DeFi Development Corp.
DFDV, DFDVW, DFUKF · Finance Services · 30.1M shares · +19%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$408K (gross $5K, SBC $413K)
Reference price $5.76 · est. market cap ~$173M — last insider purchase, 2025-12-10 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
F40DeFi Development Corp — micro firm with a Solana crypto-treasury strategy, deep losses.
Strengths
- High gross margin on small revenue; crypto-treasury holdings
Risks
- Operating margin -320%; leverage (D/E 1.28, 80th)
- Crypto-price dependence; going-concern risk
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -648.1%)
- Cash burnNegative free cash flow (-18.0M)
- Revenue declineRevenue -40.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
97.8%
Operating margin
-319.7%
Net margin
-648.1%
Return on equity
-74.3%
Return on assets
-24.0%
ROIC
-12.7%
Revenue growth (QoQ)
-40.6%
Debt / equity
1.3×
Current ratio
1.5×
Free cash flow
-$18M
EBITDA
-$35M
Tangible book value
$96M
Stock comp / revenue
14.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Han Fei | Tax withheld | 2.8K | $3.09 |
| 2026-05-17 | Han Fei | Tax withheld | 2.8K | $4.78 |
| 2026-04-17 | Han Fei | Tax withheld | 2.9K | $4.78 |
| 2026-04-04 | Townsend Adam R. | Grant | 28K | — |
| 2026-04-01 | JANOVER BLAKE | Tax withheld | 17K | $3.45 |
| 2026-04-01 | JANOVER BLAKE | Option exercise | 70K | — |
| 2026-03-17 | Han Fei | Tax withheld | 3.2K | $5.11 |
| 2026-02-17 | Perfumo Thomas J. | Grant | 7.0K | — |
| 2026-02-17 | Han Fei | Grant | 375K | — |
| 2026-02-17 | Tai Zachary Aris | Grant | 5.0K | — |
| 2026-02-17 | Caragol William J | Grant | 2.0K | — |
| 2026-01-27 | Stern Hadley R. | Grant | 16K | — |
| 2025-12-10 | White Parker | Buy | 18K | $5.76 |
| 2025-11-25 | White Parker | Buy | 7.0K | $6.90 |
| 2025-11-25 | Kang Daniel | Buy | 4.2K | $6.90 |
| 2025-11-25 | White Parker | Buy | 3.0K | $6.94 |
| 2025-11-21 | Kang Daniel | Other | 3.0K | — |
| 2025-11-21 | Kang Daniel | Other | 3.0K | — |
| 2025-11-21 | White Parker | Other | 242K | — |
| 2025-11-21 | White Parker | Other | 395K | — |
| 2025-11-21 | White Parker | Other | 271K | $4.96 |
| 2025-11-21 | Onorati Joseph Mario | Other | 271K | $4.96 |
| 2025-10-21 | Perfumo Thomas J. | Grant | 7.0K | — |
| 2025-07-31 | Tai Zachary Aris | Grant | 2.5K | — |
| 2025-05-01 | White Parker | Grant | 86K | $34.72 |
| 2025-04-04 | JANOVER BLAKE | Sell | 729K | $4.90 |
| 2025-04-04 | JANOVER BLAKE | Sell | 10K | $42.97 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | OtherExhibits | filing ↗ |
| 2026-06-10 | Exec/director changeExhibits | filing ↗ |
| 2026-05-13 | ResultsExhibits | filing ↗ |
| 2026-05-01 | Material agreementExhibits | filing ↗ |
| 2026-04-06 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-04-06 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-03-30 | ResultsExhibits | filing ↗ |
| 2026-02-19 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-25 | 0001805526-26-000050 ↗ |
| 8-K | 2026-06-10 | 2026-06-08 | 0001805526-26-000046 ↗ |
| 10-Q | 2026-05-19 | 2026-03-31 | 0001805526-26-000040 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001805526-26-000031 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0001805526-26-000029 ↗ |
| 8-K | 2026-04-06 | 2026-03-31 | 0001805526-26-000009 ↗ |
| 8-K | 2026-04-06 | 2026-04-04 | 0001805526-26-000010 ↗ |
| 10-K | 2026-03-30 | 2025-12-31 | 0001805526-26-000006 ↗ |
| 8-K | 2026-03-30 | 2026-03-30 | 0001805526-26-000005 ↗ |
| 8-K | 2026-02-19 | 2026-02-17 | 0001213900-26-018400 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001213900-26-017324 ↗ |
| 8-K | 2026-01-29 | 2026-01-27 | 0001213900-26-009173 ↗ |