April 2025 Recap: Accelerating Towards SOL Accumulation

April 2025 was a transformative month for DeFi Development Corp. (Nasdaq: DFDV), as we took significant strides in advancing our mission: to provide shareholders superior risk-adjusted returns relative to holding SOL directly while accelerating Solana's role as foundational infrastructure in the decentralized future. From strategic acquisitions and treasury accumulation to investor engagement and media coverage, the momentum behind our vision is building fast.

The Start of a New Chapter

We began the month with a defining milestone in our company’s history; on April 7, a group of crypto industry veterans officially acquired majority ownership of Janover Inc., setting the stage for a bold new strategic direction focused on Solana and digital asset treasury innovation. With this change, we welcomed Joseph Onorati as our Chairman & CEO and Parker White as our CIO & COO. Both bring deep domain expertise in institutional crypto, with experience spanning Kraken, strategic finance, and Solana validator infrastructure.

Concurrently, we adopted a new corporate treasury policy focused on accumulating SOL and building long-term shareholder value through digital asset exposure. This policy includes acquiring and operating validator infrastructure, enabling us to not only hold Solana’s native SOL token but also earn native rewards by contributing to the security and decentralization of the Solana network. This leadership transition also began our rebrand from Janover Inc. to DeFi Development Corp.

$42 Million Raised To Launch Solana Treasury Strategy

We kicked off April with the successful closing of a $42 million private placement, led by a group of top-tier investors including Pantera Capital, Kraken, Arrington Capital, Protagonist, and Trammell Venture Partners.

This financing, structured through convertible notes and warrants, was designed to accelerate our newly adopted digital asset treasury strategy, starting with the acquisition and staking of SOL. The raise also strengthened our balance sheet and allowed us to pursue additional infrastructure and validator opportunities across the Solana ecosystem. It marked a foundational step in positioning DeFi Development Corp. as the leading publicly traded vehicle for Solana accumulation and corporate treasury innovation..

$24 Million Capital Raise to Fuel SOL Accumulation

We closed the month by announcing a $24 million private placement backed by notable investors, including Amber International Holding Limited (Nasdaq: AMBR), Arrington Capital, Republic Digital, Borderless Capital, RK Capital, and Great Point Capital. The proceeds were used to support our ongoing Solana accumulation strategy, further reinforcing our conviction in SOL as a next-gen treasury asset.

Treasury Expansion: $41.5M in New SOL Acquisitions

April saw a flurry of SOL purchases totaling over $41.5 million, bringing our total SOL holdings to over 317,000 after executing five major transactions:

• April 9, 2025: $4.6M

• April 11, 2025: $5.0M

• April 15, 2025: $10.5M

• April 22, 2025: $11.5M

• April 23, 2025: $9.9M

Key Partnerships Established

April also marked the evolution of our SOL strategy from passive accumulation to value-added optimization. We:

• Signed a Letter of Intent (LOI) with Kraken for a strategic partnership whereby Kraken will delegate a portion of its current and future SOL staked to DFDV-operated validators. As of month-end, Kraken has over 4.5M SOL (approximately $666M) of delegation.

• Collaborated with BitGo to accelerate our SOL accumulation strategy by acquiring discounted locked SOL tokens through BitGo’s OTC desk, aiming to enhance our long-term holdings and provide investors with increased exposure to the Solana ecosystem.

Together, these initiatives set the stage for future yield generation on our growing SOL treasury.

Strategic Rebranding and New Leadership

We formally transitioned from Janover Inc. to DeFi Development Corp., aligning our brand with our digital asset focus.

DeFi Development Corp. also significantly expanded its leadership team with the addition of three seasoned professionals, each bringing deep expertise across crypto and traditional finance.

• John Han, Chief Financial Officer

  John brings a wealth of experience across both crypto and traditional finance. He was most recently the CFO of a unicorn Layer 1 blockchain. Before that, he served as VP of Finance and Regional Head of Finance (EMEA, LATAM, Canada) at Binance, and as Head of Strategic Finance at Kraken, where he worked closely with current DeFi Dev Corp. leaders Parker White and Joseph Onorati. John also spent time as an investor at Nezu Asia Capital and Driehaus Capital and began his career in equity research at Goldman Sachs.

• Dan Kang, Head of Investor Relations

  Dan most recently spent three years at Kraken as Head of Strategy, leading initiatives related to annual planning, resource allocation, and investor relations. Before Kraken, Dan spent seven years as a long-short equity analyst covering the internet, media, and entertainment sectors. He also held roles at Morgan Stanley and on Snap Inc.’s Corporate Development & Strategy team. Dan has a degree in Mathematics from Columbia University.

• Pete Humiston, Head of Research & Content

  Pete has been working full-time in the cryptoasset industry since 2018. He began his career in Sales & Trading at Jefferies and has since held various roles across crypto startups, specializing in research, content, and marketing. Pete holds a Bachelor of Science in Finance from Indiana University.

Thought Leadership & Ecosystem Coverage

We leaned into growing our brand awareness, while also catching the attention of prominent industry leaders & channels:

• Hosted several Twitter Spaces events (replays here and here) discussing our Solana treasury model and NAV premium. Our “Scaling Solana: Builders, Backers & Believers” spaces featured key leaders from Pantera, Kraken, Arrington Capital, and the Solana Foundation. Our spaces collectively garnered more than +2,000 listeners.
  

• Participated in a special X Spaces hosted by Marty Party, a prominent crypto Key Opinion Leader (KOL) with more than 200,000 Twitter followers, where our CEO and COO/CIO detailed our vision and the Solana treasury thesis.
  

• Highlighted on InvestAnswers, a top crypto YouTube channel with over 550k subscribers, "Janover... they're blossoming left, right, and center."
  

• Attracted over 275,000 impressions on Twitter from a highlight by Tier10k calling DeFi Dev Corp. the “Solana MSTR.”

Launch of New Investor-Focused Website

We officially launched our new website, offering real-time treasury transparency. Visitors can look at our current SOL balance, SOL per share (SPS), and other key metrics designed to give public market investors clear insight into our positioning. Prospective and current investors can also analyze our SOL purchase history, current debt, outstanding shares history, DFDV stock performance relative to other assets (BTC, SOL, MSTR, etc.), and much more.

In the Headlines

April saw extensive media coverage across top-tier crypto and mainstream publications, such as the following:

• CoinDesk: Our billion-dollar Solana roadmap

• Decrypt: Our rebrand and pivot

• CoinTelegraph: Coverage of our SOL accumulation

• The Block & Blockworks: Recognition of our staking strategy and Kraken partnership

• CNBC: Mainstream validation of our market impact

Month-End Metrics

• SOL Holdings: 317,273

• Total SOL Value: $46.8 million

• Shares Outstanding: 1,579,946

• SOL per Share (SPS): 0.22

• SPS Value: $16.39

These figures underscore the strength of our execution and our commitment to providing transparent, liquid, and high-conviction exposure to SOL via the public markets.

Looking Ahead

DeFi Development Corp. remains focused on executing with discipline and conviction as we move into May. Our priorities include expanding our validator infrastructure, deepening institutional partnerships, and exploring capital-efficient methods to optimize our Solana treasury further.

We intend to continue leading the evolution of corporate treasury strategy within the digital asset space, demonstrating how a public company can responsibly and transparently accumulate, manage, and deploy Solana at scale. Our goal is not only to generate superior risk-adjusted returns for shareholders, but also to help advance Solana’s role as a foundational layer of the decentralized financial system.

_{Disclaimer: This is for informational purposes only and reflects publicly announced developments, milestones, and media coverage related to DeFi Development Corp. (“the Company”). The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor should it be relied upon as investment advice or a recommendation regarding any securities. Certain statements in this post may constitute “forward-looking statements” within the meaning of applicable securities laws. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results or events to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of publication. DeFi Development Corp. undertakes no obligation to update any forward-looking statements, except as required by law. All information is accurate as of the date posted and is subject to change without notice.}