According to CoinMeta, Wu said that Solana treasury company DeFi Development Corp ( NASDAQ : DFDV ) announced its intention to issue up to $20 million in variable-rate Series C perpetual preferred stocks (“Chad Stock”) for the first time, and also plans to grant underwriters a 30-day option to purchase an additional 15% of the shares. Each preferred stock has a par value of $10 and an initial annual dividend yield of 13%, which is paid daily. The first regular dividend is expected to be paid on October 1st, and there is no maturity date. The company plans to establish a reserve equivalent to the dividends for the first 12 months upon completion of the issuance, which is set aside at $1.30 per share. The funds raised are intended to be used for general corporate purposes, including working capital, purchases of SOL and other digital asset-related investments, strategic transactions, and business expansion.