May 2025 Recap: Setting New Crypto Treasury Standards

May 2025 was a transformative month for DeFi Development Corp. (Nasdaq: DFDV), a period that showcased our unwavering commitment to integrating & innovating within the Solana ecosystem, aggressive treasury growth, and the pioneering steps we’re taking as the next generation crypto treasury strategy.

In this recap, we highlight how we executed record-setting SOL purchases, expanded our validator business, adopted liquid staking innovations, forged groundbreaking community partnerships, and saw our stock reach all-time highs—all while deepening our engagement with the Solana community and gaining coverage across leading crypto-native and financial outlets. While many claim to be MSTR 2.0, we’re the only public company actually operating like it; our progress and performance in May proved it, too.

Major Milestones & Strategic Developments

• Options Listing on Cboe & Nasdaq

  We achieved a major milestone with the dual listing of standardized options on DFDV across the Cboe Options Exchange and Nasdaq Options Market. This development offers both institutional and retail investors expanded flexibility to hedge and express directional views on DFDV.

• Pioneering Liquid Staking Adoption

  DFDV became the first public company to adopt Sanctum’s liquid staking token (LST) technology. The dfdvSOL LST puts DeFi Dev Corp. at the forefront of institutional staking innovation, unlocking a new revenue stream to accelerate SPS growth.

• Advancing Solana Validator Strategy

  We acquired a Solana validator business, fortifying our position as a Solana-native treasury strategy leader, opening up a new revenue stream to grow SOL Per Share (SPS), and increasing our staking yield.
  

• Bonk Validator Partnership

  We formed a first-of-its-kind validator partnership with Bonk, the leading community memecoin on Solana. This groundbreaking collaboration deepens our exposure to the growing Solana ecosystem and marks the first major expansion of our validator business.

• Private Placement & Stock Split

  In May, we closed a $24 million private placement to further accelerate our Solana accumulation strategy. This coincided with a seven-for-one stock split to increase liquidity and broaden shareholder access.

• New Compensation Plan Tied to SPS

  We introduced a new treasury strategy compensation plan tied to SOL Per Share (SPS) - a key performance metric that directly aligns our executive incentives with shareholders. Unlike competitors with executive bonus structures tied to share count, market capitalization, and/or other metrics that prioritize shareholder interests second, our SPS compensation structure always puts shareholders first.

• Financial Results & Strategic Update

  We published our Q1 2025 results, outlining significant SOL purchases and the road ahead for our treasury strategy.

Community & Industry Engagement

We took the stage and the airwaves to share our Solana thesis and the next chapter for DeFi Dev Corp.:

Twitter Spaces & Events

• Validators 101: Powering Solana’s Future - Alongside the Bonk and Sanctum team, we discussed how SOL validators work, how they generate yield, how to turn validator infrastructure into an investment-grade strategy, and much more.

• Stackin’ Talent & Stackin’ SOL – Fireside chat with the newest members of DeFi Dev Corp., John Han (CFO), Dan Kang (Head of IR), and Pete Humiston (Head of Research).

Industry Appearances

• Parker White took the stage at Solana Accelerate NYC, sharing insights on public market strategies and our learnings from MicroStrategy.

• Dan Kang joined the SolanaFloor podcast, the largest Solana-dedicated media company, and the Blockworks podcast, one of the largest crypto media companies, to discuss our differentiated approach, long-term SOL thesis, and lots more.

• Parker White was interviewed by Coinage alongside Pantera Capital’s Cosmo Jiang, offering a deep dive into our treasury strategy and how DeFi Dev Corp. intends to offer market participants access to a new and improved version of Microstrategy's playbook.

Media Features

• DFDV was featured on InvestAnswers' YouTube channel, one of the largest crypto YouTube channels with over 560,000 subscribers, on two separate occasions. Here and here.

• DFDV was covered during Jim Cramer’s Lightning Round on CNBC.

• Our work has been featured across leading crypto and financial publications, including CoinDesk, Decrypt, The Block, The Defiant, Bitcoin.com News, and Bloomberg.

Treasury Expansion: Doubling The SOL Stack

We continued our aggressive Solana accumulation strategy and increased our SOL holdings by nearly 100% month-over-month after completing four separate purchases:

• May 6, 2025: Added $11.2M in SOL to the treasury.

• May 8, 2025: Purchased 20,473 SOL, bringing our total treasury holdings to 420,690 SOL.

• May 12, 2025: Acquired a record 172,670 SOL, surpassing $100M in total treasury holdings.

• May 15, 2025: Purchased an additional 16,447 SOL.

Introducing: The DFDV Blog

Last month, we launched the official DeFi Dev Corp. Blog - a dedicated hub for current and prospective shareholders to dive deeper into our strategy, track our progress, and stay informed about the latest updates and milestones.

What you can expect:

• In-depth articles breaking down key topics, concepts, and ideas, such as why we created the SOL per share (SPS) metric and why focusing on growing SPS translates to value creation for our shareholders.

• Announcements and updates relating to various business-related efforts and initiatives, such as how our newly acquired validator business translates to SOL Per Share (SPS) growth.

• Monthly recaps like this one, capturing everything from major SOL purchases to our expanding footprint in the Solana ecosystem.
  

Featured posts to explore now:

• Understanding SPS: The Metric That Defines DeFi Development Corp.

• Growing SOL Per Share: How Our Validator Business Benefits DFDV Shareholders

• April 2025 Recap: Accelerating Towards SOL Accumulation

Subscribe today to ensure you never miss an update!

Month-End Statistics

• DFDV Stock: Hit an all-time high of $53.75 and closed May up +75.1%.

• SOL Holdings: 621,313 SOL (up +96% from 317,273 in April).

• SOL Holdings Value: $97.2M (up +107% from $46.8M in April).

• Shares Outstanding: 14,508,774 (up +32% from 11,059,622 in April).

• SOL Per Share (SPS): 0.0428 SOL (up +38% from 0.031 SOL in April).

• SPS Value: $6.71 (up +186% from $2.34 in April).

• SOL Rewards Earned: 339.46 SOL ($51.8K)

• SOL Staked With DeFi Dev. Corp: 528,243.04 SOL ($82.6M)

• dfdvSOL Staked: 44,583 SOL ($6.9M)

Looking Ahead

As we enter June, DeFi Dev Corp. remains laser-focused on executing our Solana treasury strategy, driving SOL per share growth, and continuing to lead by example in the public markets. Thank you to our community, partners, and investors for supporting our mission to become the premier Solana-native public company.

For real-time updates and to join our journey, follow us on X, LinkedIn, and visit defidevcorp.com.

Onward and upward! 🚀

_{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.}