09:28 AM EDT, 07/02/2025 (MT Newswires) -- DeFi Development ( DFDV ) said Wednesday it priced an upsized offering of $112.5 million of 5.5% convertible senior notes due 2030.

DeFi said it granted initial purchasers an option to purchase an additional $25 million of notes. The offering is expected to close on Monday.

Net proceeds are estimated to be about 108.1 million, or $132.2 million if the overallotment option is fully exercised, the company said.

DeFi said it intends to use approximately $75.6 million of the net proceeds to fund a prepaid forward stock purchase transaction in connection with the offering, with the remainder allotted for general corporate purposes, including the acquisition of solana coins.

Shares were 4.7% lower ahead of Wednesday's opening bell.