DeFi Development Corp.DeFi Development Corp.DeFi Development Corp.

DeFi Development Corp.

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DFDV UPXI is around $3.65 and its the biggest SOL holder by far.

$DFDVx (which is DFDV on blockchain) is already trading above $60... Let's see what happens on Monday open.

Also, July 2nd shareholder letter - business update:

We are introducing a new metric, called Days to Flip mNAV or “DTF” – which tells us how
many days of sustained SPS growth it would take to “close the gap” on our current premium to
NAV. It is defined as:
log(mNAV) / log(1+ daily SPS growth rate)
When DTF is shrinking, it means we’re compounding SPS at a faster rate. As of June 30, 2025,
our DTF based on our current SPS growth rate was 55 Days. This is how long it would take, at
current SPS growth rates, for NAV per share to catch up to our equity value.



So it seems like mNAV will drop from 3.3 to 1 in 55 days (I think it's assuming that DFDV price doesn't change).

This is incredibly bullish!



DFDV In <50 days:
- Raised $66M at >1x NAV
- Acquired validator infra w/ strong yields
- Holds ~600K SOL (~0.1% supply, 0.0420 SPS)
- Partnered w/ Kraken, Bitgo, and Bonk
- Mgmt comp tied to SPS growth

DFDV Another day, another pump. How does it compare to sol strategies ?