DLA Piper Facilitates $122.5 Million Convertible Notes Offering for DeFi Development Corp

On July 15, 2025, DLA Piper, a prominent global law firm, announced its advisory role in a significant financial transaction involving DeFi Development Corp. The firm guided the initial purchasers, led by Cantor Fitzgerald & Co. as the sole book-running manager, in the upsized offering of $122.5 million in aggregate principal amount of 5.5% convertible senior notes due in 2030. This offering represents a critical funding opportunity for DeFi Development Corp, a company at the forefront of decentralized finance innovation.

The core deal team from DLA Piper was co-led by Partners Stephen Alicanti, based in New York, and Anna Spence from the Raleigh office. They were supported by Associates Gina Lee (Raleigh), Jenna Fontenot (Miami), and Tarquin McGurrin (Short Hills). Additionally, Partner Marc Horwitz from Chicago and Associate Una Draganic from Los Angeles provided expertise on equity derivatives matters, ensuring comprehensive coverage of the transaction's complexities.

DLA Piper's global capital markets team plays a vital role in representing issuers and underwriters across a spectrum of capital market transactions—ranging from initial public offerings (IPOs) to offerings of investment-grade and high-yield debt securities. The firm's experience in navigating the regulatory and operational aspects of these offerings positions them as a leader in the legal sector, particularly in areas intersecting with innovative financial technologies like decentralized finance.

The issuance of convertible notes is a strategic move for DeFi Development Corp, as it allows the company to raise capital while providing investors with a potential avenue for equity conversion in the future. This financial instrument is particularly attractive in the current economic climate, where companies are increasingly looking for flexible financing options that can adapt to evolving market conditions.

In a statement, Stephen Alicanti emphasized the importance of this transaction, stating, "This offering not only demonstrates investor confidence in DeFi Development Corp's innovative approach to decentralized finance but also highlights the growing acceptance of convertible securities as a viable means of funding for growth-oriented companies."

The advisory team also included contributions from several other partners: Kristin Boggiano (New York), Terry Davis (Atlanta), William Bartow (Philadelphia), Kurt Weaver (Boston), and Brad Rock (San Francisco), along with Of Counsel Priya Narahari (Philadelphia) and Associate Molly Patricia McBride (Los Angeles). Their collective expertise underscores DLA Piper's commitment to providing clients with tailored legal solutions in complex capital markets transactions.

As the decentralized finance sector continues to evolve rapidly, such capital-raising efforts are crucial for companies looking to expand their capabilities and market reach. The successful execution of this offering may set a precedent for similar transactions in the future, positioning DeFi Development Corp as a leader in its field and paving the way for further innovations in the financial technology landscape.