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DeFi Development Corp. CEO & Chairman Joseph Mario Onorati received a grant of 22,639 stock options on March 31, 2026. The options were awarded at a grant price of $0.00 per option and have an exercise price of $22.50 per share of common stock.
The award was issued as an adjustment to outstanding equity awards related to a prior warrant dividend distributed to common shareholders on October 27, 2025. The option is fully vested and exercisable on the grant date and covers 22,639 underlying shares, which also represents his total reported derivative holdings after this transaction.
DeFi Development Corp. reported that Chief Strategy Officer Kang Daniel received a grant of stock options covering 11,655 shares of common stock. The options have an exercise price of $22.50 per share and were granted at no cost as an equity award adjustment.
According to the disclosure, the option grant was made in connection with a warrant dividend distributed to DeFi Development Corp. common shareholders on October 27, 2025. The options are fully vested and exercisable on the grant date, and following this transaction Kang Daniel holds 11,655 stock options directly.
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.
DeFi Development Corp. radically reshaped its business in 2025, pivoting from a pure real estate tech platform to a dual model built around a Solana-focused digital asset treasury and its existing commercial real estate platform. The company raised $378.5 million through financing transactions to buy SOL and related assets, began operating Solana validators, and generated $9.2 million in digital asset revenue, helping total revenue climb to $11.4 million, up 442% year over year.
This aggressive move came with heavy costs. Impairments and volatility in SOL and liquid staking tokens drove a $27.0 million net loss on digital assets, while higher professional fees, employee costs, and a $2.0 million loss on the JPro disposal pushed operating expenses up more than 300%. Combined with $8.9 million of interest expense and $19.8 million of losses from derivative instruments, DeFi Dev reported a net loss of $73.8 million, compared with a $2.7 million loss in 2024.
The Real Estate Platform remained modest but stable, with revenue of $2.2 million, largely from platform and SaaS subscription fees. Management emphasizes long-term exposure to Solana, acknowledging significant regulatory, technological, custody, leverage, and price risks tied to SOL, including potential reclassification issues under securities and investment company laws, cybersecurity threats, and dependence on the Solana Foundation and core developers.
DeFi Development Corp. reported FY 2025 revenue growth of 442% but a net loss of $(73.8)M, driven mainly by unrealized losses on digital assets under fair value accounting. Its Digital Asset Treasury segment generated $9 in revenue and Q4 Annualized Organic Yield was 8.3%, below the 10% target.
The company revised and reaffirmed its June 2026 SOL-per-share (SPS) guidance to 0.085, down from 0.165, citing broad multiple compression across the digital asset treasury space. As of March 30, 2026, SPS was 0.0754, with 2,223,074 SOL and 29,497,394 shares outstanding. Management maintains a long-term SPS target of 1.0 by December 2028.
The company highlighted over 600% equity returns in 2025, closed $164M in convertible debt and $149M in equity PIPEs, raised about $60M via a $5B equity line of credit, and sold its ZeroStack stake for roughly $3M. It also made a strategic investment in Apyx and continues to build a Solana-focused treasury and DeFi platform while emphasizing SPS growth as its primary performance metric.
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.
DeFi Development Corp. director Haskell Samuel Drayton reported receiving a grant of stock options for 10,500 shares on a derivative basis. The options were awarded at an exercise price of $0.0000 per share, giving him direct beneficial ownership of 10,500 options after the transaction.
According to the footnotes, these figures reflect a 7-for-1 forward stock split that becomes effective on May 19, 2025, and the options became fully vested on April 4, 2025 upon a change in control of the issuer.
DeFi Development Corp. director Marcelo Lemos reported receiving a grant of stock options covering 69,650 shares at an exercise price of $0.00 per share. These options are held directly by him.
The reported option amount reflects a 7-for-1 forward stock split effective on May 19, 2025. According to the disclosure, the options became fully vested on April 4, 2025 upon a change in control of DeFi Development Corp.
DeFi Development Corp. director Perfumo Thomas J. received an equity award in the form of restricted stock units. The filing reports a grant of 7,000 shares of common stock on a grant, award, or other acquisition basis at a stated price of $0.0000 per share.
According to the footnote, these RSUs vest in equal monthly installments, with one-twelfth of the total shares vesting each month after the grant date so that all 7,000 shares are scheduled to vest by the one-year anniversary, subject to his continued service. Following this grant, Perfumo Thomas J. directly holds 14,000 shares of common stock.
Kang Daniel reported acquisition or exercise transactions in this Form 4 filing.
DeFi Development Corp. Chief Strategy Officer Kang Daniel received a grant of stock options covering 265,256 shares on 2026-02-17. The options are reported at a price of 0.0000 per share and are held as direct ownership.
According to the terms, one-forty-eighth of the total options vest each month starting on the first exercisable date, so all 265,256 options are scheduled to fully vest by the four-year anniversary of the grant date, if he continues in service through each vesting date.