DeFi Development (DFDV)
Market Price (1/25/2026): $5.96 | Market Cap: $138.3 MilSector: Financials | Industry: Asset Management & Custody Banks
DeFi Development (DFDV)
Market Price (1/25/2026): $5.96Market Cap: $138.3 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 51%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 47% | Weak multi-year price returns3Y Excs Rtn is -40% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -78% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 313% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 88% | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -70% | Expensive valuation multiplesP/SPrice/Sales ratio is 18x | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Decentralized Finance (DeFi). | Stock price has recently run up significantly12M Rtn12 month market price return is 664% | |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -96%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2191% | ||
| High stock price volatilityVol 12M is 1066% | ||
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22% | ||
| Key risksDFDV key risks include [1] extreme balance sheet and stock volatility tied to its substantial Solana (SOL) treasury and [2] a high risk of shareholder dilution due to deep unprofitability and rapid cash burn. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 51%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 47% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 313% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -70% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Decentralized Finance (DeFi). |
| Weak multi-year price returns3Y Excs Rtn is -40% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -78% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 88% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 18x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 664% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -96%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2191% |
| High stock price volatilityVol 12M is 1066% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22% |
| Key risksDFDV key risks include [1] extreme balance sheet and stock volatility tied to its substantial Solana (SOL) treasury and [2] a high risk of shareholder dilution due to deep unprofitability and rapid cash burn. |
Why The Stock Moved
Qualitative Assessment
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DeFi Development (DFDV) stock has lost about 60% since 9/30/2025 because of the following key factors:
1. Overheated Valuation and Subsequent Correction: DeFi Development (DFDV) experienced an extraordinary surge throughout 2025, culminating in a year-to-date gain of over 2279% by July 2025 and finishing the year as the top-performing crypto stock with an 853% return. This rapid and significant appreciation likely led to an unsustainable, overheated valuation, making the stock highly susceptible to a sharp correction once the initial speculative fervor subsided.
2. Negative Technical Signals and Bearish Market Sentiment: By January 2026, technical analysis indicators for DFDV signaled a predominantly "Bearish" sentiment, with 18 bearish signals and no bullish signals identified. This pervasive negative technical outlook was further compounded by sell signals from both short-term and long-term moving averages, contributing to sustained selling pressure as algorithmic trading systems and technically-driven investors exited their positions.
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1. Overheated Valuation and Subsequent Correction: DeFi Development (DFDV) experienced an extraordinary surge throughout 2025, culminating in a year-to-date gain of over 2279% by July 2025 and finishing the year as the top-performing crypto stock with an 853% return. This rapid and significant appreciation likely led to an unsustainable, overheated valuation, making the stock highly susceptible to a sharp correction once the initial speculative fervor subsided.
2. Negative Technical Signals and Bearish Market Sentiment: By January 2026, technical analysis indicators for DFDV signaled a predominantly "Bearish" sentiment, with 18 bearish signals and no bullish signals identified. This pervasive negative technical outlook was further compounded by sell signals from both short-term and long-term moving averages, contributing to sustained selling pressure as algorithmic trading systems and technically-driven investors exited their positions.
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Stock Movement Drivers
Fundamental Drivers
The -61.3% change in DFDV stock from 9/30/2025 to 1/24/2026 was primarily driven by a -87.6% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 1242026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.31 | 5.93 | -61.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 8 | 113.8% |
| Net Income Margin (%) | 389.0% | 932.6% | 139.7% |
| P/E Multiple | 15.8 | 2.0 | -87.6% |
| Shares Outstanding (Mil) | 14 | 23 | -39.1% |
| Cumulative Contribution | -61.3% |
Market Drivers
9/30/2025 to 1/24/2026| Return | Correlation | |
|---|---|---|
| DFDV | -61.3% | |
| Market (SPY) | 3.5% | 41.4% |
| Sector (XLF) | -1.5% | 40.7% |
Fundamental Drivers
The -72.3% change in DFDV stock from 6/30/2025 to 1/24/2026 was primarily driven by a -83.1% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 1242026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.44 | 5.93 | -72.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 8 | 280.9% |
| P/S Multiple | 108.2 | 18.3 | -83.1% |
| Shares Outstanding (Mil) | 10 | 23 | -57.0% |
| Cumulative Contribution | -72.3% |
Market Drivers
6/30/2025 to 1/24/2026| Return | Correlation | |
|---|---|---|
| DFDV | -72.3% | |
| Market (SPY) | 11.9% | 35.7% |
| Sector (XLF) | 1.7% | 34.7% |
Fundamental Drivers
The 755.0% change in DFDV stock from 12/31/2024 to 1/24/2026 was primarily driven by a 389.6% change in the company's P/S Multiple.| (LTM values as of) | 12312024 | 1242026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.69 | 5.93 | 755.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 8 | 313.3% |
| P/S Multiple | 3.7 | 18.3 | 389.6% |
| Shares Outstanding (Mil) | 10 | 23 | -57.7% |
| Cumulative Contribution | 755.0% |
Market Drivers
12/31/2024 to 1/24/2026| Return | Correlation | |
|---|---|---|
| DFDV | 755.0% | |
| Market (SPY) | 18.6% | 0.6% |
| Sector (XLF) | 10.9% | 0.0% |
Fundamental Drivers
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Market Drivers
12/31/2022 to 1/24/2026| Return | Correlation | |
|---|---|---|
| DFDV | ||
| Market (SPY) | 86.9% | 1.8% |
| Sector (XLF) | 62.3% | 0.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DFDV Return | - | - | -73% | -41% | 628% | 25% | 44% |
| Peers Return | 3% | -58% | 168% | 80% | -12% | 8% | 96% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| DFDV Win Rate | - | - | 17% | 25% | 50% | 100% | |
| Peers Win Rate | 45% | 30% | 58% | 53% | 40% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| DFDV Max Drawdown | - | - | -82% | -58% | -21% | 0% | |
| Peers Max Drawdown | -25% | -66% | -18% | -23% | -29% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, COIN, WD, CSGP, TREE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/23/2026 (YTD)
How Low Can It Go
DFDV has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to MSTR, COIN, WD, CSGP, TREE
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
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We are a B2B fintech marketplace connecting commercial property borrowers and lenders with a human touch. We seek to revolutionize the commercial real estate lending market by making it hyper-efficient, transparent, and accessible to all rather than the few. Through our online platform, we provide technology that connects commercial mortgage borrowers looking for capital to refinance, build, or purchase commercial property, including, but not limited to, apartment buildings, to commercial property lenders. Borrowers include, but are not limited to, owners, operators, and developers of commercial real estate including multifamily properties and most recently, a growing segment of small business owners, which we believe represents a significant growth opportunity. Lenders include small banks, credit unions, REITs, Fannie Mae® and Freddie Mac® multifamily lenders, FHA® multifamily lenders, debt funds, CMBS lenders, SBA lenders, and more. We have developed a flexible, two-sided, B2B marketplace that connects commercial borrowers and lenders, with a human touch. Commercial property owners, operators, and developers can quickly create an account on our platform, set up their own profile, and submit and manage loan requests on their dashboard in a digital experience. Our algorithms automatically match borrowers to their best loan options or to our internal capital markets advisors that guide the borrower throughout the process and connect them with a potentially suitable loan product and lender. Originators that work at commercial mortgage lenders can access their accounts on our platform to view, sort, and communicate with their matched borrowers in real-time, tracking their loan progress through our portal. Capital markets advisors that work internally have their own interface that gives them access to targeted loan opportunities empowering them to better assist borrowers in managing their choices, leading to the best possible outcomes for both lenders and borrowers while building trust, all of which is intended to enhance our brand. We believe that as we scale, we can use the same technology to provide similar services across the commercial property and small business value chain. Our mission is to remove frictions from traditional commercial property financing, making it easier and more cost-effective for all parties in the transaction. We intend to disintermediate commercial real estate financing, flattening the playing field for commercial property owners and developers, and lenders of all sizes, democratizing an otherwise fractured and elitist market. We were originally formed as Janover Ventures LLC, a Florida limited liability company, on November 28, 2018, and converted to Janover Inc., a Delaware corporation, on March 9, 2021. We are headquartered at 6401 Congress Avenue, Suite 250, Boca Raton, Florida.
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- BlackRock for the decentralized finance (DeFi) world.
- Grayscale Investments, but for the entire decentralized finance (DeFi) ecosystem.
- A traditional asset manager (like Vanguard or Fidelity) focused exclusively on blockchain and decentralized finance (DeFi) investments.
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It appears there might be a misunderstanding regarding the company name associated with the symbol DFDV. The public company trading under the symbol DFDV is **FutureLand Corp.**, which operates in the cannabis and agricultural sectors, not in DeFi development. Here are the major products and services of **FutureLand Corp. (DFDV)**:- Cannabis Cultivation & Production: Engages in the cultivation of cannabis and hemp, along with the production of related infused products.
- Agricultural Real Estate Development: Develops and manages specialized real estate properties and infrastructure for cannabis cultivation and agricultural operations.
- Technology Solutions for Agriculture: Investigates and implements technological advancements aimed at improving efficiency and sustainability within the agricultural sector, particularly for cannabis and hemp.
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Upon review of public financial databases and regulatory filings, an actively traded public company named "DeFi Development" with the ticker symbol "DFDV" could not be definitively identified. It is possible the company is privately held, defunct, or uses a different ticker symbol.
However, assuming "DeFi Development" is a hypothetical public company operating in the Decentralized Finance (DeFi) sector, its primary business would likely involve building and deploying decentralized applications (dApps), protocols, or infrastructure. In this scenario, it would primarily sell its services or access to its platforms to individuals. Below are up to three categories of customers it would serve:
- Crypto Investors and Yield Seekers: Individuals who engage with the company's DeFi protocols (e.g., decentralized exchanges, lending platforms, staking pools) to trade cryptocurrencies, earn passive income through yield farming or staking, or manage their digital asset portfolios. These customers are typically familiar with blockchain technology and actively participate in the broader crypto economy.
- Decentralized Application (dApp) Users: Individuals seeking to utilize specific decentralized applications or services developed by the company. This could include novel financial instruments, governance participation platforms, or other utility-focused DeFi tools that offer unique benefits compared to traditional financial systems, prioritizing decentralization and censorship resistance.
- Blockchain Developers and Protocol Integrators: While not direct end-users in the same way as the first two categories, other blockchain projects, companies, or individual developers who integrate with the company's underlying DeFi protocols, smart contracts, or infrastructure to build their own applications or offer complementary services. These "customers" leverage the company's foundational work to expand the DeFi ecosystem.
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Joseph Onorati, Chief Executive Officer
Joseph Onorati was appointed CEO of DeFi Development Corp. in April 2025. Prior to joining DeFi Development, Mr. Onorati worked at Kraken from 2016 through 2024, where he most recently served as Chief Strategy Officer. He was also interim CEO of CaVirtEx, Canada's first Bitcoin exchange, from 2013 until its acquisition by Coinsetter in 2015. Coinsetter was subsequently acquired by Kraken. Mr. Onorati holds a master's degree in economics with a focus on monetary theory and has experience in public policy, think tanks, and advising cryptocurrency companies.
John Han, Chief Financial Officer
John Han was appointed Chief Financial Officer of DeFi Development Corp. on April 17, 2025. Before his current role, he served as Head of Strategy at Kraken for three years, where he collaborated with Joseph Onorati and Parker White. Mr. Han's background includes nearly a decade in long/short equity investing, focusing on TMT stocks. He also has experience in Strategy & Corporate Development at Snap Inc., as a credit risk analyst at Morgan Stanley, and worked at Goldman Sachs and Binance (global entity). Additionally, he was CFO of another blockchain Layer 1 company called Provable.
Blake E. Janover, Chief Commercial Officer
Blake E. Janover is the Chief Commercial Officer of DeFi Development Corp. He founded the company in 2018, when it was known as Janover Inc., and is headquartered in Boca Raton, Florida.
Parker White, Chief Operating Officer and Chief Investment Officer
Parker White serves as the Chief Operating Officer and Chief Investment Officer for DeFi Development Corp.
Dan Kang, Chief Strategy Officer and Head of Investor Relations
Dan Kang was promoted to Chief Strategy Officer of DeFi Development Corp. on September 22, 2025, while also retaining his role as Head of Investor Relations. Since joining DFDV, Mr. Kang has been instrumental in the company's fundraising, market positioning, and investor engagement initiatives, helping establish DFDV as a benchmark Solana treasury vehicle in public markets.
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The key risks to DeFi Development (DFDV) are primarily driven by its unique hybrid business model, which combines a commercial real estate technology platform with significant exposure to the Solana (SOL) cryptocurrency ecosystem.
- Crypto Price Volatility: DeFi Development's treasury strategy involves holding substantial amounts of Solana (SOL) and actively participating in its ecosystem. Consequently, sharp fluctuations in Solana's price directly impact DFDV's balance sheet and stock performance. The company's stock has exhibited high volatility, with a reported annual volatility of 184.7% and a beta of 16.68.
- Profitability Challenges and Dilution Risk: DFDV faces significant profitability challenges, indicated by deeply negative operating margins (–131.6%) and free cash flow yield (–22.5%). This ongoing lack of profitability suggests a rapid cash burn rate and could necessitate the issuance of more shares or an increase in debt, leading to dilution for existing shareholders.
- Regulatory Uncertainty in the Crypto Space: As a company with substantial crypto asset holdings and active participation in decentralized finance (DeFi), DFDV is exposed to an evolving and often uncertain regulatory landscape. Potential actions from regulatory bodies, such as the SEC, or the introduction of new digital asset rules, could significantly impact DFDV's treasury model and overall operations.
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Intensifying Global Regulatory Scrutiny on DeFi Protocols and Operations
This represents a clear emerging threat as governments and regulatory bodies worldwide are actively increasing their focus on decentralized finance. Discussions and proposals are underway concerning stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements for smart contracts, comprehensive stablecoin regulation, and potential classification of various DeFi activities or tokens as securities. Such regulatory actions could necessitate significant operational overhauls for DeFi protocols, restrict market access, or even render certain decentralized business models non-compliant, fundamentally threatening the core business of companies like DFDV that focus on developing these protocols. This evolving regulatory landscape has the potential to reshape the entire DeFi industry, similar to how new foundational rules or technologies can disrupt established industries.
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DeFi Development (DFDV) operates in two primary markets: decentralized finance (DeFi) and AI-driven software solutions for the commercial real estate sector. The addressable markets for these services are substantial and rapidly growing.
Decentralized Finance (DeFi) and Blockchain Technology
DFDV's core activities in this segment include holding and staking Solana (SOL), operating validator infrastructure, and engaging in broader DeFi initiatives, including its DFDV Treasury Accelerator program for Solana-native treasury vehicles globally.
- The global decentralized finance (DeFi) market size was valued at approximately USD 21.04 billion in 2024. This market is projected to grow significantly, reaching an estimated USD 1,558.15 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 53.80% from 2025 to 2034.
- Another estimate indicates the global DeFi market size to be around USD 51.22 billion in 2025, with a projection to reach USD 78.49 billion by 2030 at an 8.96% CAGR.
- A separate report suggests the global DeFi market is expected to expand from USD 21.3 billion in 2023 to an estimated USD 616.1 billion by 2033, with a CAGR of 40% from 2024 to 2033.
- More broadly, the global blockchain technology market was valued at USD 18.3 billion in 2024 and is estimated to register a CAGR of 53.6% between 2025 and 2034, potentially reaching USD 1.41 trillion by 2034. Other forecasts project the global blockchain market size to be USD 33.27 billion in 2025, growing to USD 5107.54 billion by 2035 at an estimated CAGR of 65.5% from 2026 to 2035.
AI-Driven Online Platform for Commercial Real Estate
DeFi Development also operates an AI-driven online platform that provides data, software subscriptions, and related services to professionals in the commercial real estate industry. Its offerings include Janover Pro for loan matchmaking, Janover Connect for investor portals, Janover Engage for equity marketplaces, and Janover AI for artificial intelligence technology, all delivered as a subscription-based SaaS product.
Information specific to the addressable market size for AI-driven software solutions within the commercial real estate sector was not readily available in the provided search results. Therefore, an accurate market size for this particular product cannot be identified at this time.
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Here are 3-5 expected drivers of future revenue growth for DeFi Development (DFDV) over the next 2-3 years:
- Growth in Solana (SOL) Holdings and Staking Rewards: DeFi Development's core strategy involves accumulating and compounding Solana (SOL) as its primary treasury reserve. The company generates revenue through the appreciation of its SOL holdings and by earning staking rewards from operating its own validator infrastructure within the Solana ecosystem. Analysts anticipate that DFDV's focus on SOL will provide direct economic exposure to the growth of the Solana ecosystem.
- Expansion within the Solana Ecosystem and Decentralized Finance (DeFi) Opportunities: DFDV actively participates in and seeks to benefit from the expanding Solana application layer and broader decentralized finance opportunities. This includes strategic integrations, such as the letter of intent signed with Kamino Finance, a prominent DeFi lending protocol on Solana, to integrate the dfdvSOL liquid staking token.
- Increased Adoption and Subscription Growth of its AI-Powered Commercial Real Estate Platform: Despite its pivot to a Solana-centric treasury, DeFi Development continues to operate an AI-powered online platform that connects the commercial real estate industry. The company provides data and software subscriptions, offered on a Software-as-a-Service (SaaS) basis, and value-added services to multifamily and commercial property professionals. The platform serves over one million web users annually, including property owners, developers, and thousands of commercial property lenders.
- Strategic Partnerships: DeFi Development has been actively pursuing strategic partnerships to enhance its offerings and market presence. For instance, the company partnered with Bonk for validator services and previously collaborated with Drift Protocol and Fragmetric to expand access to commercial real estate financing solutions through its platform. These collaborations are intended to drive platform capabilities and boost investor confidence.
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Share Repurchases
- In September 2025, the Board of Directors authorized a significant expansion of the share repurchase program, increasing the authorized amount from $1 million to $100 million.
- The program allows management discretion for open market repurchases, with an initial $10 million threshold requiring board notification for subsequent purchases.
- Any shares repurchased under the program are intended to be either retired or held as treasury stock.
Share Issuance
- An equity offering of $125 million was secured in August 2025, involving the sale of approximately 4.2 million common shares and 5.7 million pre-funded warrants, priced at $12.50 per share.
- This offering contributed to over $370 million in total capital raised year-to-date in 2025, which included proceeds from convertible debt, PIPE equity, and an Equity Line of Credit (ELOC) facility.
- In May 2025, a private investment in public equity (PIPE) financing generated approximately $24 million in gross proceeds through the sale of common stock and pre-funded warrants at $46.00 per share.
Inbound Investments
- A PIPE financing in May 2025 resulted in approximately $24 million in gross proceeds, with investments from entities such as Galaxy Digital, Amber International Holding Limited, Arrington Capital, and Republic Digital.
- The $125 million equity offering in August 2025 was structured to receive consideration through a combination of cash and locked Solana (SOL) tokens.
- The company established a $5 billion equity line of credit (ELOC) in September 2025 to support future Solana (SOL) purchases.
Outbound Investments
- DeFi Development significantly expanded its Solana (SOL) holdings, reaching over 2 million SOL tokens by September 2025, valued at approximately $452 million.
- In September 2025, the company acquired a Solana validator business for $3.5 million.
- A Treasury Accelerator program was launched in September 2025, with plans to commit between $5 million and $75 million per vehicle for investments in other Digital Asset Treasuries (DATs).
Capital Expenditures
- Capital expenditures for property, plant, and equipment were minimal, with reported amounts of $0.041 million in 2024 and $0.028 million in 2023.
- The primary focus of capital deployment for the company involves accumulating Solana (SOL) tokens and investing in the Solana ecosystem, including through spot purchases and discounted locked SOL.
- The company also actively invests in and operates validator infrastructure to generate staking rewards and fees.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| DeFi Development Earnings Notes | 12/16/2025 | |
| Can DeFi Development Stock Recover If Markets Fall? | 10/17/2025 | |
| DeFi Development (DFDV) Revenue Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Net Income Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Debt Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Tax Expense Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Operating Cash Flow Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Operating Income Comparison | 09/13/2025 | |
| DeFi Development (DFDV) EBITDA Comparison | 09/13/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons for DeFi Development
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 64.78 |
| Mkt Cap | 14.8 |
| Rev LTM | 1,147 |
| Op Inc LTM | 36 |
| FCF LTM | -102 |
| FCF 3Y Avg | 58 |
| CFO LTM | 33 |
| CFO 3Y Avg | 152 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 26.5% |
| Rev Chg 3Y Avg | 8.6% |
| Rev Chg Q | 16.8% |
| QoQ Delta Rev Chg LTM | 4.2% |
| Op Mgn LTM | 2.3% |
| Op Mgn 3Y Avg | 3.4% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | -3.2% |
| CFO/Rev 3Y Avg | 9.3% |
| FCF/Rev LTM | -39.0% |
| FCF/Rev 3Y Avg | 4.8% |
Price Behavior
Price Behavior
| Market Price | $5.93 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 07/25/2023 | |
| Distance from 52W High | -96.7% | |
| 50 Days | 200 Days | |
| DMA Price | $6.48 | $16.96 |
| DMA Trend | up | down |
| Distance from DMA | -8.4% | -65.0% |
| 3M | 1YR | |
| Volatility | 118.6% | 1,072.0% |
| Downside Capture | 505.20 | 250.49 |
| Upside Capture | -9.35 | 430.72 |
| Correlation (SPY) | 34.0% | 0.9% |
DFDV Betas & Captures as of 12/31/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.52 | 2.48 | 3.44 | 3.92 | 0.22 | 0.27 |
| Up Beta | 7.59 | 4.43 | 4.31 | 5.82 | -3.24 | -2.77 |
| Down Beta | 3.08 | -0.28 | 2.48 | 1.81 | 4.58 | 5.21 |
| Up Capture | -136% | -66% | 25% | 167% | 2517% | 499% |
| Bmk +ve Days | 11 | 23 | 37 | 72 | 143 | 431 |
| Stock +ve Days | 7 | 16 | 26 | 52 | 107 | 265 |
| Down Capture | 636% | 444% | 422% | 355% | 148% | 111% |
| Bmk -ve Days | 11 | 18 | 27 | 55 | 108 | 320 |
| Stock -ve Days | 14 | 24 | 37 | 73 | 140 | 329 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFDV | |
|---|---|---|---|---|
| DFDV | 524.2% | 1,069.9% | 1.38 | - |
| Sector ETF (XLF) | 6.4% | 19.0% | 0.20 | 0.4% |
| Equity (SPY) | 14.7% | 19.3% | 0.58 | 0.8% |
| Gold (GLD) | 81.5% | 20.4% | 2.83 | -15.5% |
| Commodities (DBC) | 8.3% | 15.4% | 0.32 | -9.7% |
| Real Estate (VNQ) | 4.9% | 16.6% | 0.11 | -14.1% |
| Bitcoin (BTCUSD) | -13.7% | 39.7% | -0.28 | -8.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFDV | |
|---|---|---|---|---|
| DFDV | 3.7% | 683.1% | 0.82 | - |
| Sector ETF (XLF) | 13.3% | 18.8% | 0.58 | 0.7% |
| Equity (SPY) | 14.4% | 17.1% | 0.68 | 1.8% |
| Gold (GLD) | 21.9% | 15.7% | 1.13 | -10.3% |
| Commodities (DBC) | 11.9% | 18.7% | 0.52 | -5.5% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | -7.8% |
| Bitcoin (BTCUSD) | 19.5% | 57.9% | 0.54 | -4.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFDV | |
|---|---|---|---|---|
| DFDV | 1.8% | 683.1% | 0.82 | - |
| Sector ETF (XLF) | 13.6% | 22.3% | 0.56 | 0.7% |
| Equity (SPY) | 15.5% | 18.0% | 0.74 | 1.8% |
| Gold (GLD) | 16.2% | 14.9% | 0.90 | -10.3% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | -5.5% |
| Real Estate (VNQ) | 5.9% | 20.8% | 0.25 | -7.8% |
| Bitcoin (BTCUSD) | 70.6% | 66.7% | 1.10 | -4.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2025 | 4.5% | -12.7% | -10.2% |
| 3/13/2025 | -1.7% | -7.3% | 994.2% |
| 3/28/2024 | 0.0% | -0.8% | -12.5% |
| 9/5/2023 | 1.2% | 13.4% | -14.9% |
| SUMMARY STATS | |||
| # Positive | 3 | 1 | 1 |
| # Negative | 1 | 3 | 3 |
| Median Positive | 1.2% | 13.4% | 994.2% |
| Median Negative | -1.7% | -7.3% | -12.5% |
| Max Positive | 4.5% | 13.4% | 994.2% |
| Max Negative | -1.7% | -12.7% | -14.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 09/01/2023 | 10-Q |
| 03/31/2023 | 07/26/2023 | 424B4 |
| 09/30/2022 | 11/15/2022 | S-1/A |
| 06/30/2022 | 10/14/2022 | S-1 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | White, Parker | COO, CHIEF INVESTMENT OFFICER | Direct | Buy | 12112025 | 5.76 | 17,760 | 102,298 | 1,554,480 | Form |
| 2 | Kang, Daniel | Chief Strategy Officer | Direct | Buy | 11252025 | 6.90 | 4,200 | 28,980 | 49,549 | Form |
| 3 | White, Parker | COO & Chief Investment Officer | Direct | Buy | 11252025 | 6.91 | 10,044 | 69,424 | 1,742,609 | Form |
| 4 | Janover, Blake | CHIEF COMMERICAL OFFICER | Direct | Sell | 4082025 | 4.90 | 728,632 | 3,570,297 | 5,797 | Form |
| 5 | Janover, Blake | CHIEF COMMERICAL OFFICER | Direct | Sell | 4082025 | 42.97 | 10,000 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.