[Form 4] DeFi Development Corp. Insider Trading Activity

Rhea-AI Filing Summary

DeFi Development Corp. reported that Chief Financial Officer Han Fei received a grant of stock options covering 13,568 shares of common stock. The options have an exercise price of $22.50 per share, expire on January 21, 2028, and are fully vested and exercisable on the grant date.

The filing states this option grant was made as an adjustment to outstanding equity awards in connection with a warrant dividend that DeFi Development Corp. distributed to its common stockholders on October 27, 2025. Following the grant, Han Fei holds 13,568 derivative securities of this option series directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Han Fei

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to buy)	13,568	$0.00	--

Holdings After Transaction: Stock Option (Right to buy) — 13,568 shares (Direct)

Footnotes (1)

1. This option was granted as an adjustment to outstanding equity awards in connection with the warrant dividend distributed by DeFi Development Corp. to its holders of common stock on October 27, 2025. This option is fully vested and exercisable on the date of grant.

Key Figures

Options granted: 13,568 options Exercise price: $22.50 per share Underlying shares: 13,568 shares +4 more

7 metrics

Options granted 13,568 options Stock Option (Right to buy) granted to CFO Han Fei

Exercise price $22.50 per share Conversion or exercise price of the option grant

Underlying shares 13,568 shares Common stock underlying the new option grant

Post-grant derivative holdings 13,568 derivative securities Total options held following the transaction

Grant date March 31, 2026 Transaction and grant date for the stock options

Expiration date January 21, 2028 Expiration of the stock option grant

Related warrant dividend date October 27, 2025 Date of warrant dividend prompting award adjustment

Key Terms

Stock Option (Right to buy), warrant dividend, fully vested and exercisable, underlying security

4 terms

Stock Option (Right to buy) financial

"security_title: "Stock Option (Right to buy)""

warrant dividend financial

"in connection with the warrant dividend distributed by DeFi Development Corp."

A warrant dividend is a payment to shareholders made in the form of warrants—receipts that give the holder the right to buy company shares at a set price in the future—instead of cash. It matters because it can boost potential upside like a coupon that lets you buy more stock later, but it can also dilute existing ownership and affect share value when the warrants are exercised, so investors should weigh future opportunity against possible dilution.

fully vested and exercisable financial

"This option is fully vested and exercisable on the date of grant."

underlying security financial

"underlying_security_title: "Common Stock" and underlying_security_shares"

Form 4 Insider Transactions: What Each Field Means →

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^*

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)
03/31/2026

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

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)	$22.5	03/31/2026		A		13,568(1)		03/31/2026(2)	01/21/2028	Common Stock	13,568	$0.0000	13,568	D

Explanation of Responses:

1. This option was granted as an adjustment to outstanding equity awards in connection with the warrant dividend distributed by DeFi Development Corp. to its holders of common stock on October 27, 2025.

2. This option is fully vested and exercisable on the date of grant.

	/s/ John (Fei) Han	04/02/2026
	** 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)