Daniel Kang
About Daniel Kang
Daniel Kang is Chief Strategy Officer and Head of Investor Relations at DeFi Development Corp. (DFDV), appointed on September 19, 2025; he is age 33, with prior roles including Head of Strategy at Kraken, 7 years on the buy side as a long-short equity analyst, 2 years as an Analyst at Morgan Stanley, and experience on Snap’s Corporate Development & Strategy team . Company performance during his tenure includes strong Q3 2025 results and on-chain yield execution that are central to DFDV’s strategy.
| Metric | Q3 2025 |
|---|---|
| Revenue ($USD Millions) | $4.6 |
| GAAP Net Income ($USD Millions) | $56.026 |
| Diluted EPS ($USD) | $1.83 |
| Adjusted EPS ($USD) | $1.88 |
| Annualized Organic Yield (AOY, %) | 11.4% |
| SPS (Basic, SOL/share) | 0.0700 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kraken Digital Asset Exchange | Head of Strategy (former) | Not disclosed | Led corporate strategy; extensive strategy and IR experience |
| Buy-side (long-short equity) | Equity Analyst | 7 years | Sector coverage across internet, media, entertainment |
| Morgan Stanley | Analyst | 2 years | Foundational sell-side/analytical training |
| Snap | Corporate Development & Strategy | Not disclosed | Corporate development and strategy exposure |
External Roles
No public company directorships or committee roles for Mr. Kang are disclosed in the filings reviewed .
Fixed Compensation
| Component | 2025 Value |
|---|---|
| Base Salary ($) | $460,000 |
| Target Annual Bonus (% of base) | 65% |
Performance Compensation
- Eligible for equity awards under the 2021 and 2023 Equity Incentive Plans (options, RSUs, performance awards), with grants determined by the Compensation Committee; specific awards and vesting for Mr. Kang are not disclosed in the proxy .
Equity Ownership & Alignment
- Beneficial ownership for Mr. Kang is not itemized in the proxy’s ownership table; the table lists other officers and directors but does not provide a line for Mr. Kang, leaving his shareholdings and % ownership undisclosed .
- Insider Trading Policy prohibits hedging, short sales, holding in margin accounts, or pledging company securities without advance approval of the CEO and CFO, strengthening alignment and reducing pledging risk .
- Clawback Policy adopted November 27, 2023, mandates recovery of erroneously awarded incentive-based compensation from current and former executive officers upon an accounting restatement, with a 3-year lookback, regardless of misconduct .
Employment Terms
| Term | Detail |
|---|---|
| Appointment & Effective Date | Appointed CSO on Sept 19, 2025; Employment Agreement effective Sept 19, 2025 |
| Base Salary | $460,000 |
| Target Annual Bonus | 65% of base salary |
| Equity Awards | Eligible for equity awards under 2021/2023 plans; awards at Compensation Committee discretion |
| Termination (without cause / good reason) | Final Compensation (earned salary, approved expenses/benefits); earned but unpaid prior-year bonus if termination occurs after year-end and before bonus is paid |
| Change-in-Control (within 6 months of CIC) | Lump sum payment equal to 2x base salary; full acceleration of all unvested equity awards; continued health insurance coverage for 12 months |
| Restrictive Covenants | Subject to restrictive covenants under the Employment Agreement |
| Clawback | Subject to company-wide clawback policy consistent with Nasdaq and SEC Rule 10D-1 |
Investment Implications
- Pay-for-performance structure is moderately aligned: cash comp includes a 65% target bonus tied to performance, with equity awards at committee discretion; however, the absence of disclosed individual performance metrics and specific equity grants for Mr. Kang limits visibility into his variable pay drivers and vesting-linked selling pressure .
- Change-of-control economics include a 2x base salary cash severance and full acceleration of equity—favorable to the executive and potentially increasing retention ahead of a CIC, but also increasing optionality to depart post-CIC; watch for any M&A signals in transcripts where Mr. Kang discusses DAT consolidation dynamics .
- Alignment protections are solid: strict insider policy limiting hedging/pledging and a robust clawback reduce governance risk; lack of a disclosed personal ownership stake for Mr. Kang is a transparency gap and makes “skin-in-the-game” analysis incomplete .
- Capital structure actions (warrant dividend at $22.50 exercise price with an early-expiration VWAP condition, sizable ELOC capacity, and multiple convertibles) create ongoing dilution and potential trading overhang; as Head of IR/Strategy, Mr. Kang’s role in communicating and structuring these instruments is material to sentiment and mNAV trajectory .
- Near-term execution hinges on maintaining ~10% AOY and SPS growth while managing mNAV compression; Q3 AOY of 11.4% and SPS of 0.0700 demonstrate operational momentum, but market multiple and dilution dynamics remain key trading signals .