Here are the 10-K annual reports from DeFi Development Corp. (DFDV) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow DFDV and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full DFDV filings page.
DeFi Development Corp. radically reshaped its business in 2025, pivoting from a pure real estate tech platform to a dual model built around a Solana-focused digital asset treasury and its existing commercial real estate platform. The company raised $378.5 million through financing transactions to buy SOL and related assets, began operating Solana validators, and generated $9.2 million in digital asset revenue, helping total revenue climb to $11.4 million, up 442% year over year.
This aggressive move came with heavy costs. Impairments and volatility in SOL and liquid staking tokens drove a $27.0 million net loss on digital assets, while higher professional fees, employee costs, and a $2.0 million loss on the JPro disposal pushed operating expenses up more than 300%. Combined with $8.9 million of interest expense and $19.8 million of losses from derivative instruments, DeFi Dev reported a net loss of $73.8 million, compared with a $2.7 million loss in 2024.
The Real Estate Platform remained modest but stable, with revenue of $2.2 million, largely from platform and SaaS subscription fees. Management emphasizes long-term exposure to Solana, acknowledging significant regulatory, technological, custody, leverage, and price risks tied to SOL, including potential reclassification issues under securities and investment company laws, cybersecurity threats, and dependence on the Solana Foundation and core developers.