[Form 3] DeFi Development Corp. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

DeFi Development Corp. (DFDV) Form 3 reports that Daniel Kang, listed as Chief Strategy Officer and officer of the issuer, disclosed beneficial ownership of 49,898.17 shares of common stock held indirectly through Defi Dev LLC and a direct stock option to purchase 122,500 shares at an exercise price of $3.91. The option first becomes exercisable on 04/09/2026 and expires on 04/09/2035; it vests over four years with 25% on the first anniversary and monthly vesting thereafter, subject to continued service. The filing was signed by an attorney-in-fact on 09/23/2025 and includes an Exhibit 24 power of attorney.

Positive

• Initial Section 16 disclosure filed, providing transparency on officer ownership
• Option grant details provided including exercise price ($3.91), amount (122,500 shares), and vesting schedule

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider disclosure showing modest indirect shareholding and a sizable option grant with multi-year vesting.

The Form 3 is an initial Section 16 filing documenting Mr. Kang's indirect ownership of 49,898.17 common shares via Defi Dev LLC and a direct option for 122,500 shares at $3.91. For investors this is a standard governance disclosure rather than an operational update; the option's four-year vesting schedule aligns management incentives with long-term service. No convertible or derivative terms beyond the option are reported, and there are no sales, transfers, or other transactions disclosed in this filing.

Corporate Governance Expert

TL;DR: Compliance filing appears complete and routine, documenting indirect ownership and standard vesting for an officer.

The filing identifies Mr. Kang as Chief Strategy Officer and reports indirect beneficial ownership through an LLC, which is clearly disclosed per Section 16 requirements. The inclusion of Exhibit 24 indicates an executed power of attorney for filing. From a governance standpoint, the disclosure fulfills reporting obligations; there are no departures, related-party transactions, or control changes noted that would raise immediate governance concerns.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Kang Daniel

(Last) (First) (Middle)

C/O DEFI DEVELOPMENT CORP.

6401 CONGRESS AVENUE, SUITE 250

(Street)

BOCA RATON FL 33487

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/19/2025

3. Issuer Name and Ticker or Trading Symbol
DeFi Development Corp. [ DFDV ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Strategy Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	49,898.17	I	Defi Dev LLC(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to buy)	04/09/2026(2)	04/09/2035	Common Stock	122,500	$3.91	D

Explanation of Responses:

1. Mr. Kang owns the current shares through his ownership in Defi Dev LLC, a manager-managed limited liability company.

2. The date shown is the first date exercisable. One-fourth (1/4th) of the total number of shares subject to the Option shall vest on the first anniversary of the grant date, and thereafter one-thirty-sixth (1/36th) shall vest on the same date of the month applicable to the first vesting date on each of the thirty-six (36) months that occur after the date shown, such that 100% of the shares subject to the Option will be vested on the four (4) year anniversary of the grant date, subject to the reporting person's continued service through each applicable vesting date.

Remarks:

Exhibit 24: Power of Attorney provided herewith.

	/s/ Bruce S. Rosenbloom, Attorney-in-Fact	09/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What shares does Daniel Kang report owning in DeFi Development Corp. (DFDV)?

He reports beneficial ownership of 49,898.17 common shares held indirectly through Defi Dev LLC.

What are the terms of the stock option disclosed on the Form 3 for DFDV?

A direct option to buy 122,500 common shares at an exercise price of $3.91, first exercisable 04/09/2026 and expiring 04/09/2035, with four-year vesting (25% at year one, then monthly).

What is Daniel Kang's role at DeFi Development Corp. as stated on the filing?

He is listed as the company's Chief Strategy Officer and an officer for Section 16 purposes.

Was the Form 3 signed and are any exhibits included?

Yes; the filing bears a signature by an attorney-in-fact on 09/23/2025 and references Exhibit 24 (Power of Attorney).

Is the reported ownership direct or indirect?

The 49,898.17 shares are reported as indirect via Defi Dev LLC; the option is reported as direct.