| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 2.66 | 817.2% |
| Total Income | 2.66 | 817.2% |
| Expenditure | 57.88 | 4847.0% |
| PBT | -83.39 | |
| Net Profit | -83.39 | 10591.0% |
| OPM | — | |
| NPM | — | |
| EPS | -3.18 | 478.2% |
DeFi Development Corp. Reports Q1 2026 Results, Repurchases $4.4M Convertibles
14 May 2026 · 14 May, 2:46 am
Summary
DeFi Development Corp. released its Q1 2026 Shareholder Letter and Business Update, highlighting a 108% year-over-year increase in SOL per share. The company repurchased $4.4 million of convertible notes at a 41% discount. They reaffirmed their June 2026 guidance of 0.075 SPS and maintain a long-term target of 1.0 SPS by December 2028. The company's treasury strategy focuses on accumulating and compounding Solana.
Key Highlights
- 1
DeFi Development Corp. reported SOL per share of 0.0670 as of May 13, 2026, up 108% year-over-year.
- 2
The company repurchased approximately $4.4 million in principal of July 2030 Convertible Notes for approximately $2.6 million in cash, a 41% discount to par.
- 3
June 2026 guidance of 0.075 SOL per share (fully converted) was reaffirmed, with a long-term target of 1.0 SOL per share by December 2028 remaining unchanged.
- 4
Total SOL and SOL equivalents amounted to 2,294,576 as of May 13, 2026, up 3% from March 30, 2026.
- 5
The company's validator operations generate approximately 20-30% higher block rewards than the network average.
Management Comments
Joseph Onorati
Since our last shareholder update on March 30th, 2026, SPS has grown approximately 1% to 0.0670, primarily due to organic yield as well as the retirement of a small portion of our convertible debt. In the last 6 weeks, we’ve repurchased approximately $4.4M in principal of our July 2030 Convertible Notes for approximately $2.6M in cash, or a blended average discount of approximately 41%. From day one of initiating our Solana treasury strategy, we said we would not be “the MSTR of SOL.” We deeply respect what Strategy has built. The capital markets playbook they pioneered is the foundation of every Digital Asset Treasury (“DAT”) in operation today, including ours. But we have always believed the MSTR playbook is a starting point, not a ceiling, and that DFDV can ultimately become something meaningfully different. Thank you for your continued trust. In Service of SPS Growth,
Informational and educational content only. Not investment advice.