DeFi Development Corp. (NASDAQ: $DFDV) is raising about $11 million through a preferred stock offering as the company looks to expand its Solana (CRYPTO: $SOL) treasury and pursue other digital asset investments.

The Nasdaq-listed company  said Friday that it priced its initial public offering of 1.375 million shares of Variable Rate Series C Perpetual Preferred Stock, known as CHAD Stock, at $8 per share. The underwriter has a 30-day option to buy another 206,250 shares at the same price.

The offering is expected to close on September 8, subject to conditions. DeFi Development said it plans to use the proceeds for general corporate purposes, including buying SOL, making other digital asset investments, pursuing strategic transactions, and funding growth initiatives.

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CHAD Stock will carry a variable cumulative dividend based on a $10 stated amount per share. The company currently plans to adjust the dividend rate in an effort to keep the stock trading between $9.95 and $11 over the long term. It will not be allowed to cut the annual rate by more than 50 basis points during a regular dividend period.

The first dividend payment is scheduled for October 1. DeFi Development also plans to establish a reserve covering the first year of dividend payments, assuming a 13% annual rate. That would amount to $1.30 per share.

Last month, DeFi Development  launched State of Solana, a public dashboard that gives investors real-time data on Solana's network, including activity, staking, validators, transaction throughput and ecosystem trends.

Previously, in May, the company  launched a $200 million at-the-market equity program to support additional Solana purchases, working capital, and strategic initiatives.

Solana is currently trading at $101.27, largely flat over the past day but up by around 37% over the past month.