[Form 4] DeFi Development Corp. Insider Trading Activity

Rhea-AI Filing Summary

DeFi Development Corp. (DFDV) insider Form 4 reports that Kang Daniel, the company's Chief Strategy Officer and a director, was granted a stock option on 09/19/2025 to purchase 57,500 shares of common stock at an exercise price of $16.93. The option is exercisable beginning 09/19/2026 and expires on 09/19/2035.

The award vests over four years: one-quarter vests on the first anniversary of the grant date and thereafter one thirty-sixth vests monthly for the following 36 months, subject to continued service. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 09/23/2025.

Positive

• 57,500 share option grant aligns the Chief Strategy Officer’s incentives with shareholder performance
• Standard four-year vesting schedule (25% at year one, then monthly) supports retention
• Long exercise window (exercisable beginning 09/19/2026, expires 09/19/2035) gives flexibility

Negative

• Potential dilution of 57,500 shares upon exercise (size relative to outstanding shares not disclosed)
• Grant lacks contextual metrics such as grant-date fair value, prior holdings, and company share count

Insights

Financial Analyst

TL;DR: Executive received a 57,500-share option with a four-year vesting schedule; routine incentive alignment for management.

The grant of 57,500 options to the Chief Strategy Officer represents a typical long-term incentive designed to align management with shareholder value creation. Key economic terms disclosed are an exercise price of $16.93, a first exercisable date of 09/19/2026, and a 10-year contractual life to 09/19/2035. The four-year vesting schedule (25% at year one, then monthly vesting) is standard market practice. The filing does not disclose grant-date fair value, prior holdings, or the company’s outstanding share count, which limits assessment of dilution and overall cost.

Corporate Governance Expert

TL;DR: Grant follows standard governance practices but disclosure lacks context needed to judge materiality.

The Form 4 properly documents an option grant to a named officer/director with clear vesting terms and dates. Use of an attorney-in-fact signature is noted. Material context missing from the filing includes the grant date fair value, the reporting person's pre-existing ownership position, and the company's total share count or equity pool usage. Without that context the governance implications (magnitude of incentive, dilution impact) cannot be fully evaluated from this filing alone.

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^*

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)
09/19/2025

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

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
Stock Option (Right to buy)	$16.93	09/19/2025		A		57,500		09/19/2026(1)	09/19/2035	Common Stock	57,500	$0.0000	57,500	D

Explanation of Responses:

1. 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	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 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

Who filed the Form 4 for DeFi Development Corp. (DFDV)?

The filing reports Kang Daniel, Chief Strategy Officer and director, as the reporting person, with the Form signed by an attorney-in-fact on 09/23/2025.

What security and amount were reported on the DFDV Form 4?

A stock option to purchase 57,500 shares of common stock was reported.

What is the exercise price and exercisability period for the DFDV option?

The option has an exercise price of $16.93, is first exercisable on 09/19/2026, and expires on 09/19/2035.

What is the vesting schedule for the option reported in the Form 4?

One-quarter vests on the first anniversary of the grant date, then 1/36 vests monthly for the next 36 months, fully vesting after four years, subject to continued service.

Does the Form 4 disclose the grant-date fair value or the reporting person’s prior holdings?

No. The filing does not disclose grant-date fair value, the reporting person’s existing holdings, or the company’s total share count.