DeFi Development raises CHAD preferred dividend to 14% to fund Solana treasury

The higher coupon is the tell: preferred buyers are being paid more to underwrite a balance sheet whose growth depends on selling more of the same instrument, a structure that works while issuance demand holds and gets harder if it does not. It matters to CHAD holders, who now sit ahead of common equity in a Solana-heavy treasury, and to anyone tracking how listed vehicles finance token accumulation without straight debt. Whether the 14% level stabilizes further issuance, or signals rising cost of capital for Solana treasury vehicles generally, is the open question.