DeFi Development (DSDV) Registration Filing summary

Company overview and business model

• Recently rebranded from Janover Inc. to DeFi Development Corp., focusing on digital asset treasury management, particularly Solana (SOL), and operating Solana validators to earn staking rewards.

• Headquarters in Boca Raton, FL, with a history in AI-powered commercial real estate platforms, now pivoting to a crypto-centric strategy.

• Implements a treasury policy allocating principal reserves to digital assets, starting with long-term accumulation of SOL.

Financial performance and metrics

• As of April 23, 2025, acquired approximately $48.2 million in SOL, including staking rewards.

• Issued $41.95 million in convertible notes, convertible into common stock at $68.19 per share, with 2.5% annual interest, maturing April 6, 2030.

• 1,579,946 shares of common stock outstanding as of April 24, 2025.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including further acquisition of Solana, working capital, R&D, and potential acquisitions.

• Management retains broad discretion over allocation of proceeds, with a focus on expanding SOL holdings.