DeFi Development Corp. closes $112.5M 5.5% convertible notes offering; $75.6M prepaid forward repurchase

DeFi Development Corp.

Raised $112.5M in 5.5% convertible senior notes due 2030, upsized from originally planned $100M.
Initial conversion price $23.11 per share, ~10% premium to $21.01 closing price on July 1.
Net proceeds ~$108.1M; used $75.6M for a prepaid forward stock purchase of ~3.6M shares.
Remainder of proceeds for general corporate purposes including acquisition of Solana (SOL).
Notes not redeemable before July 5, 2026; redeemable thereafter if stock price ≥150% of conversion price.

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