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Nasdaq · Financials

DeFi Development Corp. (DFDV)

As-reported financials and SEC filings for DeFi Development Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About DeFi Development Corp.

DeFi Development Corp. focuses on building and managing a digital asset treasury strategy centered on the Solana blockchain ecosystem. The company acquires, holds, and actively manages Solana (SOL) and related digital assets, operates Solana validators, and participates in staking to generate rewards. It also provides a commercial real estate technology platform that connects commercial property borrowers and lenders, including banks, credit unions, REITs, and institutional capital providers.

Snapshot

Revenue
$11.4M
Revenue growth (YoY)
442.3%
Net income
$-73.8M
Diluted EPS
$-4.00
Gross margin
Operating margin
Net margin
FCF margin
ROE
-74.3%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$154.4M
Long-term debt / equity
1.28×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at DeFi Development

  • Revenue grew 442.3% to $11M in FY2025, faster than the 4.8% the year before.
  • Operating margin is -319.7% in FY2025, -239.7 pp against -80.0% in FY2022.
  • Most recent quarter Q2 FY2026: revenue $3M, up 66.9% from Q2 FY2025.
  • Free cash flow was negative $18M in FY2025.
  • Net loss widened to $74M in FY2025, from $3M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where DeFi Development’s fundamentals sit among the 425 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Revenue growth (YoY)+442.3%
98th percentile of 420
ROE-74.3%
6th percentile of 375
Long-term debt / equity1.28×
82nd percentile of 194
Short interest9.22d
93rd percentile of 420

DeFi Development’s revenue growth of +442.3% ranks in the 98th percentile of the 420 Financials companies reporting it. DeFi Development’s return on equity of -74.3% ranks in the 6th percentile of the 375 Financials companies reporting it.

4 reported insider purchases (code P) totaling $119,831 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+2 quant / multi-strat
Initiated / added
1
0 new, 1 added
Reduced / exited
1
1 trimmed, 0 exited
Combined position
$1.4M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$840,296285.8KAdded
Millennium ManagementquantQ2 2026$555,278188.9KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
4
2 insiders
Bought (90d)
$120K
code P value
Sells (90d)
0
Reported activity
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-08-21
filed 2026-08-24
White Parker10% ownerBuy5.1K$3.93$20K
2026-08-21
filed 2026-08-24
White Parker10% ownerBuy5.0K$3.88$19K
2026-08-20
filed 2026-08-21
Kang DanielChief Strategy OfficerBuy11.0K$3.88$43K
2026-08-14
filed 2026-08-17
Kang DanielChief Strategy OfficerBuy13.0K$2.91$38K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
5.0M
settled 2026-08-14
Change vs prior
-10.6%
vs previous settlement
Days to cover
9.22
at avg daily volume
Avg daily volume
541.6K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-145.0M-10.6%9.22
2026-07-315.6M-11.4%9.13
2026-07-156.3M+1.2%8.34
2026-06-306.2M+0.8%6.43
2026-06-156.2M+9.0%5.13
2026-05-295.7M+6.4%7.70
2026-05-155.3M-6.0%6.09
2026-04-305.7M-5.5%6.77

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022
Revenue$11.4M$2.1M$2.0M$2.2M
Gross profit
Operating income$-36.4M$-3.0M$-3.4M$-1.7M
Net income$-73.8M$-2.7M$-3.4M$-1.3M
Diluted EPS$-4.00$-0.28$-0.35$-0.02

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022
Cash and equivalents$5.9M$2.5M$5.1M$981,125
Current assets$121.9M$3.3M$5.3M$1.0M
Total assets$307.4M$4.4M$6.7M$1.3M
Current liabilities$80.8M$593,000$675,095$204,896
Long-term debt$127.4M$0
Total liabilities$208.1M$874,000$867,847$811,535
Total equity$99.3M$3.5M$5.8M$525,378

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022
Operating cash flow$-18.0M$-2.4M$-1.6M$-1.0M
Capital expenditure$2,000$23,000$29,049$0
Free cash flow$-18.0M$-2.4M$-1.6M$-1.0M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$3.3M66.9%$-27.3M$-1.00
Q1 FY2026$2.7M828.2%$-83.4M$-3.18
Q4 FY2025$4.5M613.9%$-144.5M$-9.35
Q3 FY2025$4.6M647.2%$56.0M$1.95
Q2 FY2025$2.0M350.3%$15.4M$0.84
Q1 FY2025$287,000-30.2%$-778,000
Q4 FY2024$628,66079.5%$-486,000
Q3 FY2024$619,0006.0%$-471,000

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorFinancials
SIC industryFinance Services
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2020
SEC CIK1805526

Selected SEC filings

10-K2026-03-30
View on EDGAR →
10-Q2026-08-13
View on EDGAR →
10-Q2026-05-19
View on EDGAR →
8-K2026-08-27
View on EDGAR →
8-K2026-08-12
View on EDGAR →
8-K2026-06-26
View on EDGAR →
8-K2026-06-10
View on EDGAR →

Largest Financials peers

All Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.