[Form 4] DeFi Development Corp. Insider Trading Activity

Rhea-AI Filing Summary

DeFi Development Corp. (DFDV) reported insider activity by its Chief Strategy Officer, who filed as a single reporting person. On 10/27/2025 and 11/21/2025, he was involved in pro rata distributions of 2,981 shares of common stock between his direct holdings and Defi Dev LLC, where he is a member. On 11/25/2025, he purchased an additional 4,200 shares of common stock at $6.9 per share, bringing his directly held position to 7,181 shares, with a further 46,852 shares held indirectly through Defi Dev LLC.

The filing also shows warrant and option positions. He holds 4,983 warrants to buy common stock at $22.5 per share received as a warrant dividend, and stock options for 122,500 shares at $3.91 and 57,500 shares at $16.93. These options vest over four years under a standard schedule, with the first tranche vesting one year after grant and monthly vesting thereafter.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/27/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/21/2025		J		2,981(1)	A	$0.0000	2,981	D
Common Stock	11/25/2025		P		4,200	A	$6.9	7,181	D
Common Stock	11/21/2025		J		2,981(1)	D	$0.0000	46,852(2)	I	By Defi Dev LLC(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant (Right to buy)	$22.5	11/21/2025		J(1)		4,983		11/16/2025	01/01/2028	Common Stock	4,983	$0.0000	4,983	D
Warrant (Right to buy)	$22.5	10/27/2025		J		4,983(4)		11/16/2025	01/21/2028	Common Stock	4,983	$0.0000	4,983	I	By Defi Dev LLC(3)
Warrant (Right to buy)	$22.5	11/21/2025		J(1)			4,983	11/16/2025	01/21/2028	Common Stock	4,983	$0.0000	0.0000	I	By Defi Dev LLC(3)
Stock Option (Right to buy)	$3.91(5)							04/09/2026(6)	04/09/2035	Common Stock	122,500(5)		122,500(5)	D
Stock Option (Right to buy)	$16.93							09/19/2026(6)	09/19/2035	Common Stock	57,500		57,500	D

Explanation of Responses:

1. Represents a pro rata distribution from Defi Dev LLC of which the reporting person is a member.

2. The amount shown reflects a correction of 67.17 shares of common stock inadvertently over reported on the reporting person's Form 3 filed on September 23, 2025.

3. Mr. Kang is a member of Defi Dev LLC, a manager-managed limited liability company. The securities herein are voted by Parker White serving as manager of Defi Dev LLC.

4. On October 8, 2025, DFDV declared a warrant dividend of warrants to purchase common stock in the amount of 1 warrant for each 10 shares of common stock held by each shareholder of record on October 23, 2025. The warrants were distributed on or around October 27, 2025. As a result, the reporting person received 4,983 warrants to purchase DFDV common stock.

5. Reflects a 7-for-1 forward stock split effective on May 21, 2025.

6. 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.

	/s/ Bruce S. Rosenbloom, Attorney-in-Fact	11/25/2025
	** 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 4 (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 insider activity did DeFi Development Corp. (DFDV) report in this Form 4?

The Chief Strategy Officer reported common stock transactions, including pro rata distributions of 2,981 shares and an open-market purchase of 4,200 shares at $6.9 per share.

How many DeFi Development (DFDV) shares does the insider own after these transactions?

After the reported transactions, the insider beneficially owns 7,181 shares of common stock directly and 46,852 shares indirectly through Defi Dev LLC.

What is Defi Dev LLC’s role in the DFDV Form 4 disclosure?

Defi Dev LLC holds 46,852 DFDV shares and certain warrants indirectly for the insider. The insider is a member, and the securities are voted by Parker White as manager of Defi Dev LLC.

What warrant positions does the DeFi Development (DFDV) insider hold?

The insider holds 4,983 warrants to purchase DFDV common stock at an exercise price of $22.5 per share, received as a warrant dividend based on existing share ownership.

What stock options are disclosed for the DFDV Chief Strategy Officer?

He holds stock options for 122,500 shares at an exercise price of $3.91 and 57,500 shares at $16.93, with vesting over four years, starting one year after each grant date.

How does the vesting schedule work for the DFDV stock options?

For each option grant, one-fourth of the shares vest on the first anniversary of the grant date, and one-thirty-sixth vests monthly thereafter so that 100% vests by the fourth anniversary, subject to continued service.

Why did the DFDV insider receive 4,983 warrants?

DFDV declared a warrant dividend of 1 warrant for each 10 shares of common stock held by shareholders of record, resulting in the insider receiving 4,983 warrants to purchase DFDV common stock.