DeFi Development Corp. Announces Upsized $112.5 Million of Convertible Notes
DeFi Development Corp. (Nasdaq: DFDV), a company focused on accumulating and compounding Solana (SOL), has announced the pricing of an upsized $112.5 million convertible senior notes offering due 2030. The notes will carry a 5.5% interest rate and feature an initial conversion price of $23.11, representing a 10% premium to the July 1 closing price.
The company expects net proceeds of approximately $108.1 million (or $132.2 million if the additional purchase option is exercised). About $75.6 million will fund a prepaid forward stock purchase transaction, with the remainder allocated for general corporate purposes, including SOL acquisition. The offering, targeted at qualified institutional buyers under Rule 144A, is expected to close on July 8, 2025.
DeFi Development Corp. (Nasdaq: DFDV), un'azienda specializzata nell'accumulare e comporre Solana (SOL), ha annunciato il prezzo di un'offerta aumentata di $112,5 milioni in obbligazioni senior convertibili con scadenza 2030. Le obbligazioni avranno un tasso di interesse del 5,5% e un prezzo di conversione iniziale di $23,11, che rappresenta un premio del 10% rispetto al prezzo di chiusura del 1° luglio.
L'azienda prevede proventi netti di circa $108,1 milioni (o $132,2 milioni se viene esercitata l'opzione di acquisto aggiuntiva). Circa $75,6 milioni saranno destinati a finanziare una transazione di acquisto azionario prepagata forward, mentre il resto sarà utilizzato per scopi aziendali generali, inclusa l'acquisizione di SOL. L'offerta, rivolta a investitori istituzionali qualificati ai sensi della Regola 144A, è prevista con chiusura il 8 luglio 2025.
DeFi Development Corp. (Nasdaq: DFDV), una empresa centrada en acumular y capitalizar Solana (SOL), ha anunciado el precio de una oferta aumentada de $112.5 millones en bonos convertibles senior con vencimiento en 2030. Los bonos tendrán una tasa de interés del 5.5% y un precio de conversión inicial de $23.11, lo que representa una prima del 10% sobre el precio de cierre del 1 de julio.
La compañía espera obtener ingresos netos de aproximadamente $108.1 millones (o $132.2 millones si se ejerce la opción de compra adicional). Alrededor de $75.6 millones se destinarán a financiar una transacción de compra de acciones prepagada a futuro, y el resto se asignará a fines corporativos generales, incluida la adquisición de SOL. La oferta, dirigida a compradores institucionales calificados bajo la Regla 144A, se espera que cierre el 8 de julio de 2025.
DeFi Development Corp. (나스닥: DFDV)는 솔라나(SOL)를 축적하고 복리로 운용하는 데 주력하는 회사로, 만기 2030년인 1억 1,250만 달러 규모의 상향 조정된 전환사채 발행 가격을 발표했습니다. 이 채권은 5.5% 이자율을 적용하며, 초기 전환 가격은 23.11달러로 7월 1일 종가 대비 10% 프리미엄을 반영합니다.
회사는 약 1억 810만 달러(추가 매입 옵션 행사 시 1억 3,220만 달러)의 순수익을 기대하고 있습니다. 이 중 약 7,560만 달러는 선불 선도 주식 매입 거래에 사용되며, 나머지는 SOL 매입을 포함한 일반 기업 목적에 할당됩니다. 이 공모는 규칙 144A에 따른 적격 기관 투자자를 대상으로 하며, 2025년 7월 8일에 마감될 예정입니다.
DeFi Development Corp. (Nasdaq : DFDV), une société spécialisée dans l'accumulation et la capitalisation de Solana (SOL), a annoncé le prix d'une émission augmentée de 112,5 millions de dollars en obligations convertibles senior arrivant à échéance en 2030. Les obligations porteront un taux d'intérêt de 5,5% et présenteront un prix de conversion initial de 23,11 dollars, soit une prime de 10 % par rapport au cours de clôture du 1er juillet.
La société prévoit un produit net d'environ 108,1 millions de dollars (ou 132,2 millions de dollars si l'option d'achat supplémentaire est exercée). Environ 75,6 millions de dollars seront utilisés pour financer une transaction d'achat d'actions à terme prépayée, le reste étant destiné à des fins générales, y compris l'acquisition de SOL. L'offre, destinée aux investisseurs institutionnels qualifiés en vertu de la règle 144A, devrait se clôturer le 8 juillet 2025.
DeFi Development Corp. (Nasdaq: DFDV), ein Unternehmen, das sich auf das Ansammeln und Vermehren von Solana (SOL) spezialisiert hat, hat die Preisgestaltung eines erhöhten Angebots von 112,5 Millionen US-Dollar an wandelbaren Senior Notes mit Fälligkeit 2030 bekanntgegeben. Die Notes tragen einen Zinssatz von 5,5% und weisen einen anfänglichen Umwandlungspreis von 23,11 US-Dollar auf, was einem Aufschlag von 10 % gegenüber dem Schlusskurs vom 1. Juli entspricht.
Das Unternehmen erwartet Nettoerlöse von etwa 108,1 Millionen US-Dollar (bzw. 132,2 Millionen US-Dollar bei Ausübung der zusätzlichen Kaufoption). Rund 75,6 Millionen US-Dollar werden für eine vorab bezahlte Forward-Aktienkauftransaktion verwendet, der Rest für allgemeine Unternehmenszwecke, einschließlich des Erwerbs von SOL. Das Angebot, das sich an qualifizierte institutionelle Käufer gemäß Regel 144A richtet, soll am 8. Juli 2025 abgeschlossen werden.
- Significant capital raise of $112.5 million through convertible notes with potential for additional $25 million
- Strategic prepaid forward stock purchase transaction of $75.6 million to facilitate investor hedging
- Favorable 5.5% interest rate with semi-annual payments
- Flexible conversion terms allowing for cash, stock, or combination settlement
- Potential dilution for existing shareholders upon conversion
- Additional debt burden with 5.5% interest payments
- Complex hedging arrangement may create short-term pressure on stock price
- Restricted redemption capability before July 5, 2026
Insights
DeFi Dev Corp raised $112.5M through convertible notes at favorable terms to fund its Solana acquisition strategy.
DeFi Development Corp has successfully upsized its convertible notes offering to
The
The 5-year maturity (due 2030) offers DFDV breathing room, while the semi-annual interest payments beginning January 2026 represent a manageable
The prepaid forward transaction is particularly noteworthy as it facilitates hedging for convertible note investors while potentially stabilizing DFDV's stock price. This sophisticated capital structure demonstrates management's financial acumen in minimizing dilution while maximizing capital raised.
Overall, this financing strengthens DeFi Dev Corp's balance sheet and provides substantial capital to execute its Solana accumulation strategy while managing dilution risk through favorable conversion terms and redemption options beginning July 2026.
BOCA RATON, FL, July 02, 2025 (GLOBE NEWSWIRE) -- DeFi Development Corp. (Nasdaq: DFDV) (the “Company” or “DeFi Dev Corp.”), the first public company with a treasury strategy built to accumulate and compound Solana (“SOL”), today announced the pricing of its upsized private offering of
Key Elements of the Transaction:
$112.5 million 5.5% Convertible Notes offering, due 2030.- Approximately
10% conversion premium to the$21.01 closing price on July 1, 2025. - Prepaid forward stock purchase transaction of approximately
$75.6 million of shares of the Company’s common stock in connection with the offering to facilitate hedging by certain investors.
The Company has granted the initial purchasers of the Convertible Notes an option to purchase, for settlement within a 7-day period beginning on, and including the date on which the Convertible Notes are first issued, up to an additional
Use of Proceeds:
The Company estimates that the aggregate net proceeds from the offering will be approximately
Additional Details of the Convertible Notes:
The Convertible Notes will be senior unsecured obligations of the Company and will accrue interest at a rate of
The Convertible Notes will be convertible into cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, subject to certain restrictions. The conversion rate will initially be 43.2694 shares of common stock per
The Company may not redeem the Convertible Notes prior to July 5, 2026. The Company may redeem for cash all or any portion of the Convertible Notes (subject to certain limitations), at its option, on or after July 5, 2026, if the last reported sale price of the common stock has been at least
Holders of the Convertible Notes will have the right to require the Company to repurchase all or a portion of their Convertible Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes) at a cash repurchase price of
Prepaid Forward Stock Purchase Transaction:
In connection with the pricing of the Convertible Notes, the Company entered into a privately negotiated prepaid forward stock purchase transaction (the “prepaid forward”) with one of the initial purchasers of the Convertible Notes (the “forward counterparty”) with respect to
The prepaid forward is generally intended to facilitate privately negotiated derivative transactions, including swaps, between the forward counterparty or its affiliates and investors in the Convertible Notes, enabling those investors to hedge their investments in the Convertible Notes. As a result, the prepaid forward is expected to allow the investors to establish short positions that generally correspond to (but may be greater than) commercially reasonable initial hedges of their investment in the Convertible Notes. In the event of such greater initial hedges, investors may offset such greater portion by purchasing shares of common stock on the day the Company prices the Convertible Notes. In connection with establishing its initial hedges of the prepaid forward, the forward counterparty or its affiliates generally expect to, but are not required to, enter into one or more derivative transactions with respect to shares of common stock with the investors of the Convertible Notes concurrently with or after the pricing of the Convertible Notes. Such activities, which may occur on or shortly after the pricing date of the Convertible Notes, could have the effect of increasing (or reducing the size of any decrease in) the market price of the shares of common stock and effectively raise the conversion price of the Convertible Notes.
Neither the Company nor the forward counterparty will control how investors of the Convertible Notes may use such derivative transactions, and any related market activity could result in more purchases or sales of common stock than there otherwise would have been, potentially impacting the market price of common stock and/or the price of the Convertible Notes.
In addition, the forward counterparty or its affiliates may modify its hedge positions by entering into or unwinding one or more derivative transactions with respect to shares of common stock and/or purchasing or selling shares of common stock or other securities of the Company in secondary market transactions at any time following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes. These activities could also cause or avoid an increase or a decrease in the market price of common stock or the Convertible Notes, which could affect the ability to convert the Convertible Notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of Convertible Notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of the Convertible Notes.
About DeFi Development Corp.
DeFi Development Corp. (Nasdaq: DFDV) has adopted a treasury policy under which the principal holding in its treasury reserve is allocated to Solana (SOL). Through this strategy, the Company provides investors with direct economic exposure to SOL, while also actively participating in the growth of the Solana ecosystem. In addition to holding and staking SOL, DeFi Development Corp. operates its own validator infrastructure, generating staking rewards and fees from delegated stake. The Company is engaged across decentralized finance (DeFi) opportunities and continues to explore innovative ways to support and benefit from Solana’s expanding application layer. The Company also operates an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions, as well as value-add services, to multifamily and commercial property professionals, as the Company connects the increasingly complex ecosystem that stakeholders have to manage.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 regarding, among other things, the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering, the intended use of proceeds, and the prepaid forward stock purchase program. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,”, “should,” “will” and similar references to future periods. Forward-looking statements are based on the current expectations and beliefs of the Company’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including risks related to the satisfaction of the closing conditions for the proposed offering, and other risks and uncertainties more fully in the section captioned “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other reports we file with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
Investor Contact:
ir@defidevcorp.com
Media Contact:
Prosek Partners
pro-ddc@prosek.com
FAQ
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