DeFi Development (DFDV) CFO has shares withheld to cover RSU taxes

Rhea-AI Filing Summary

DeFi Development Corp.’s Chief Financial Officer Han Fei reported a routine tax-related share disposition. On 2026-03-17, 3,217 shares of Common Stock were withheld at $5.11 per share to cover taxes on vesting restricted stock units, rather than sold in the open market.

After this withholding, Han Fei directly holds 371,705 Common shares. Indirectly, Defi Dev LLC, a manager-managed LLC of which he is a member, holds 468,517 Common shares and 1,000 shares of Series A Preferred Stock, with voting control exercised by Parker White as manager.

Insights

Equity compensation analyst

Routine tax withholding on RSU vesting; no open-market sale.

The filing shows 3,217 Common shares withheld at $5.11 per share to pay taxes on vesting restricted stock units. Code F and the footnote confirm this is a non-market, compensation-driven event rather than a discretionary sale.

Post-transaction, Han Fei still directly owns 371,705 Common shares, while Defi Dev LLC holds 468,517 Common and 1,000 Series A Preferred shares, with voting directed by manager Parker White. This scale of withholding versus total holdings indicates a routine adjustment tied to equity awards.

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^*

Han Fei

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

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	03/17/2026		F(1)		3,217	D	$5.11	371,705	D
Common Stock								468,517	I	By Defi Dev LLC(2)
Series A Preferred Stock								1,000	I	By Defi Dev LLC(2)

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

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

	/s/ John (Fei) Han	03/18/2026
	** 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)

FAQ

What did DeFi Development Corp. (DFDV) CFO Han Fei report in this Form 4?

Han Fei reported a routine tax-withholding transaction. 3,217 Common shares were withheld at $5.11 per share to pay taxes on vesting restricted stock units, rather than being sold in the open market.

Did the DeFi Development (DFDV) CFO sell shares in the market in this filing?

No open-market sale occurred. The 3,217 Common shares reported under code F were withheld by the company to cover tax obligations from RSU vesting, a standard equity compensation mechanism rather than a discretionary stock sale.

How many DeFi Development Corp. (DFDV) shares does Han Fei hold after the transaction?

After the tax withholding, Han Fei directly holds 371,705 Common shares. Indirectly, Defi Dev LLC holds 468,517 Common shares and 1,000 Series A Preferred shares, with voting authority exercised by its manager, Parker White.

What is the significance of the Series A Preferred Stock in Han Fei’s holdings?

Indirect holdings include 1,000 shares of Series A Preferred Stock through Defi Dev LLC. These preferred shares sit alongside 468,517 Common shares held by the LLC, with voting decisions made by Parker White as manager, according to the filing footnote.

Who controls voting for the DeFi Dev LLC shares reported in the DFDV Form 4?

Voting for the LLC-held securities is controlled by Parker White, the manager of Defi Dev LLC. The filing states that Han Fei is a member of the LLC, but Parker White, as manager, votes the Common and Series A Preferred shares.

Is the DeFi Development (DFDV) Form 4 transaction a strong bullish or bearish signal?

The transaction is neutral. It reflects 3,217 shares withheld for taxes on RSU vesting, a mechanical equity-compensation event. Han Fei retains substantial direct and indirect ownership, so the filing does not indicate a major change in his economic exposure.