April & May 2026 Recap: Focused on What Matters Most

Two months. One mission.

While April and May were quieter months across both crypto and capital markets, our focus at DeFi Development Corp. remained unchanged: maximize SOL Per Share (SPS).

Markets don’t move in a straight line, and neither do businesses. Some months are defined by major announcements and rapid expansion. Others are defined by disciplined execution, infrastructure building, and laying the groundwork for future growth.

Over the past two months, we continued advancing our strategy across capital formation, treasury management, research & content, and ecosystem development. We also celebrated an important milestone: one year since becoming the first non-bitcoin Digital Asset Treasury and the first built around Solana.

Through every market cycle, our objective remains simple: be the best vehicle for investors seeking leveraged exposure to SOL while growing SOL Per Share over the long term.

Here’s what we accomplished. 👇️ 

Period-End Statistics

• SOL Holdings: 2,294,576 SOL

• SOL Holdings Value: $189M

• Shares Outstanding: 30,111,859

• SOL Per Share (SPS): 0.0670 SOL

• dfdvSOL Supply: 824,756.88 dfdvSOL

• DFDVx (Tokenized DFDV) Trading Volume: $39.1M

FY 2025 Results: +442% Revenue Growth

In May, we reported our Q1 2026 financial results and provided investors with an update on how we continue to manage the balance sheet through varying market conditions.

One highlight was the repurchase of approximately $4.4 million of our 2030 convertible notes at a 41% discount to par value, resulting in an SPS-accretive repurchase. We believe opportunistic capital allocation remains one of the most powerful tools available to management, and this transaction allowed us to reduce future dilution while creating value for shareholders.

We also continued emphasizing what we believe is the most important metric for evaluating the business: SOL Per Share.

While many investors focus primarily on share count, revenue, or net income, DFDV remains focused on increasing the amount of SOL backing each share over time. Every strategic decision ultimately flows through that lens.

Launching a $200 Million ATM Facility

In May, we announced a new $200 million At-The-Market (ATM) facility. The objective is straightforward: provide additional flexibility to acquire SOL when market conditions and valuation make doing so attractive.

Importantly, the ATM is a tool, not a mandate. As we’ve consistently stated, capital deployment must be accretive to SOL Per Share. Having access to additional capital allows us to act when opportunities arise while maintaining flexibility across market environments.

Continuing to Expand the Treasury Accelerator

One of the most significant developments during the period was our strategic investment in Allied Architects under the DFDV Treasury Accelerator Program.

The Treasury Accelerator represents our belief that Digital Asset Treasuries are not a single-company phenomenon but rather the beginning of an entirely new category of public companies.

Our investment in Allied Architects reflects this thesis. By partnering with companies exploring digital asset treasury strategies, we believe we can help accelerate adoption while creating asymmetric opportunities for DFDV shareholders.

We also continued advancing Treasury Accelerator initiatives internationally, particularly across Japan, the United Kingdom, and other markets where interest in Digital Asset Treasuries continues to grow.

Improving Investor Transparency

Transparency remains a core priority. In April, we launched an updated corporate website and standardized reporting around Fully Converted mNAV and SOL Per Share.

As the DAT landscape evolves, we believe investors deserve consistent metrics that better reflect the economic reality of digital asset treasury businesses.

Our goal is to provide shareholders with the information necessary to evaluate the company through the same framework management uses internally.

Strengthening Leadership

We were also pleased to welcome Adam Townsend to our Board of Directors.

Adam brings decades of executive leadership experience, including serving as CFO of Vizio and holding senior leadership positions at Walmart.

As DFDV continues to scale, adding experienced operators with deep public-market expertise remains a priority.

Research & Thought Leadership

Throughout April and May, we continued investing heavily in research and education.

We published our report, Three Massive Demand Vectors Reshaping Solana, outlining several structural forces we believe will drive long-term growth across the Solana ecosystem.

We also released Digital Credit & Private Credit: The Case for a New Yield Category, expanding on our view that digital credit may become one of the most important emerging asset classes within both crypto and traditional finance.

As always, our objective is not simply to participate in emerging narratives but to help shape them.

Community & Investor Engagement

Over the past two months, we remained active in investor education and community engagement. Highlights included:

March 2026 Business Recap & FY2025 Shareholder Letter Breakdown
The team reviewed March business performance and key takeaways from the FY2025 shareholder letter, including SOL Per Share (SPS) growth, capital allocation priorities, and the evolving Digital Asset Treasury (DAT) landscape. The discussion also explored Apyx, digital credit, Solana valuation frameworks, and why management remains focused on long-term SPS growth despite market volatility.

April 2026 Business Recap & AMA
This month’s discussion focused on Treasury Accelerator progress, the strategic investment in Allied Architects, and DFDV’s broader capital formation strategy. Management also shared perspectives on digital credit, preferred equity, fully converted mNAV, leverage, and how experimentation continues to drive the company’s long-term approach to maximizing SPS.

Q1 2026 Business Update
Following the release of first-quarter results, management provided a detailed update on DFDV’s financial performance, balance sheet positioning, capital strategy, and long-term outlook. Topics included treasury experimentation, global Treasury Accelerator expansion, preferred equity, leverage management, and why the company remains structurally bullish on Solana and the future of tokenized capital markets.

Parker White on The Latest Development Podcast
Parker joined The Latest Development podcast for an in-depth conversation covering DFDV’s origin story, Digital Asset Treasuries, validator operations, liquid staking, tokenized equities, and the company’s vision for growing SPS over time. The discussion also explored Parker’s long-term thesis on Solana, why he believes SOL could reach $10,000, and how DFDV is positioning itself as the premier vehicle for leveraged SOL exposure.

Across these discussions, we covered topics including SPS growth, capital allocation, Digital Asset Treasuries, Treasury Accelerator progress, preferred equity, digital credit, leverage strategy, and our long-term outlook for Solana.

We also continued expanding our institutional outreach efforts, with CSO Dan Kang representing DFDV at both the 2026 Centri Capital Conference and the 21st Annual Needham Technology, Media & Consumer Conference.

As awareness of Digital Asset Treasuries continues to grow, educating institutional investors remains a key part of our strategy.

One Year Later

April 2026 marked one year since DFDV became the first non-bitcoin Digital Asset Treasury and the first built around SOL. Over the course of that year we:

• Scaled to approximately 2.3 million SOL on the balance sheet

• Grown SOL Per Share (SPS) to approximately 0.0754

• Built and scaled dfdvSOL into the first DAT liquid staking token

• Established validator infrastructure as a core treasury engine

• Expanded globally through the Treasury Accelerator

• Became the first DAT to tokenize equity on Solana

• Helped bring digital credit yield onchain via Apyx

• Published original research helping define the Solana and DAT narratives

• Engaged with hundreds of investors across both traditional finance and crypto

• Deepened integrations across the Solana ecosystem

Most importantly, our mission remains unchanged. DFDV exists for one investor: the SOL bull seeking amplified exposure.

Everything we do, from treasury management and capital allocation to validator operations and ecosystem partnerships, is designed with one objective in mind: Maximize SOL Per Share.

Year one was about proving the model; year two is about scaling it.

Thank you to our shareholders, partners, and community members for your continued support. We’ll keep building.

In service of SPS growth,
The DFDV Team

_{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.}