DeFi Development director exercises 70K RSUs

DeFi Development Corp. director Blake Janover exercised 70,000 restricted stock units into common stock and had shares withheld for taxes.

Rhea-AI Filing Summary

DeFi Development Corp. director Blake Janover exercised 70,000 restricted stock units into common stock and had shares withheld for taxes. On this vesting event, 70,000 RSUs converted into 70,000 shares of common stock at an exercise price of $0.00 per share.

To cover tax obligations, 17,045 common shares were withheld at $3.45 per share, a non-market, tax-withholding disposition. After these transactions, Janover directly holds 61,236 shares of common stock. Footnotes note a 7-for-1 forward stock split effective on May 21, 2025 and that all shares under an April 9, 2025 restricted stock award became fully vested in connection with a separation agreement.

Insider Trade Summary

70,000 shares exercised/converted

Exercise 3 txns

Insider JANOVER BLAKE

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	70,000	$0.00	$0.00
Exercise	Common Stock	70,000	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	17,045	$3.45	$59K

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Stock — 61,236 shares (Direct)

Footnotes (3)

1. F1. Represents shares of Defi Development Corp. Common Stock withheld for payment of taxes due in connection with the vesting of restricted stock units.
2. F2. Reflects a 7-for-1 forward stock split effective on May 21, 2025.
3. F3. In connection with a separation agreement between the reporting person and the issuer, all shares subject to the reporting person's award of restricted stock granted by the issuer on April 9, 2025 became fully vested.

Key Figures

RSUs exercised: 70,000 shares Shares withheld for taxes: 17,045 shares at $3.45 Shares owned after transactions: 61,236 shares +1 more

4 metrics

RSUs exercised 70,000 shares Restricted stock units converted to common stock on April 1, 2026

Shares withheld for taxes 17,045 shares at $3.45 Tax-withholding disposition on April 1, 2026

Shares owned after transactions 61,236 shares Common stock directly held by Blake Janover after April 1, 2026

Forward stock split ratio 7-for-1 Forward stock split effective May 21, 2025

Key Terms

Restricted Stock Units, tax-withholding disposition, forward stock split, separation agreement

4 terms

Restricted Stock Units financial

"security_title: "Restricted Stock Units""

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

forward stock split financial

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

A forward stock split is when a company increases the number of its shares by dividing each existing share into smaller parts. This makes the stock price lower and more affordable for investors, similar to splitting a pizza into more slices so everyone can get a smaller piece. It doesn't change the company's total value, just how it's divided among shareholders.

separation agreement financial

"In connection with a separation agreement between the reporting person and the issuer, all shares ... became fully vested."

A separation agreement is a written contract that spells out the financial and legal terms when an employee and a company part ways, such as final pay, severance, continued benefits, confidentiality, and any release of claims. For investors, it matters because these agreements determine immediate costs, potential future liabilities, and whether departing staff are restricted from competing or disclosing information—factors that can affect a company’s cash flow, risk profile, and leadership continuity.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did DeFi Development Corp. (DFDV) report for Blake Janover?

DeFi Development Corp. reported that director Blake Janover exercised 70,000 restricted stock units into 70,000 shares of common stock. This vesting event reflects compensation-related equity becoming fully owned shares rather than a market purchase of stock.

How many DeFi Development Corp. (DFDV) shares were withheld for taxes in this Form 4?

In this Form 4, 17,045 shares of DeFi Development Corp. common stock were withheld to pay taxes. The shares were valued at $3.45 each, reflecting a tax-withholding disposition rather than an open-market sale by the director.

How many DeFi Development Corp. (DFDV) shares does Blake Janover own after the reported transactions?

Following the reported transactions, Blake Janover directly owns 61,236 shares of DeFi Development Corp. common stock. This figure reflects the net position after 70,000 shares were received from RSU vesting and 17,045 shares were withheld to satisfy tax obligations.

What does the Form 4 say about DeFi Development Corp.’s stock split?

The Form 4 notes a 7-for-1 forward stock split for DeFi Development Corp. effective on May 21, 2025. This means each pre-split share became seven shares, affecting historical share and award amounts shown in the filing’s footnotes.

Why did Blake Janover’s restricted stock units at DeFi Development Corp. fully vest?

The filing explains that all shares under Blake Janover’s April 9, 2025 restricted stock award fully vested in connection with a separation agreement with DeFi Development Corp. This agreement accelerated vesting, turning previously unvested RSUs into fully vested shares.

Is the tax-related share disposition in the DeFi Development Corp. Form 4 an open-market sale?

No, the disposition is not an open-market sale. The Form 4 classifies 17,045 shares as withheld to pay taxes due on RSU vesting, using transaction code F, which represents a tax-withholding mechanism rather than a discretionary sale into the market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/03/2026 - 04:00 PM EDT Learn about SEC filing dates

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
Estimated average burden
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^*

JANOVER BLAKE

(Last) (First) (Middle)

C/O DEFI DEVELOPMENT CORP.

6401 CONGRESS AVENUE, SUITE 250

(Street)

BOCA RATON FLORIDA 33487

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

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

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

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

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	04/01/2026		M		70,000	A	$0.0000	78,281	D
Common Stock	04/01/2026		F(1)		17,045	D	$3.45	61,236	D

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
Restricted Stock Units	$0.0000	04/01/2026		M			70,000(2)	(3)	01/01/2029	Common Stock	70,000	$0.00	0.0000	D

Explanation of Responses:

1. Represents shares of Defi Development Corp. Common Stock withheld for payment of taxes due in connection with the vesting of restricted stock units.

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

3. In connection with a separation agreement between the reporting person and the issuer, all shares subject to the reporting person's award of restricted stock granted by the issuer on April 9, 2025 became fully vested.

	/s/ Blake Janover	04/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)