DeFi Development Corp. DFDV
DeFi Development Corp. ("we," "our," "DeFi Dev," "us," or the "Company") is a publicly traded company focused on building and managing a digital asset treasury strategy centered on the Solana blockchain ecosystem. We also provide an artificial intelligence ("AI") platform that connects commercial mortgage and small business borrowers looking for debt to refinance, build, or buy commercial property, including apartment buildings, to commercial property lenders.
During 2025, we pivoted our primary business strategy to the acquisition, long-term holding, and active management of Solana ("SOL") and SOL-related digital assets. Our treasury strategy includes accumulating SOL, locked SOL, liquid staking tokens such as dfdvSOL, and other SOL-denominated or SOL-native positions, and actively supporting the Solana ecosystem. We also operate and manage Solana validators and delegate our digital asset holdings with external validators, enabling us to participate directly in the Solana proof-of-stake consensus mechanism and generate staking rewards.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Digital asset treasury
- Real estate platform
| Segment | FY2025 |
|---|---|
| Digital asset treasury | $9.2M |
| Real estate platform | $2.2M |
As the company reported it, from the “SEGMENTS - Schedule of Segment Operating (Loss) Income (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $11.4M | $2.1M | $2.0M | $2.2M | — |
| Cost of revenue | $249.0K | $32.0K | — | — | — |
| Gross profit | $11.1M | $2.1M | — | — | — |
| R&D | $1.1M | $655.0K | $792.1K | $426.8K | — |
| SG&A | $14.3M | $2.6M | $2.6M | $1.8M | — |
| Total operating expenses | $47.8M | $5.1M | $5.4M | $3.9M | — |
| Operating income | -$36.4M | -$3.0M | -$3.4M | -$1.7M | — |
| Interest expense | $8.9M | $0 | — | — | — |
| Pre-tax income | -$73.8M | -$2.7M | — | — | — |
| Income tax | $9.0K | $0 | — | — | — |
| Net income | -$73.8M | -$2.7M | -$3.4M | -$1.3M | — |
| EPS, basic | -4.00 | -0.28 | -3.19 | -0.18 | — |
| EPS, diluted | -4.00 | -0.28 | -3.19 | -0.18 | — |
| Shares, diluted (wtd. avg.) | 18.5M | 9.8M | 1.1M | 6.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $5.9M | $2.5M | $5.1M | $981.1K | $1.7M |
| Short-term investments | $3.7M | $340.0K | — | — | — |
| Receivables | $52.0K | $195.0K | $86.1K | $38.3K | — |
| Total current assets | $121.9M | $3.3M | $5.3M | $1.0M | — |
| Property, plant and equipment | $0 | $41.0K | $28.1K | $0 | — |
| Goodwill | $607.0K | $607.0K | $606.7K | $0 | — |
| Other intangibles | $3.0M | $378.0K | $676.0K | $16.2K | — |
| Total assets | $307.4M | $4.4M | $6.7M | $1.3M | — |
| Accounts payable | $6.8M | $340.0K | $539.1K | $159.4K | — |
| Short-term debt | $107.0K | — | — | — | — |
| Total current liabilities | $80.8M | $593.0K | $675.1K | $204.9K | — |
| Long-term debt | $127.4M | $0 | — | — | — |
| Total liabilities | $208.1M | $874.0K | $867.8K | $811.5K | — |
| Retained earnings | -$91.8M | -$9.4M | -$6.6M | -$3.3M | — |
| Total equity | $99.3M | $3.5M | $5.8M | $525.4K | $419.3K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$18.0M | -$2.4M | -$1.6M | -$1.0M | — |
| Depreciation and amortisation | — | $7.0K | $900 | $0 | — |
| Stock-based compensation | $1.7M | $413.0K | $944.4K | $529.9K | — |
| Capital expenditure | $2.0K | $23.0K | $29.0K | $0 | — |
| Investing cash flow | -$221.5M | -$23.0K | -$89.0K | $0 | — |
| Financing cash flow | $242.9M | -$118.0K | $5.8M | $297.5K | — |
| Buybacks | $11.5M | $5.0K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001805526-26-000006.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | $2.2M | $2.0M | $2.1M | $11.4M |
| Gross profit | — | — | — | $2.1M | $11.1M |
| Net income | — | -$1.3M | -$3.4M | -$2.7M | -$73.8M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Other event Item 8.01
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6199
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $211.52B | 20.4x | 6.4% |
| MSTR | Strategy Inc | $51.47B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $43.32B | 37.0x | 9.4% |
| SYF | Synchrony Financial | $23.96B | 7.9x | — |
| CRCL | Circle Internet Group, Inc. | $21.32B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $18.88B | 37.5x | 23.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $13.51B | 1.7x | 84.1% |
| CHYM | Chime Financial, Inc. | $11.23B | — | 30.7% |