Onchain Experiments Driving Sol-Per-Share

Research evidence excerpt

Onchain Experiments Driving Sol-Per-Share

Crypto & Blockchain

DeFi Development Corp. (DFDV)

EQUITY RESEARCH Company Update

May 26, 2026

Onchain Experiments Driving Sol-Per-Share Price: $3.94

Price Target: $7.00 (From $6.00)

DFDV published its business update interview on 5/14 and filed its 10Q on 5/19.

Rating: Overweight Digital asset treasury income (staking, validator operations, & DeFi) was $2.4m in 1Q26

Key Statistics: (-42.6% q/q), with results pressured by the y/y decline in SOL price that weighed on

Symbol NASDAQ: DFDV DFDV's USD-denominated yield. That said, annualized organic yield benefited from the

52-Week Range 2.96 - 38.21 continued expansion of its onchain treasury deployment, which during the quarter

Market Cap 118.7 contributed an estimated +300bps of incremental yield on the deployed portion (vs.

ADV (3 mo) 1,010,965

+100bps as of the Q3'25 letter) and accounts for ~20% of organic yield generation EV ($M) 185

Shares Out (M) 30.1 over the trailing twelve months. More importantly, the Q1'26 shareholder letter

enumerated and partially quantified DFDV's portfolio of "asymmetric bets" beyond

Research Analysts: the core treasury playbook, formalizing what management has historically described

Gareth Gacetta as a culture of experimentation into a six-initiative framework with direct Sol-Per-

212-915-1251 Share (SPS) attribution. SPS grew 1% over the past six weeks to 0.0670 (up 108% y/

Gareth.Gacetta@cantor.com y), driven by organic yield and the buyback of $4.4M of July 2030 convertible notes

Nathan Frankovitz for $2.6M cash (a 41% discount to par). Ultimately, we continue to think DFDV will 929-706-2050

Nathan.Frankovitz@cantor.com outperform other SOL exposure proxies via its ability to drive organic yield at 2–4%