DeFi Development Corp. has closed an $11 million offering of CHAD, a Variable Rate Series C perpetual preferred stock with an initial annual dividend rate of 13%. This offering, which the company calls the first SOL-backed "Digital Credit" instrument, aims to fund additional Solana (SOL) purchases and grow its SOL holdings without issuing common shares. Nasdaq-listed DeFi Development Corp. recently resumed SOL purchases, bringing its total holdings to approximately 2.33 million SOL.