Solana treasury company DeFi Development Corp. added 55,491 SOL, worth roughly $5.78 million, to its balance sheet, pushing its treasury to roughly 2,388,923 SOL and SOL equivalents.

The Nasdaq-listed company disclosed the purchase Monday alongside a new $300 million at-the-market program for its Variable Rate Series C Perpetual Preferred Stock, ticker CHAD. The combined moves extend a fast-moving stretch of capital markets activity that started in late August.

The new treasury figure represents a roughly 2% gain since August 27, when DeFi Development Corp’s holdings stood near 2.33 million SOL. The company, which trades as DFDV on the Nasdaq, calls itself the first U.S. public company built around a Solana accumulation strategy. It runs its own validator infrastructure alongside the treasury, earning staking rewards on top of price exposure to SOL.

The at-the-market strategy lets DFDV sell up to $300 million in CHAD shares over time through R.F. Lafferty & Co., a New York broker-dealer acting as sole sales agent.

Establishing the program isn’t an immediate raise—DFDV isn’t obligated to sell any shares, and issuance is subject to market conditions and investor demand. The company said it intends to sell only at or above $10.00 per share, CHAD’s stated par value, with net proceeds earmarked mainly for more SOL purchases.

CEO Joseph Onorati tied the program to what the company calls its “accumulation flywheel”—raising capital, buying SOL, generating yield, and repeating. “With a $300 million ATM now in place, we have the structure to scale CHAD into a meaningful new engine of growth—and we intend to issue at or above $10.00 par. The flywheel is spinning, and we now have more capacity to put it to work,” he said.

CHAD is barely a week old. DeFi Development closed its inaugural offering on September 8, raising about $11 million with participation from Fundstrat’s Tom Lee. Because CHAD is non-convertible preferred equity, DFDV can raise through it without diluting common shareholders or growing its share count.

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The CHAD offering itself had moved fast. DFDV first floated a $20 million target for the preferred stock on September 1, pricing shares at $9 each in a preliminary prospectus before settling on final terms of $8 a share and a smaller $11 million raise at closing. That same week, the company separately disclosed a 19,000-SOL purchase funded in part by the sale of its ZeroStack position, lifting its treasury to about 2.33 million SOL ahead of Monday’s update.

DFDV pointed to relative performance to make that case. Quarter-to-date, the company said SOL has outperformed the Nasdaq-100 by 39%, while DFDV shares have beaten SOL itself by 2x over the same period. Those numbers have climbed since late August, when the company reported SOL beating the Nasdaq-100 by 33% and DFDV outperforming SOL by 1.8x.

Net proceeds from the CHAD ATM are intended primarily to fund additional SOL purchases, the same use DFDV assigned to the $11 million CHAD offering it closed on September 8.