DeFi Development (DSDV) Investor presentation summary

Industry context and strategy

• Public market treasury strategies are transforming crypto accumulation, with notable examples like MicroStrategy and GameStop adopting aggressive crypto treasury approaches.

• Holding crypto on balance sheets has historically driven significant equity outperformance, as seen with MSTR's 1,180% stock increase versus BTC's 858% rise since 2020.

• DFDV is positioned as the first public company focused on accumulating and compounding SOL, leveraging a model designed for rapid and efficient SOL acquisition.

• DFDV leads among digital asset treasury (DAT) stocks in 2025, being the only SOL DAT with positive returns post-treasury launch.

• The company has raised over $370M in capital, with 2.2M SOL held and a net asset value (NAV) of $294M as of early 2026.

Differentiation from legacy and ETF structures

• Traditional exchanges and ETFs are limited by high fees, lack of compounding, and suboptimal yield, while DFDV offers onchain yield and enhanced exposure.

• DFDV's approach includes discounted locked SOL access, validator operations for higher staking yields (~7% vs. Coinbase's 4.2%), and risk-managed DeFi strategies.

• Convertible bond offerings and stablecoin strategies are used to fund SOL purchases and provide uncorrelated yield.

• The company projects significant growth in SOL per share (SPS), targeting 0.165 SPS by June 2026 and 1.0 SPS by December 2028.

Solana market opportunity

• Solana is highlighted as a high-upside asset with a $75B market cap, strong fundamentals, and significant liquidity for capital deployment.

• In 2025, Solana processed 33B transactions and saw 1B new wallets created, outpacing all other blockchains.

• Solana led tokenized equity volume with $2.9B in just six months post-launch, surpassing other chains.

• The total addressable market (TAM) for Solana spans all global value transfer, with projections suggesting substantial price appreciation potential.