DeFi Development
DFDV on Nasdaq. DeFi Development holds Solana tokens and matches property borrowers with lenders. Market value $165m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We don't have this figure for this company.
We don't have this figure for this company.
Profit per $100 you pay: $-132.76.
Quality score: not known. Price score: 25 of 100. Our list needs 70 on quality and 60 on price.
$4.98 a share, 104% above its 1-year low
Over the past year the price has ranged from $2.44 to $18.28.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||
| Revenue | $2m | $2m | $11m |
| Operating margin | |||
| Operating margin | n/a | n/a | n/a |
| Debt to equity | |||
| Debt to equity | n/a | n/a | n/a |
| Shares outstanding | |||
| Shares outstanding | 0.01bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 174% more shares since 2023
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3 million last quarter, up 67% on a year ago.
- A loss of $27 million, after a profit of $15 million a year ago.
- Over the past 12 months it spent $30 million more cash than it brought in, compared with $3 million a year earlier.
- 41% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $619,000 |
| December 2024 | $628,660 |
| March 2025 | $287,172 |
| June 2025 | $2m |
| September 2025 | $5m |
| December 2025 | $4m |
| March 2026 | $3m |
| June 2026 | $3m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$471,000 |
| December 2024 | -$486,000 |
| March 2025 | -$778,000 |
| June 2025 | $15m |
| September 2025 | $56m |
| December 2025 | -$144m |
| March 2026 | -$83m |
| June 2026 | -$27m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 30 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 45 funds in all.
Largest holders overall
- Vanguard Capital Management$3m
- BlackRock$1mAdded
- Geode Capital Management$863,924Added
- TWO Sigma Investments, LP$840,296
- Alyeska Investment Group, L.P.$789,455
- Millennium Management$555,278Cut
- DeepCurrents Investment Group$447,636
- Jain Global$445,736Added
- Vanguard Fiduciary Trust$443,040
- Group One Trading$349,889Cut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Parker WhitePassive investorat least 24.9%(filed with 2 related holders)Since 1 May 2025
What they said
The information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the shares of Common Stock as part of the Transaction described in Item 3 above. Other than as described in this…
Read the filing - Parker WhiteInsider or founderat least 11.5%−9.1 pts(filed with 3 related holders)Since 21 November 2025
What they said
The information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the shares of Common Stock as part of the Transaction described in Item 3 above. Other than as described in this…
Read the filing - GROUNDBREAKER TECHNOLOGIES INC.Passive investor6.0%Since 31 December 2024
- Kenneth GriffinPassive investorat least 4.5%(filed with 6 related holders)Since 14 October 2025
- Payward, Inc.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Parker White Passive investor | at least 24.9% (filed with 2 related holders) | 1 May 2025 | What they saidThe information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the shares of Common Stock as part of the Transaction described in Item 3 above. Other than as described in this… Read the filing |
Parker White Insider or founder | at least 11.5%−9.1 pts (filed with 3 related holders) | 21 November 2025 | What they saidThe information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the shares of Common Stock as part of the Transaction described in Item 3 above. Other than as described in this… Read the filing |
GROUNDBREAKER TECHNOLOGIES INC. Passive investor | 6.0% | 31 December 2024 | |
Kenneth Griffin Passive investor | at least 4.5% (filed with 6 related holders) | 14 October 2025 | |
Payward, Inc. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $373,395 of shares on the open market.
- Kang DanielChief Strategy OfficerBought
- Date
- 22 September 2026
- Shares
- 10,440
- Price
- $8.83
- Value
- $92,183
- Kang DanielChief Strategy OfficerBought
- Date
- 20 August 2026
- Shares
- 11,000
- Price
- $3.88
- Value
- $42,680
- Kang DanielChief Strategy OfficerBought
- Date
- 14 August 2026
- Shares
- 13,000
- Price
- $2.91
- Value
- $37,830
- White ParkerCOO, CHIEF INVESTMENT OFFICERBought
- Date
- 10 December 2025
- Shares
- 17,760
- Price
- $5.76
- Value
- $102,298
- Kang DanielChief Strategy OfficerBought
- Date
- 25 November 2025
- Shares
- 4,200
- Price
- $6.90
- Value
- $28,980
- White ParkerCOO & Chief Investment OfficerBought
- Date
- 25 November 2025
- Shares
- 10,044
- Price
- $6.91
- Value
- $69,424
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 22 September 2026 | Kang Daniel Chief Strategy Officer | Bought | 10,440 | $8.83 | $92,183 |
| 20 August 2026 | Kang Daniel Chief Strategy Officer | Bought | 11,000 | $3.88 | $42,680 |
| 14 August 2026 | Kang Daniel Chief Strategy Officer | Bought | 13,000 | $2.91 | $37,830 |
| 10 December 2025 | White Parker COO, CHIEF INVESTMENT OFFICER | Bought | 17,760 | $5.76 | $102,298 |
| 25 November 2025 | Kang Daniel Chief Strategy Officer | Bought | 4,200 | $6.90 | $28,980 |
| 25 November 2025 | White Parker COO & Chief Investment Officer | Bought | 10,044 | $6.91 | $69,424 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in DeFi Development’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 16 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on the evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures were not effective as of June 30, 2026 due to material weaknesses in our internal control over financial reporting as described below.”
From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On April 21, 2025, dbbmckennon (the “Auditor”) resigned as the independent registered public accounting firm for Defi Development Corp., formerly known as Janover Inc. (the “Company”), given the subject matter expertise required to audit the Company's new business strategy and crypto treasury (Solana) related assets.”
From an 8-K filed 24 April 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.