AddedRisk Factors
Our financial results and the market price of our Common Stock may be affected by the prices of digital assets that we hold.
The 10-K against last year's
455 changes: 149 added, 294 removed, 12 reworded
10-K 0001805526-26-000006 (2026-03-30) vs 10-K 0001013762-25-003260 (2025-03-27) Not compared: Accounting Policies.
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 127 words changed in this paragraph; it is 31% similar to last year's version.
Source: Item 7, 10-K 0001805526-26-000006 vs Item 7, 10-K 0001013762-25-003260
Risk Factors 66 words changed in this paragraph; it is 33% similar to last year's version.
Source: Item 1A, 10-K 0001805526-26-000006 vs Item 1A, 10-K 0001013762-25-003260
Legal Proceedings 32 words changed in this paragraph; it is 83% similar to last year's version.
In February 2022, the Company entered into a lease agreement for office space in Boca Raton, Florida. The lease lease, as amended, commenced on April 1, 2022, and expires on March 1, 2025 2026, with monthly base rent ranging from approximately $4,400 $4.0 thousand to $4,700. $5.0 thousand. The lease required a deposit of approximately $7,000, $7.0 thousand, which is included in other assets in the balance sheet. Consolidated Balance Sheets. Upon lease commencement, the Company recognized a right of use asset and liability of approximately $143,000 $143.0 thousand using a discount rate of 6.0%. As of December 31, 2025 we did not have any material lease commitments, see Note 7—Acquisitions and Dispositions for further discussion.
Source: Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES, 10-K 0001805526-26-000006 vs Item 3, via Note 11 – COMMITMENTS, 10-K 0001013762-25-003260
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of DFDV's Risk Factors and MD&A, 10-K 2026-03-30 against 10-K 2025-03-27. Each links to the text at sec.gov.
AddedRisk Factors
As part of our capital allocation strategy for assets that are not required to provide working capital for our ongoing operations, we have invested and will continue to invest in SOL and other digital assets. The price of digital assets has historically been subject to dramatic price fluctuations and is highly volatile. Moreover, digital assets, such as SOL, are relatively novel and the application of securities laws and other regulations to such assets is unclear in many respects. It is possible that new legislation, or change in regulatory interpretation of existing law, may adversely affect the liquidity or value of digital assets.
AddedRisk Factors
Any decrease in the fair value of digital assets below our carrying value for such assets currently would require us to incur a loss due to the decrease in fair market value, and such charge could be material to our financial results for the applicable reporting period, which may create significant volatility in our reported earnings. Any decrease in reported earnings or increased volatility of such earnings could have a material adverse effect on the market price of our Common Stock. In addition, the application of generally accepted accounting principles in the United States, with respect to digital assets, may change in the future and could have a material adverse effect on our financial results and the market price of our Common Stock.
AddedRisk Factors
In addition, if investors view the value of our Common Stock as dependent upon or linked to the value or change in the value of our digital asset holdings, the price of digital assets may significantly influence the market price of our Common Stock.
AddedRisk Factors
The price of our Common Stock has been and may continue to be volatile and fluctuate substantially, which could result in substantial losses for purchasers of our Common Stock.
AddedRisk Factors
Our stock price has been and is likely to continue to be volatile. The stock market in general has experienced extreme volatility that has often been unrelated to the operating performance of particular companies. With the adoption of our new SOL treasury strategy, we expect to see additional volatility. As a result of this volatility, you may not be able to sell your Common Stock. The market price for our Common Stock may be influenced by many factors, including:
AddedRisk Factors
•the Solana developer community and whether people continue to engage in building;
AddedRisk Factors
•the success of competitive products to SOL, alternative services or technologies in the blockchain and technology community;
Show the other 16
AddedRisk Factors
•regulatory or legal developments in the United States and other countries related to digital assets, blockchain and AI;
AddedRisk Factors
•variations in our financial results or those of companies that are perceived to be similar to us that also have a SOL treasury strategy;
AddedRisk Factors
•the inclusion, exclusion or deletion of our Common Stock from any trading indices;
AddedRisk Factors
•general economic, industry and market conditions in the cryptocurrency industry and broader macroeconomic trends related to the digital asset industry; and
AddedMD&A
You should read the following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in conjunction with the audited consolidated financial statements and the related notes that appear in this Annual Report. All references to "we," "us," "our," "the Company," and "DeFi Dev" refer to DeFi Development Corp. and its consolidated subsidiaries, unless otherwise noted.
AddedMD&A
During 2025, we pivoted our primary business strategy to the acquisition, long-term holding, and active management of SOL and SOL-related digital assets. Our treasury strategy includes accumulating SOL, locked SOL, liquid staking tokens such as dfdvSOL, and other SOL-denominated or SOL-native positions. We also operate Solana validators, enabling us to participate directly in the Solana proof-of-stake consensus mechanism and generate staking rewards.
AddedMD&A
We continuously evaluate capital market conditions, the broader cryptoeconomy, and macroeconomic factors in determining the timing and structure of financing transactions used to support our digital asset treasury strategy. Our objective is to expand our exposure to the Solana ecosystem over the long term.
AddedMD&A
In addition to our digital asset treasury operations, we continue to operate our commercial real estate technology platform, which provides data, software subscriptions, and value-added services connecting commercial property borrowers and lenders, including banks, credit unions, REITs, debt funds, and other institutional capital providers.
AddedMD&A
As a result of expanding our treasury strategy we consider these our two operating segments: “Digital Asset Treasury” and the “Real Estate Platform”.
AddedMD&A
The following are the more significant developments in our business during 2025:
AddedMD&A
•On April 4, 2025, our previous Chief Executive Officer entered into a Stock Purchase Agreement with DeFi Dev LLC and 3277447 Nova Scotia Ltd where he sold approximately 51.0% of the Company's outstanding shares of common stock and all off the issued and outstanding Series A preferred stock for an aggregate purchase price of $4.0 million.
AddedMD&A
•On April 17, 2025, the Company changed its name from “Janover Inc.” to “DeFi Development Corp.” We also changed the ticker symbol for our common stock to “DFDV” on the Nasdaq Capital Market on May 5, 2025.
AddedMD&A
•The Board of Directors approved and we adopted a new treasury policy on April 4, 2025, authorizing the long-term accumulation of SOL.
AddedMD&A
•On May 1, 2025, under the terms of an asset purchase agreement, we acquired two validator nodes from Solsync Solutions Partnership, a SOL validator business owned by our current Chief Operating and Investment Officer for $3.6 million.
AddedMD&A
•We received net proceeds of $378.5 million through various financing transactions and used the proceeds to purchase digital assets and for working capital purposes.
AddedMD&A
•We received proceeds from digital asset financing arrangements of $172.0 million and repaid $85.7 million.