DeFi Development (DFDV) Company Report

DeFi Development Corp. (DFDV) reported strong Third Quarter 2025 earnings, with total revenue of $4.6 million, an increase of 648% year-over-year, and a diluted earnings-per-share of $1.83 (adjusted EPS of $1.88).
The company's annualized organic yield (AOY) for Q3 2025 was 11.4%, exceeding its 10% target, and its SOL-per-Share (SPS) grew 13% quarter-over-quarter to 0.0700 as of November 12, 2025, with total SOL and SOL Equivalents of 2.2 million.
DFDV distributed a warrant dividend to stockholders of record as of October 23, 2025, providing one warrant for every ten shares of common stock, with an exercise price of $22.50 per share and an expiration date of January 21, 2028.
Despite strong operational performance, DFDV's fully diluted mNAV declined 41% in Q3 2025 to 0.8x as of November 11, 2025, while the company also expanded its Treasury Accelerator program with three new regional franchises.

Nov 13, 2025, 2:16 PM

8-K

DFDV Reports Strong Q3 2025 Organic Yield and Outlines Strategic Growth Initiatives

DFDV

Earnings

Guidance Update

Convertible Preferred Issuance

DeFi Development Corp (DFDV) generated an 11.4% average organic yield in Q3 2025, exceeding its full-year guidance, and maintains a 10% average organic yield target going forward. The company also reaffirmed its goal of 0.165 SOL per share by June 2026.
The company has a $100 million share repurchase program in place, which it intends to use discreetly to maximize SOL per share growth. Additionally, DFDV issued a warrant dividend (one warrant for every ten shares) allowing shareholders to buy stock at $22.50 until January 2028, a strategy designed to provide upside participation and bring cash into the business upon exercise.
DFDV plans to raise approximately $65 million through a Series C perpetual preferred stock offering, viewing it as a SOL per share accretive funding method. The company is also expanding its Treasury Accelerator program to launch foreign Digital Asset Treasuries (DATs) and increase its allocation to on-chain opportunities, now north of 15%, to drive further revenue and yield generation.

Nov 13, 2025, 1:00 PM

Transcript

DeFi Development Corp. Announces Proposed Preferred Stock Offering

DFDV

Debt Issuance

Dividends

Convertible Preferred Issuance

DeFi Development Corp. (DFDV) intends to offer up to $65,000,000 of 10.00% Series C Cumulative Perpetual Preferred Stock.
The net proceeds from the offering are planned for general corporate purposes, including the acquisition of SOL and for working capital.
Holders of the Series C Preferred Stock will be entitled to receive cumulative cash dividends at an annual rate of 10.00% of the $100.00 liquidation preference per year, payable quarterly in arrears, beginning December 31, 2025.
The Series C Preferred Stock will be convertible into common stock under certain circumstances, and the company has the right to redeem the stock under specific conditions.
DeFi Development Corp. has applied to list the Series C Preferred Stock on The Nasdaq Capital Market under the symbol "CHAD".

Nov 12, 2025, 1:30 PM

Press Release

DeFi Development Corp. Acquires 86,307 SOL

DFDV

New Projects/Investments

On October 16, 2025, DeFi Development Corp. acquired 86,307 SOL at an average price of $110.91 per SOL.
This acquisition increased the company's aggregate SOL and SOL-equivalent position by 4.7%, bringing the total to 2,195,926 SOL, valued at approximately $426 million as of October 15, 2025.
As of October 15, 2025, the company had 28,888,178 total shares outstanding, with a SOL per Share (SPS) of 0.0760, valued at $14.67.
The company's strategy is to hold and stake SOL long-term to generate native yield and provide investors with direct economic exposure to SOL.

Oct 16, 2025, 1:30 PM

8-K

DeFi Development Corp. Announces Warrant Dividend Distribution

DFDV

Dividends

New Projects/Investments

DeFi Development Corp. (DFDV) announced a special warrant dividend distribution to its common stockholders and holders of its 5.50% Convertible Senior Notes due 2030.
Stockholders of record as of October 23, 2025, will receive one warrant for every ten shares of common stock held, rounded down. Noteholders will receive 4.32694 warrants per $1,000 principal amount of notes.
The warrants, with an exercise price of $22.50 per share, are expected to be distributed on or about October 27, 2025, and will expire on January 21, 2028, unless an early expiration condition is met.
DFDV expects to distribute approximately 3.3 million warrants, which, if fully exercised, could generate up to $73.5 million in gross proceeds for general corporate purposes, including the acquisition of SOL and working capital.
The warrants are expected to be freely tradable and listed on the Nasdaq Capital Market under the ticker DFDVW on the first trading day following the distribution date.

Oct 8, 2025, 12:32 PM

8-K

DeFi Development Corp. Acquires SOL, Updates Holdings, and Reports Director Departure

DFDV

New Projects/Investments

Board Change

DeFi Development Corp. acquired 62,745 SOL, increasing its total holdings to 2,095,748 SOL, valued at approximately $499 million as of September 17, 2025.
As of September 16, 2025, the company reported 25,670,108 total shares outstanding, with SOL per share (SPS) of 0.0816, equivalent to $19.44.
The newly acquired SOL will be held long-term and staked to generate native yield.
Marco Santori resigned as a director of the company on September 18, 2025, a decision not due to any disagreement with the company.

Sep 18, 2025, 8:05 PM

8-K

DeFi Development Corp. Purchases SOL and Updates Holdings After Equity Raise

DFDV

New Projects/Investments

DeFi Development Corp. (DFDV) acquired 407,247 SOL for approximately $77 million on August 28, 2025, increasing its total holdings to 1,831,011 SOL.
The acquisition was funded by a recent equity raise, with over $40 million in net proceeds remaining for future Solana purchases.
Following the equity offering, DFDV's total shares outstanding reached 25,373,702 as of August 28, 2025.
The company's SOL per Share (SPS) is 0.0864, equivalent to $17.52.

Aug 28, 2025, 8:01 PM

8-K

DeFi Development Corp. Announces $125 Million Equity Raise

DFDV

New Projects/Investments

DeFi Development Corp. (DFDV) announced a $125 million equity offering to accelerate its Solana treasury growth.
The offering includes approximately 4.2 million shares of common stock at $12.50 per share and approximately 5.7 million pre-funded warrants at $12.4999 per share.
The company will receive a mix of cash (approximately $92.5 million) and locked Solana (SOL) (approximately $32.5 million) as consideration.
Net proceeds will be deployed into spot SOL and discounted locked SOL to expand treasury holdings, with the transaction expected to be NAV/share accretive and SPS accretive.
The transaction is expected to close on Thursday, August 28, 2025.

Aug 26, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for DeFi Development.

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