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
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.
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