior notes due 2030, marketed to qualified institutional buyers under Rule 144A. The offering size increased from its initial target.

Net proceeds are estimated at $108.1 million, potentially rising to $132.2 million if purchasers fully exercise a $25 million option. Approximately $75.6 million will fund a prepaid forward stock purchase transaction connected to the offering. The remaining funds are earmarked for general corporate purposes, explicitly including buying more SOL.

According to the release, the notes carry an initial conversion price of $23.11 per share, a 10% premium to DFDV’s July 1 closing price of $21.01. They mature July 1, 2030, with specific redemption options starting July 5, 2026.

The $75.6 million prepaid forward transaction with an initial purchaser is intended to facilitate hedging by note investors. The company did caution, however, that this activity could impact its DFDV stock price and the notes’ effective conversion price.

DeFi Development Corp. maintains a treasury strategy centered on accumulating and compounding solana ( SOL). Its SOL holdings were recently valued at $263 million. The offering is expected to close July 8, pending standard conditions.

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