Feb. 2026 Recap: Building Through Volatility

February brought increasing signs that crypto has entered a bear market, though the duration and depth remain uncertain. Price action softened across majors, sentiment cooled, and capital markets activity slowed industry-wide. Against that backdrop, DeFi Development Corp. continued to push forward.

While NAV premiums compressed and short-term leverage dynamics shifted across the Digital Asset Treasury landscape, our focus remained unchanged: to continue positioning DFDV as the most compelling long-term vehicle for compounding SOL exposure.

Through new strategic investments, original valuation frameworks, conference participation, high-signal media appearances, and direct shareholder engagement, February was less about headlines and more about foundation.

Here’s everything we accomplished in February.

Month-End Statistics

• SOL Holdings: 2,221,329 SOL

• SOL Holdings Value: $187.4M

• Shares Outstanding: 29,892,800

• SOL Per Share (SPS): 0.0743 SOL

• dfdvSOL Supply: 513,451.97 dfdvSOL

• DFDVx (Tokenized DFDV) Trading Volume: $24.1M

New Fundamental Valuation Framework for SOL, $10,000 Price Target

One of the more notable developments in February was the publication of our new valuation framework for Solana’s native asset, SOL. On February 23, we published our report setting a $10,000 long-term price target for SOL, based not on vibes, narratives, or meme cycles, but on demand-side fundamentals and blockspace scarcity. The model can be found here.

The framework introduces a structured way to think about Layer 1 token valuation by modeling demand drivers across:

• Stablecoin settlement reserves

• Real-world asset collateralization

• Agentic AI activity

• Consumer usage

Rather than treating L1 tokens like stocks, currencies, or commodities, our approach views Solana as a scarce digital settlement layer with expanding economic throughput.

Following the release, our Chief Strategy Officer, Dan Kang, joined MartyParty to break down the framework in detail and walk through the model's mechanics.

If Digital Asset Treasuries are going to exist for decades, they must anchor themselves to rigorous asset valuation. February marked a major step in formalizing that foundation.

4Q2025 Results & SPS Guidance Update

On February 11, we announced the upcoming release of our fourth quarter and full-year 2025 financial results. The announcement underscored our transition from a newly rebranded public company to a fully operational Solana-first Digital Asset Treasury with validator infrastructure, tokenized equity, global expansion initiatives, and yield integrations.

Shortly thereafter, on February 17, we issued an updated SPS guidance statement. With continued NAV compression and slower-than-anticipated capital markets activity in early 2026, we adjusted our near-term expectations while maintaining conviction in our long-term objective of 1.0 SOL per share.

We believe transparency matters and acknowledge that when markets change, so should assumptions. But what does not change is our North Star: grow SOL per share through a combination of capital markets strategy and organic yield generation.

Importantly, even in a down market, organic SOL generation through validator operations and onchain activity continued at roughly a 10% annualized pace.

Investing in Apyx: The First Dividend-Backed Stablecoin Protocol

A defining strategic move came on February 26, when we announced our investment in Apyx, the first Dividend-Backed Stablecoin (DBS) protocol. Apyx offers holders enhanced yield sourced from preferred equity issued by Digital Asset Treasuries, including instruments such as Strategy’s STRC and DFDV’s forthcoming preferred structure.

Rather than relying on opaque trading strategies, Apyx aims to convert real dividend streams from public-market balance sheets into programmable, onchain digital credit.

We believe Apyx, as a DBS, represents a structural evolution in stablecoin design. Instead of stablecoins sitting idle, demand can translate into structural demand for dividend-producing digital credit instruments.

Importantly, the development of Apyx is being supported by the team behind DFDV, while operating with a separate product and engineering structure. This distinction matters.

If Apyx succeeds, it strengthens the broader DAT ecosystem and provides additional organic levers for SPS growth.

Strategy World 2026: Presenting Apyx and New Market Structures

In February, our Chief Strategy Officer Dan Kang (DK) spoke at Strategy World 2026 in Las Vegas. During his presentation, DK introduced Apyx publicly and explained why Dividend-Backed Stablecoins represent a disruptive new market structure connecting:

• Bitcoin-linked capital

• DAT preferred equity

• Stablecoin demand

• Onchain credit markets

As mentioned, the development of Apyx is supported by the team behind DFDV, and the presentation highlighted how digital asset treasuries can evolve beyond passive holding vehicles into active capital allocators within the onchain economy.

Solana Breakout 2026: More Than 350K Attendees

From February 10–12, 2026, we co-hosted Solana Breakout 2026 alongside MartyParty, one of crypto’s biggest influencers.

Over three days and 24+ hours of programming, we featured high-signal conversations with leading ecosystem participants, including Kamino, Jito, Solflare, Bitwise, Flash Trade, Fragmetric, Superteam, DoubleZero, Remora Markets, Crypto Accounting Group, Gauntlet, and the Solana Foundation, covering DeFi infrastructure, validator economics, staking, asset management, and application-layer innovation.

With more than 350,000 attendees across streams, it was the largest digital conference dedicated exclusively to Solana builders. In volatile markets, signal matters. Breakout was built to surface the signal.

A link to the full replay playlist with all 3 days can be found here.

Real Vision: Solana, DATs, and Long-Term Capital Allocation

Parker White joined Real Vision for a Masterclass discussion focused on Solana, Digital Asset Treasuries, and the macro backdrop affecting crypto markets. The discussion covered:

• Crypto’s correlation to leveraged tech

• Why Solana “just works” at scale

• The structural advantages of DATs over ETFs

• The path to 1 SOL per share

• Why active treasury management matters

The key takeaway was simple: if Solana becomes global financial infrastructure, capital allocators within that ecosystem matter.

February 2026 Reddit AMA - Highlights

We wrapped up February with our monthly Reddit AMA inside r/DFDVDegens, where shareholders and community members asked direct questions about Apyx, SPS growth, custody, capital markets strategy, and long-term positioning. Below is a brief summary of the key discussions.

Q: What is the exact relationship between DFDV and Apyx?
A: DFDV is an early investor in Apyx, with a balance sheet allocation under $1M, and the development of Apyx is being supported by the team behind DFDV. However, Apyx operates with its own product, engineering, and marketing structure and is not issued or owned by DFDV. The strategic rationale is ecosystem alignment. Apyx introduces a Dividend-Backed Stablecoin model that connects DAT-issued preferred equity with onchain credit markets. If successful, it strengthens the broader Digital Asset Treasury ecosystem and could become an accretive driver of long-term SPS growth.

Q: How does DFDV plan to grow SOL per share when the ATM strategy is inactive?
A: With NAV premiums compressed, the ATM is not currently an optimal lever. That does not mean SPS growth stops. Organic SOL generation continues through staking, validator operations, and onchain DeFi activity, which collectively produce roughly a 10% annualized growth rate in SOL holdings. In parallel, management is evaluating preferred issuance, Treasury Accelerator expansion, strategic investments, and opportunistic buybacks when trading at discounts. The ATM is easiest to execute in bull markets. In bear markets, the focus shifts to structural and organic growth drivers.

Q: Why was near-term SPS guidance revised while maintaining the 1.0 SOL long-term target?
A: The revision reflected three assumptions not materializing in early 2026: sustained NAV premium, stronger SOL price momentum, and preferred issuance timing. Rather than speculate prematurely, management waited until the probability of meeting the original near-term target materially declined. The long-term 1.0 SOL per share objective remains intact because the structural drivers behind it, including capital markets expansion and organic compounding, are viewed as delayed rather than invalidated. Short-term guidance responds to market conditions. Long-term targets reflect strategic conviction.

Q: How secure is DFDV’s custody structure?
A: DFDV utilizes multiple institutional-grade custody providers with layered security measures, including multi-signature controls, video verification procedures, and sharded backups. Custody practices are reviewed by external auditors, and the company maintains business and cybersecurity insurance coverage, though not sufficient to cover the entire balance sheet. As a US-listed public company, governance oversight and regulatory exposure serve as additional deterrents to internal risk. Security remains a core operational priority.

Q: Is Solana at risk of losing long-term value capture to application-layer protocols?
A: Management’s view is that the leading Layer 1 networks retain structural advantages through network effects, validator distribution, and economic throughput. Solana continues to dominate across activity metrics, including transactions and revenue. That said, DFDV is closely monitoring shifts in value capture dynamics. The Apyx investment reflects an effort to position around emerging stablecoin and credit infrastructure rather than relying solely on token appreciation. The objective is to enhance the SOL-first strategy, not dilute it.

Q: What is the long-term purpose of DONT?
A: DONT functions as an experimentation layer. As a public company, DFDV cannot freely experiment with its common equity or tokenized stock through incentive mechanisms, governance experiments, or gamified structures. Memecoins provide greater regulatory flexibility for experimentation. DONT is not positioned as a short-term economic driver but rather as a long-duration option on future onchain experimentation that could support ecosystem development over time.

Q: What keeps the team motivated during prolonged price volatility?
A: Leadership collectively owns approximately 20% of the company’s stock and has operated through multiple crypto cycles dating back over a decade. Incentives are aligned with shareholders. The strategy during downturns is consistent: continue building infrastructure, expand ecosystem positioning, and prepare for the next capital cycle. Price performance is cyclical. Structural execution compounds.

Q: What is the clearest path to 1 SOL per share?
A: Achieving 1 SOL per share requires execution across the full playbook, including capital markets activity when conditions allow, preferred issuance, Treasury Accelerator expansion, validator growth, and continued organic yield strategies. Management emphasized that the long-term roadmap remains unchanged, even if short-term timing shifts. The goal is sustained per-share accumulation, not balance sheet growth at the expense of dilution.

Solana Performance Metrics

Market volatility often distracts from what matters most: underlying network performance.

While broader crypto markets remained choppy throughout February, Solana’s core fundamentals continued to demonstrate structural strength. Throughput expanded, fees remained stable, onboarding accelerated, and revenue leadership persisted. Importantly, this outperformance was not isolated to a single metric. It showed up across activity, cost efficiency, user growth, and economic output.

Total Transactions

In February, Solana processed approximately 3.41 billion transactions, up from 3.06 billion in January, an increase of roughly 11% month over month. While broader crypto markets remained volatile, Solana’s activity accelerated. By contrast, most major peers declined or remained flat. BNB Chain fell from 495M to 424M, Tron dropped from 342M to 304M, and Ethereum declined from 70M to 62M. Base was essentially unchanged, while Polygon saw modest growth but remained far behind in absolute throughput.

Median Fee & Median Fee Volatility

In February, Solana maintained a median transaction fee of roughly $0.001, effectively unchanged from January, while continuing to exhibit the lowest fee volatility among major chains. Even as network activity increased month over month, cost stability held firm. By comparison, Ethereum’s median fees remained an order of magnitude higher, with materially greater volatility. Polygon, Base, and Arbitrum also continued to show significantly higher variability in fee fluctuations, while Avalanche remained the most volatile network in the group. The key takeaway is structural: Solana not only scales in throughput, but it also scales without fee instability. As transaction volume expanded in February, cost predictability remained intact, reinforcing Solana’s position as the most stable high-performance settlement layer among major chains.

New Wallets

Solana added approximately 98M new wallets, a dramatic increase from roughly 3.0M new users in January, signaling a significant acceleration in network participation and demand. While definitions differ slightly between “new users” and “new wallets,” the directional takeaway is clear: onboarding expanded meaningfully month over month. The gap versus peers widened substantially. BNB Chain added roughly 25M wallets, Ethereum added 8M, and Tron added 5M. No other major chain exceeded 5M new wallets in the month. Solana onboarded nearly 4x more wallets than BNB Chain and more than 12x Ethereum’s total. Even in a volatile price environment, user growth surged. The scale of February wallet creation reinforces Solana’s position as the primary entry point for new onchain activity, strengthening the long-term demand foundation beneath the network.

Revenue

In February, Solana generated approximately $26.7M in onchain revenue, down from $40.2M in January amid broader market softness. While revenue declined month over month across most major chains, Solana remained the top revenue-generating network. Tron followed at $24.3M, while Ethereum generated $23.2M. BNB Chain saw a sharp decline from $22.1M to $9.3M, and Base slipped from $5.9M to $8.4M, highlighting variability across competitors. Even in a weaker pricing environment, Solana maintained revenue leadership. The combination of dominant transaction throughput and competitive fee structure continues to translate into the highest aggregate economic output among major blockchains.

Bonus: Demonstrating Superiority Amid Market Volatility

Early in the month, we highlighted yet another perfect example of how performant Solana is compared to competing blockchains, including Ethereum. More specifically, we note that despite unprecedented market volatility, Solana kept humming while competing chains cracked. That is to say, on February 5, the average ETH fee was 427x higher than the average SOL fee. At its peak, Ethereum spiked to $160 per transaction, pricing out the vast majority of users and making it unusable.

The TL;DR

February tested markets, not conviction.

While NAV premiums compressed and crypto sentiment cooled, DFDV advanced its long-term SOL-first strategy by publishing a rigorous $10,000 valuation framework for SOL, investing in next-generation digital credit infrastructure through Apyx, engaging institutional audiences, and continuing to generate organic SOL at roughly 10% annualized.

At the network level, Solana expanded throughput, maintained fee stability, accelerated onboarding, and retained revenue leadership. Volatility may define price cycles, but structural execution defines outcomes.

We remain focused on one objective: compounding SOL per share over the long-term.

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.}