# DeFi Development Corp. (DFDV)

> Source: Nexqual · https://nexqual.com/DFDV · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, DeFi Development Corp. (DFDV), nexqual.com/DFDV" · informational, not investment advice.

**Price:** USD 3.71 (-1.33% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 3.76 · day 3.58–3.81 · 52w 2.44–15.1 · market cap $121M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.1M, net income -$199M (-1319.5% margin) (SEC filings).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $302K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -73.3% vs S&P 500 +13.4%; 5Y +49.4% vs S&P 500 +76.9%.
- Next earnings: 2026-11-11, EPS estimate USD -0.17, revenue estimate $4.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $2.2M | $2.0M | $2.1M | $11.4M | $15.1M |
| Gross profit | — | — | $2.1M | $11.1M | — |
| Operating income | -$1.7M | -$3.4M | -$3.0M | -$36.4M | -$131M |
| Net income | -$1.3M | -$3.4M | -$2.7M | -$73.8M | -$199M |
| EPS (diluted) | -$0.21 | -$0.46 | -$0.28 | -$4.00 | — |
| Free cash flow | -$1.0M | -$1.6M | -$2.4M | -$18.0M | — |
| Gross margin | — | — | 98.5% | 97.8% | — |
| Operating margin | -80.0% | -170.0% | -143.0% | -319.7% | -866.5% |
| Net margin | -58.7% | -168.4% | -129.9% | -648.1% | -1319.5% |
| Revenue growth | — | -6.9% | +4.8% | +442.2% | — |
| Cash + short-term investments | $981K | $5.1M | $2.8M | $9.6M | — |
| Total debt | — | — | $0K | $127M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 8.0x · Earnings yield -164.75%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $302K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-24…2026-09-25 | White Parker |  | 10,000 | $90K | 8.96 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-22 | Kang Daniel | Chief Strategy Officer | 10,440 | $92K | 8.83 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-21 | White Parker |  | 10,069 | $39K | 3.91 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-20 | Kang Daniel | Chief Strategy Officer | 11,000 | $43K | 3.88 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Kang Daniel | Chief Strategy Officer | 13,000 | $38K | 2.91 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-10 | Cantor Fitzgerald | Target raised | Overweight | $4.7 → $10.4 |
| 2026-07-01 | Cantor Fitzgerald | Target lowered | Overweight | $7 → $4.7 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2023-07-24) |
|---|---|---|
| Total return | -73.3% | +49.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -73.4% | +13.1% |
| Volatility (annualized) | 112.8% | 186.8% |
| Max drawdown | -82.7% (Oct 2025→Jun 2026) | -92.5% (May 2025→Jul 2026) |

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.33 -2.43% · VCTR (Victory Capital Holdings, Inc. ) USD 107.6 +0.20% · PDI (PIMCO Dynamic Income Fund) USD 14.31 +0.07% · AMG (Affiliated Managers Group, Inc.) USD 383.42 -3.06% · SEIC (SEI Investments Company) USD 102.3 -2.11% · IVZ (Invesco Ltd) USD 28.06 -2.54%

## More
Full page: https://nexqual.com/DFDV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DFDV's own 10-K filed 2026-03-30 (https://www.sec.gov/Archives/edgar/data/1805526/000180552626000006/dfdv-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BitGo Trust Company | "We have a custody agreement with BitGo, under which BitGo provided to us customary qualified custody services." |
| Partner | DeFi Dev | "•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 commo…" |
| Partner | Nova Scotia | "•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 commo…" |
| Partner | Flora Growth | "On September 19, 2025, we entered into a Securities Purchase Agreement with Flora Growth Corp. ("Flora") in which we agreed to, among other things, purchase convertible notes for 93.3 thousand SOL, or $23.1 million (usin…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Treasury | $3.3M | 98.2% | +170.0% | -$22.7M | -698.4% |
| Treasury | $3.3M | 98.2% | +170.0% | -$22.7M | -698.4% |
| Real Estate | $58,000 | 1.8% | -92.6% | -$101,000 | -174.1% |
| Real Estate | $58,000 | 1.8% | -92.6% | -$101,000 | -174.1% |
| Corporate costs (not allocated) | — | — | — | $0 | — |
| Total revenue | $3.3M | 100% | — | -$22.8M | -689.2% |
The lines above cover 200% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Treasury | $3.3M | 98.2% | +170.0% |
| Real Estate | $58,000 | 1.8% | -92.6% |
| Total revenue | $3.3M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 14% of revenue from unnamed direct customers (10-K, filed 2026-03-30).

## Company outlook (8-K filed 2026-10-05)

- "Preliminary Q3 Estimates: Per-Share Growth Metrics and Stronger Liquidity Alongside continued accumulation, the Company expects to report substantial growth in its per-share metrics and a stronger balance sheet as of September 30, 2026."
- "The anticipated September 30 metrics are preliminary, remain subject to finalization, and may differ from the Company's final reported results."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.17 | $-0.20 | -17.1% | $4.6M | 1 |
| Next quarter (ends 2026-12-31) | $-0.13 | $-0.32 | -59.4% | $6.1M | 1 |
| Current fiscal year (ends 2026-12-31) | $-3.07 | $-3.40 | -9.6% | $16.7M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.88 | $-0.98 | -10.7% | $23.0M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-11): ±29.1%; last 8 reports averaged ±8.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 126.8% | ±29.1% |
| 2026-12-18 | 56 | 100.8% | ±32.4% |
| 2027-01-15 | 84 | 116.8% | ±45.0% |
| 2027-04-16 | 175 | 110.7% | ±60.8% |