DeFi Dev Corp Adds 55,491 SOL, Opens $300M CHAD ATM Program

The ATM structure is the notable part: funding SOL accumulation through preferred equity rather than debt or operating cash changes the risk profile for existing holders, since it ties the treasury strategy directly to capital markets appetite. It also signals that the company expects continued access to buyers for CHAD, which is not guaranteed in a weaker window. Whether that three-week pace of issuance is sustained, and how the preferred stack ranks against common equity, is the open question.