Director at DeFi Development (DFDV) receives 16,795 stock options

Rhea-AI Filing Summary

DeFi Development Corp. director William J. Caragol reported a grant of stock options linked to the company’s common stock. He received options for 16,795 shares with an exercise price of $22.50 per share, fully vested and exercisable on the March 31, 2026 grant date, expiring January 21, 2028.

The footnotes state this grant adjusts his outstanding equity awards in connection with a warrant dividend DeFi Development Corp. distributed to its common stockholders on October 27, 2025, making this a compensation-related equity adjustment rather than an open‑market trade.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Caragol William J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to buy)	16,795	$0.00	--

Holdings After Transaction: Stock Option (Right to buy) — 16,795 shares (Direct)

Footnotes (1)

1. The 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

Stock options granted: 16,795 options Exercise price: $22.50 per share Expiration date: January 21, 2028 +3 more

6 metrics

Stock options granted 16,795 options Grant to director William J. Caragol

Exercise price $22.50 per share Stock option strike price

Expiration date January 21, 2028 Option term end

Grant/vest date March 31, 2026 Fully vested and exercisable on grant

Derivative holdings after grant 16,795 options Total stock options following transaction

Underlying shares 16,795 shares Common stock underlying granted options

Key Terms

Stock Option (Right to buy), warrant dividend, fully vested and exercisable, Grant, award, or other acquisition

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."

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

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^*

Caragol William J

(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)

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

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		16,795(1)		03/31/2026(2)	01/21/2028	Common Stock	16,795	$0.0000	16,795	D

Explanation of Responses:

1. The 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/ William J. Caragol	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)

FAQ

What insider transaction did DFDV director William J. Caragol report?

William J. Caragol reported receiving a grant of stock options for 16,795 shares of DeFi Development Corp. common stock. The options were granted as an adjustment to his existing equity awards related to a prior warrant dividend and are fully vested on the grant date.

What are the key terms of William Caragol’s DFDV stock option grant?

The grant covers 16,795 stock options with an exercise price of $22.50 per share. The options were fully vested and exercisable on March 31, 2026, and have an expiration date of January 21, 2028, providing a defined exercise window.

Why did DeFi Development adjust William Caragol’s equity awards?

The stock option grant was issued as an adjustment to William Caragol’s outstanding equity awards. This adjustment reflects the warrant dividend that DeFi Development Corp. distributed to holders of its common stock on October 27, 2025, aligning his awards with that corporate action.

Is William Caragol’s DFDV Form 4 transaction an open-market trade?

No, the Form 4 shows a grant of stock options as compensation, not an open-market purchase or sale. The transaction is coded as an award (code A) and represents an option grant adjusting prior equity awards tied to a warrant dividend, rather than trading in the market.

How many DFDV derivative securities does William Caragol hold after this grant?

After the transaction, William Caragol holds 16,795 stock options according to the filing. These options are directly owned, fully vested on the grant date, and give him the right to buy DeFi Development Corp. common stock at $22.50 per share until January 21, 2028.