[Form 4] DeFi Development Corp. Insider Trading Activity

Rhea-AI Filing Summary

DeFi Development Corp. (DFDV) Chief Financial Officer Fei Han filed a Form 4 reporting equity awards and ownership changes. He reports indirect ownership of 468,517 shares of common stock and 1,000 shares of Series A preferred stock through Defi Dev LLC. The filing notes a 7-for-1 forward stock split effective May 21, 2025.

Mr. Han received 46,852 warrants to buy common stock at an exercise price of $22.50 per share, stemming from a warrant dividend declared October 8, 2025, at a rate of one warrant for every ten common shares held as of October 23, 2025, and a related pro rata distribution by Defi Dev LLC. He also holds a stock option for 180,985 shares at $3.91 per share, first exercisable on April 9, 2026, with vesting over four years, ending April 9, 2035.

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

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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)

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 Financial 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								468,517(1)	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
Warrant (Right to buy)	$22.5	11/21/2025		J		46,852(3)		11/16/2025	01/21/2028	Common Stock	46,852	$0.0000	46,852	D
Warrant (Right to buy)	$22.5	10/27/2025		J		46,852(4)		11/16/2025	01/21/2028	Common Stock	46,852	$0.0000	46,852	I	By Defi Dev LLC(2)
Warrant (Right to buy)	$22.5	11/21/2025		J			46,852(3)	11/16/2025	01/21/2028	Common Stock	46,852	$0.0000	0.0000	I	By Defi Dev LLC(2)
Stock Option (Right to buy)	$3.91							04/09/2026(5)	04/09/2035	Common Stock	180,985		180,985	D

Explanation of Responses:

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

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.

3. Represents a pro rata distribution by Defi Dev LLC to its Class A members.

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 46,852 warrants to purchase DFDV common stock.

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

Fei Han reported indirect ownership of 468,517 shares of common stock and 1,000 shares of Series A preferred stock via Defi Dev LLC, along with warrant and stock option holdings.

How many DFDV warrants did the CFO receive and at what exercise price?

He received 46,852 warrants to purchase DFDV common stock, each with an exercise price of $22.50 per share.

What is the source of the 46,852 DFDV warrants reported by the CFO?

The warrants came from a warrant dividend declared on October 8, 2025, at 1 warrant for every 10 shares of common stock held on October 23, 2025, and from a related pro rata distribution by Defi Dev LLC.

What stock option grant did Fei Han report for DFDV?

He reported a stock option for 180,985 shares of common stock with an exercise price of $3.91 per share, first exercisable on April 9, 2026 and expiring on April 9, 2035.

How does the DFDV CFO’s stock option vest?

One-fourth of the option vests on the first anniversary of the grant date, and the remaining shares vest in 36 equal monthly installments so that all shares are vested on the four-year anniversary, subject to continued service.

What stock split is mentioned in the DFDV Form 4 filing?

The filing states that the reported holdings reflect a 7-for-1 forward stock split that became effective on May 21, 2025.

In what capacity is Fei Han related to DeFi Development Corp. (DFDV)?

Fei Han is reported as an officer of DeFi Development Corp., serving as its Chief Financial Officer, and also as a member of Defi Dev LLC, which holds certain securities.