D
DeFi Development Corp.
Period
FY 2025
Revenue
$11.39M
Net Income
$-73.79M
Total Assets
$307.41M
Equity
$99.26M
Shares Out
30.12M
Op. Cash Flow
$-17.97M
Business
DeFi Development Corp. operates two segments: a Digital Asset Treasury that acquires and holds Solana tokens, operates validators, and generates revenue through staking rewards; and a Real Estate Platform that connects commercial mortgage borrowers and lenders through software subscriptions, referral fees, and advisory services. The company trades digital assets on spot and OTC platforms and delegates holdings to validators for proof-of-stake participation.
Summary from 10-K filed 2026-03-30
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Total revenue | 11 | 2 | — | — | |
| Cost of revenue | 249,000 | 32,000 | — | — | |
| Sales and marketing | 2 | 1 | 2 | 2 | |
| Research and development | 1 | 655,000 | 792,000 | 426,828 | |
| General and administrative | 14 | 3 | 3 | 2 | |
| Depreciation and amortization | 1 | 307,000 | 912 | — | |
| Net loss (gain) on digital assets | 27 | 0 | — | — | |
| Loss on disposition of Janover Pro | 2 | 0 | — | — | |
| (Gain) from changes in fair value of contingent consideration | −179,000 | 0 | — | — | |
| Total operating expenses | 48 | 5 | — | — | |
| Operating (loss) income | −36 | −3 | −3 | −2 | |
| Interest expense | −9 | 0 | — | — | |
| (Loss) gain from derivative instruments | −20 | 0 | — | — | |
| Investment and other (expense) income, net | −9 | 276,000 | — | — | |
| (Loss) income before income taxes | −74 | −3 | — | — | |
| Income tax (expense) benefit | −9,000 | 0 | — | — | |
| Net (loss) income | −74 | −3 | −3 | −1 | |
| Basic (in dollars per share) | −4 | −0.28 | −3.19 | −0.18 | |
| Diluted (in dollars per share) | −4 | −0.28 | −3.19 | −0.18 | |
| Basic (in shares) | 18 | 10 | 1 | 7 | |
| Diluted (in shares) | 18 | 10 | 1 | 7 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 6 | 3 | 5 | — | — | |
| Accounts receivable | 52,000 | 195,000 | 86,138 | 38,287 | — | |
| Prepaid expenses | 433,000 | 109,000 | 130,430 | 7,566 | — | |
| Investments | 4 | 340,000 | — | — | — | |
| Digital assets pledged as collateral | 104 | 0 | — | — | — | |
| Deferred offering costs | 6 | 114,000 | — | — | — | |
| Other current assets | 2 | 0 | — | — | — | |
| Total current assets | 122 | 3 | 5 | 1 | — | |
| Accounts receivable, non-current | 0 | 42,000 | — | — | — | |
| Property and equipment, net | 0 | 41,000 | 28,137 | 0 | — | |
| Digital assets, at fair value | 136 | 0 | — | — | — | |
| Digital assets, at carrying value, net | 46 | 0 | — | — | — | |
| Goodwill | 607,000 | 607,000 | 606,666 | 0 | — | |
| Intangible assets, net | 3 | 378,000 | 675,957 | 16,178 | — | |
| Other assets | 93,000 | 33,000 | 18,107 | 6,877 | — | |
| Total assets | 307 | 4 | 7 | 1 | — | |
| Accounts payable and accrued expenses | 7 | 340,000 | 539,136 | 159,380 | — | |
| Digital asset financing arrangements | 68 | 0 | — | — | — | |
| Loans payable | 107,000 | 0 | — | — | — | |
| Deferred revenue | 82,000 | 239,000 | — | — | — | |
| Other current liabilities | 6 | 14,000 | — | — | — | |
| Total current liabilities | 81 | 593,000 | 675,095 | 204,896 | — | |
| Long-term debt, net | 127 | 0 | — | — | — | |
| Contingent consideration | 0 | 179,000 | 178,819 | 0 | — | |
| Deferred revenue, non-current | 0 | 102,000 | — | — | — | |
| Total liabilities | 208 | 874,000 | 867,847 | 811,535 | — | |
| Commitments and contingencies (Note 16) | — | — | — | — | — | |
| Common stock, $0.00001 par value, 100,000,000 shares authorized, 27,718,159 and 9,909,473 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 0 | 0 | 14 | 71 | — | |
| Additional paid-in capital | 203 | 13 | 12 | 4 | — | |
| Treasury stock | −12 | 0 | — | — | — | |
| Accumulated other comprehensive (loss) income | −27,000 | 0 | — | — | — | |
| Accumulated (deficit) | −92 | −9 | −7 | −3 | — | |
| Total stockholders equity | 99 | 4 | 6 | 525,378 | 419,306 | |
| Total liabilities and stockholders equity | 307 | 4 | 7 | 1 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Digital assets received as revenue | −9 | 0 | — | — | |
| Marketable securities received as revenue | 0 | −226,000 | — | — | |
| Digital assets paid for expenses | 259,000 | 0 | — | — | |
| Amortization of debt discount | 2 | 0 | — | — | |
| Share-based compensation | 2 | 413,000 | 944,383 | 529,929 | |
| Loss (gain) from derivative instruments | 20 | 0 | — | — | |
| (Gain) from changes in fair value of contingent consideration | −179,000 | 0 | — | — | |
| Net (gain) loss on investment activity | 4 | −114,000 | — | — | |
| Other | 2 | 0 | — | — | |
| Accounts receivable | −605,000 | −151,000 | −47,851 | 72,345 | |
| Prepaid expenses | 309,000 | 26,000 | −116,218 | −5,172 | |
| Other assets | −124,000 | −2,000 | −11,230 | −4,483 | |
| Accounts payable and accrued expenses | 6 | −199,000 | 379,756 | 79,615 | |
| Deferred revenue | 787,000 | 258,000 | −5,379 | — | |
| Other liabilities | 36,000 | −3,000 | — | — | |
| Net cash used in operating activities | −18 | −2 | −2 | −1 | |
| Purchase of digital assets | −217 | 0 | — | — | |
| Proceeds from sale of digital assets | 15 | 0 | — | — | |
| Settlement of option contracts | −17 | 0 | — | — | |
| Proceeds from the settlement of convertible notes | 2 | 0 | — | — | |
| Disposition of Janover Pro | −1 | 0 | — | — | |
| Acquired intangible assets | −645,000 | 0 | — | — | |
| Purchase of investments | −2 | 0 | — | — | |
| Purchases of property and equipment | −2,000 | −23,000 | −29,049 | 0 | |
| Net cash used in investing activities | −222 | −23,000 | −89,049 | 0 | |
| Repayments of short-term debt | −373,000 | 0 | — | — | |
| Proceeds from convertible notes | 149 | 0 | — | — | |
| Proceeds from issuance of common stock, net of offering costs | 135 | 0 | 6 | 165,992 | |
| Proceeds from pre-funded warrants | 54 | 0 | — | — | |
| Proceeds from warrant exercises | 2,000 | 0 | — | — | |
| Proceeds from issuance of common stock under employee stock plans | 94,000 | 1,000 | — | — | |
| Payment for prepaid forward stock purchase | −76 | 0 | — | — | |
| Repurchase of common stock under repurchase program | −12 | −5,000 | — | — | |
| Payments of offering costs | −7 | −114,000 | — | — | |
| Net cash provided by (used in) financing activities | 243 | −118,000 | 6 | 297,523 | |
| Net increase (decrease) in cash and cash equivalents | 3 | −3 | — | — | |
| Cash paid for interest | 358,000 | 3,000 | — | — | |
| Income taxes paid (net of refunds received) | 2,000 | 0 | — | — | |
| Common stock issued for asset acquisition | 3 | 0 | — | — | |
| Debt securities purchased with digital assets | 18 | 0 | — | — | |
| Digital assets received for settlement of debt securities | 11 | 0 | — | — | |
| Marketable securities received for settlement of debt securities | 770,000 | 0 | — | — | |
| Digital asset financing arrangement borrowings | 172 | 0 | — | — | |
| Repayments of digital asset financing arrangements | 82 | 0 | — | — | |
| Digital assets received from convertible notes and warrants | 43 | 0 | — | — | |
| Warrant dividend distribution | 10 | 0 | — | — | |
| Digital assets received from common stock issuances | 3 | 0 | — | — | |
| Conversion of convertible notes to common stock | 22 | 0 | — | — | |
| Common stock issuance in connection with equity line of credit commitment fee | 6 | 0 | — | — | |
| Financing of prepaid insurance premiums | 516,000 | 0 | — | — | |
| Issuance of common stock for prepaid and accrued services | 0 | 4,000 | — | — |
Filings
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Frequently asked questions
What is DeFi Development Corp.'s CIK number?
DeFi Development Corp.'s SEC CIK number is 0001805526 (1805526). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find DeFi Development Corp.'s SEC filings?
All of DeFi Development Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did DeFi Development Corp. last report earnings?
DeFi Development Corp. (DFDVW) most recently filed an earnings 8-K with the SEC on May 13, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001805526-26-000031). This is DeFi Development Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is DeFi Development Corp.'s most recent earnings 8-K?
DeFi Development Corp.'s latest earnings 8-K (Item 2.02) was filed May 13, 2026 under accession 0001805526-26-000031. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View DeFi Development Corp.'s latest earnings 8-K →
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