THE BLOCK: DeFi Development Corp. has closed its $11 million CHAD preferred-stock offering, launching what it calls the first SOL-backed "Digital Credit" instrument. The offering included participation from Fundstrat’s Tom Lee. DFDV CHAD carries a 13% initial annual dividend rate and will fund additional solana:So11111111111111111111111111111111111111112 purchases, giving DFDV another way to grow its SOL holdings without issuing common shares.(The Block)