DeFi Development Corp
defidevcorp.comWhat Do They Do?
Manages Solana token holdings and operates validators to earn network rewards. Runs a data and software platform that connects commercial property borrowers with lenders.
10-K for FY2025, filed Mar 30, 2026During 2025, we pivoted our primary business strategy to the acquisition, long-term holding, and active management of Solana ("SOL") and…View ↗
Digital Asset Treasury: focuses on executing and managing our treasury strategy. Also includes our owned and managed SOL validators. This…View ↗
The digital asset treasury segment executes and manages the Company’s treasury policy with the purpose of purchasing, holding and…View ↗
We have developed a platform that connects commercial mortgage and small business borrowers looking for debt to refinance, build, or buy…View ↗
How Do They Make Money?
The treasury earns SOL rewards from staking its holdings and running validators, with rewards received at the end of each network cycle. The real estate platform earns fees when a loan closes and subscription fees over service terms, mostly paid monthly.
10-K for FY2025, filed Mar 30, 2026We earn reward revenue from participating in securing the Solana Network through external staking providers and from our owned and managed…View ↗
We delegate (“stake”) a portion of our SOL holdings, primarily consisting of locked SOL, to external validators. Our staked SOL holdings…View ↗
We receive rewards, in the form of SOL, from providing validation services directly to the Solana Network through our owned validators.…View ↗
We earn platform revenue from fees charged to our customers that utilize our technology platform which matches lenders and borrowers. These…View ↗
We also derive revenue from our software as a service ("SaaS") offerings which provide data, transparency and other tools to help customers…View ↗
We also derive revenue from our SaaS offering for real estate investors raising equity, through the Company’s wholly owned subsidiary…View ↗
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10-K for FY2025, filed Mar 30, 2026
FY2025 revenue by product or service ↗
$11.4M
-
10-K for FY2025, filed Mar 30, 2026
$11.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Digital asset treasury
Recurring
10-K for FY2025, filed Mar 30, 2026 |
81% |
Digital asset treasury, FY2025
$9.2M Sources
|
Recurring |
|
Real estate platform
|
19% |
Real estate platform, FY2025
$2.2M Sources
|
Who Are Their Customers?
Commercial property borrowers use the platform to connect with lenders such as banks, credit unions and debt funds, with capital-markets advisors helping match them. Real estate investors use the subscription software to raise equity and manage investor portals.
10-K for FY2025, filed Mar 30, 2026We have developed a platform that connects commercial mortgage and small business borrowers looking for debt to refinance, build, or buy…View ↗
The real estate segment derives its revenue primarily from platform fees. Platform fees include referral and advisory fees generated from…View ↗
We also derive revenue from our SaaS offering for real estate investors raising equity, through the Company’s wholly owned subsidiary…View ↗
Do Revenues Turn Into Profits?
No. It lost $73.8M in FY2025.
10-K for FY2025, filed Mar 30, 2026
−$36.4MView ↗
10-K for FY2025, filed Mar 30, 2026
−$73.8MView ↗
10-K for FY2025, filed Mar 30, 2026
−$18MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$27.3MView ↗
- ▼ Now a loss
- vs $15.4M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
Who Do They Compete With?
Competes with LendingTree, Upstart, and NerdWallet
10-K for FY2025, filed Mar 30, 2026We believe there are three categories of competitors for our real estate platform which include: commercial mortgage brokers, commercial…View ↗
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