Another publicly listed company copied MSTR’s playbook—why this time did it choose SOL instead of BTC?
DeFi Development Corp completed a $11 million CHAD preferred stock issuance, using the financing to buy SOL and bolster the treasury.
According to The Block, DeFi Development Corp has closed the CHAD issuance at a size of $11 million. CHAD is a variable-rate Series C perpetual preferred stock with an initial annual dividend yield of 13%. In plain terms, it’s exactly the same script as MicroStrategy (now called Strategy): a public company issues securities to raise funds → buys crypto to hoard in the treasury → the stock price tracks the crypto price. The difference this time is that they’re betting on SOL instead of BTC; SOL is currently trading at $104.05.
One-sentence translation: another “buy-crypto public company” model copier—this time targeting Solana.
Market impact
- Short term: At a $11 million size, this isn’t huge and direct buy pressure for SOL is limited. But companies like this can keep issuing shares and continuously buying, creating recurring buy pressure. The transmission path is: preferred stock financing → company adds SOL to its holdings → the circulating supply on-chain decreases → tighter supply supports the price. A 13% dividend yield suggests the capital is willing to buy “SOL exposure + fixed returns,” so sentiment is somewhat positive.
- Medium term: The Strategy model is being replicated across multiple coins. If products like CHAD work, SOL could gain a new institutionalized inflow channel similar to BTC ETFs, and treasury crypto companies for altcoins might become the next narrative.
My take
Positive, but don’t overestimate. BTC is currently around $78,658, down 0.59%. This news has a neutral impact on BTC; the real beneficiaries are the institutionalized narrative for the SOL ecosystem. Compared with Strategy’s hundred-billion-scale treasury, $11 million is still small—so I see it more as a narrative validation signal than a capital-driven catalyst. I’m about 70% confident in this view, and the remaining 30% depends on whether there’s a second round of issuance.
🎯 Predicted impact
- Coin: BTC / ETH
- Direction: Bullish 📈 Expect price to rise
- Duration: BTC 12 hours / ETH 24 hours
$BTC $ETH #BTC #ETH
$SOL
⚠️ Not investment advice
DeFi Development Corp completed a $11 million CHAD preferred stock issuance, using the financing to buy SOL and bolster the treasury.
According to The Block, DeFi Development Corp has closed the CHAD issuance at a size of $11 million. CHAD is a variable-rate Series C perpetual preferred stock with an initial annual dividend yield of 13%. In plain terms, it’s exactly the same script as MicroStrategy (now called Strategy): a public company issues securities to raise funds → buys crypto to hoard in the treasury → the stock price tracks the crypto price. The difference this time is that they’re betting on SOL instead of BTC; SOL is currently trading at $104.05.
One-sentence translation: another “buy-crypto public company” model copier—this time targeting Solana.
Market impact
- Short term: At a $11 million size, this isn’t huge and direct buy pressure for SOL is limited. But companies like this can keep issuing shares and continuously buying, creating recurring buy pressure. The transmission path is: preferred stock financing → company adds SOL to its holdings → the circulating supply on-chain decreases → tighter supply supports the price. A 13% dividend yield suggests the capital is willing to buy “SOL exposure + fixed returns,” so sentiment is somewhat positive.
- Medium term: The Strategy model is being replicated across multiple coins. If products like CHAD work, SOL could gain a new institutionalized inflow channel similar to BTC ETFs, and treasury crypto companies for altcoins might become the next narrative.
My take
Positive, but don’t overestimate. BTC is currently around $78,658, down 0.59%. This news has a neutral impact on BTC; the real beneficiaries are the institutionalized narrative for the SOL ecosystem. Compared with Strategy’s hundred-billion-scale treasury, $11 million is still small—so I see it more as a narrative validation signal than a capital-driven catalyst. I’m about 70% confident in this view, and the remaining 30% depends on whether there’s a second round of issuance.
🎯 Predicted impact
- Coin: BTC / ETH
- Direction: Bullish 📈 Expect price to rise
- Duration: BTC 12 hours / ETH 24 hours
$BTC $ETH #BTC #ETH
$SOL
⚠️ Not investment advice
