DeFi Development Buys $16M SOL at $111, But Stock Value Per Share Drops 25%

DeFi Development ￰1￱ 86,307 SOL for approximately $16 million at an average price of $110.91, increasing its treasury by 4.7% to 2,195,926 SOL worth $426 million. However, the Nasdaq-listed firm’s SOL per share metric dropped to $14.67 from $19.44 recorded in September, a 25% decline despite the ￰2￱ company reported 28,888,178 shares outstanding, although the figure includes 2,803,058 pre-funded warrants that have already been exercised, with 2,978,578 warrants ￰3￱ all warrants, the adjusted share count reaches approximately 31.9 million, creating dilution that outpaced treasury ￰4￱ Development stated it does not anticipate SOL per share falling below the pre-financing level of 0.0675 “ even after full warrant impact—reinforcing continued SPS growth. “ 1/ Can't stop stackin', won't stop stackin'!

Today, we announce that $DFDV has acquired an additional 86,307 $SOL , bringing our total treasury holdings to 2,195,926 ￰5￱ latest purchase represents a +4.7% increase from our prior ￰6￱ — DeFi Dev Corp. (DFDV) (@defidevcorp) October 16, 2025 The newly acquired SOL will be staked to validators, including the company’s own infrastructure, to generate native ￰7￱ treasury decline followed broader struggles across digital asset treasury companies. Metaplanet’s shares dropped 70% from mid-June highs, with its enterprise value falling below Bitcoin reserves as mNAV hit 0.99. A quarter of all public Bitcoin holders now trade at market values below their ￰8￱ Treasury mNAV Premiums Compress Sector-Wide DeFi Development ranks among the three largest public Solana holders, though Forward Industries leads with nearly 7 million tokens, more than the next three largest treasuries ￰9￱ Solana holdings exceed $3 billion across 20 participants, representing about 3.52% of the circulating ￰10￱ company’s stock performance contrasts with its aggressive accumulation ￰11￱ remain up 1,898% year-to-date but trade 61% below their May peak of $35.53, a pattern observed across digital asset treasuries facing valuation compression.

K33 Research reports that the average mNAV across treasury firms dropped from 3.76 in April to 2.8 , while daily Bitcoin accumulation slowed to 1,428 BTC in September, the weakest pace since May. Metaplanet's mNAV hits 0.99, trading below $3.4B Bitcoin reserves as one in four treasury firms are trading at discount, with corporate buying down 95% since July. #Metaplanet #Bitcoin ￰0￱ — ￰12￱ (@cryptonews) October 14, 2025 Monthly corporate adoption has also declined by 95% since July, with just one company adopting Bitcoin in September, compared to 21 in ￰13￱ Inc.’s mNAV premium crashed from 3.89x in November 2024 to 1.44x following IBIT ETF options ￰14￱ bellwether firm’s monthly Bitcoin purchases plummeted from 134,000 BTC to 3,700 BTC in August 2025, although it holds 640,250 BTC, with unrealized gains of over $24 ￰15￱ Programs and Warrant Dilution Create Competing Pressures DeFi Development expanded its share repurchase program to $100 million in September , up from an initial authorization of $1 ￰16￱ board approved flexible buybacks under Rule 10b-18, with an initial $10 million threshold requiring management notification before ￰17￱ company has raised $42 million since April to fund its Solana strategy through a $5 billion equity line of credit, with only 0.4% of the amount ￰18￱ recently closed a $125 million equity raise while simultaneously pursuing buybacks, creating competing pressures on share ￰19￱ Development was founded by former Kraken employees and executes a strategy of buying and staking SOL and Solana-related tokens, including Dogwifhat ￰20￱ firm offers validator services for crypto exchange Kraken and participates in DeFi opportunities across Solana’s ￰21￱ a result of these broader problems with digital asset treasuries, several treasury companies resorted to debt-funded ￰22￱ secured $80 million from Cumberland DRW for a $250 million buyback after its value fell 76% from August ￰23￱ Digital expanded its debt facility to $85 million, despite holding $476 million in Bitcoin, which exceeds its $378 million market ￰24￱ for assets without yields, such as Bitcoin, VanEck has previously warned in June that companies approaching parity with their holdings risk “ erosion ” rather than “ capital formation ,” recommending that they pause share issuances if stocks trade below 0.95x NAV for 10 or more trading ￰25￱ last month, Coinbase Research also warned that the treasury sector is transitioning from guaranteed premiums to a “ player-versus-player ” competitive phase, where most participants face potential failure during adverse credit cycles.