Mentioned:
DeFi Development Corp has a new ambition: digital credit.
What’s happening:
- DeFi Development Corp (NASDAQ: DFDV) has raised approximately $11M USD through selling a new perpetual preferred stock known as Variable Rate Series C Perpetual Preferred (NASDAQ: CHAD)
Why it matters:
- This is the first time ever a Solana treasury company has listed a digital credit instrument for the main purpose of raising more capital to buy and hold Solana
Going deeper:
- Co-founder of Fundstrat and chairman of BitMine Immersion Technology (NYSE: BMNR) Tom Lee personally invested in the capital raise for DeFi Development Corp’s Variable Rate Series C Perpetual Preferred
- DeFi Development Corp also just recently made waves when they started buying Solana again for the first time in more than ten months
The fine print:
- DeFi Development Corp’s Variable Rate Series C Perpetual Preferred pays a cumulative 13% dividend which can be increased to 20% on accruing amounts from any missed payments
