DeFi Development (DSDV) Registration Filing summary

Company overview and business model

• Recently rebranded from Janover Inc. to DeFi Development Corp., shifting focus to digital assets and blockchain infrastructure, particularly Solana (SOL).

• Acquired Solana validator and nodes, integrating blockchain operations into core business.

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

• Maintains legacy AI-powered commercial real estate platform under new management.

Financial performance and metrics

• As of May 20, 2025, 14,508,774 shares of common stock outstanding.

• Raised $41.95 million via convertible notes and $24 million through a PIPE transaction in 2025.

• Purchased approximately $100 million in SOL, including staking rewards.

Use of proceeds and capital allocation

• Net proceeds from offerings intended for general corporate purposes, including further acquisition of Solana, working capital, R&D, and potential acquisitions.

• Management retains broad discretion over allocation of proceeds.