DeFi Development (DSDV) Registration Filing summary

Company overview and business model

• Operates an AI-powered online platform connecting commercial real estate borrowers and lenders, offering data, software subscriptions, and value-add services to multifamily and commercial property professionals.

• Generates revenue from its real estate platform and a digital asset treasury strategy focused on acquiring, staking, and operating validators for Solana (SOL) tokens.

• As of September 30, 2025, held $301.5 million in digital assets, primarily SOL, and actively participates in the Solana network as a validator.

• The digital asset treasury strategy is funded mainly through equity and debt financings, with a focus on long-term SOL accumulation.

Financial performance and metrics

• Purchased approximately 2.0 million SOL for $327.0 million between April 5 and September 30, 2025, funded primarily by equity and debt issuances.

• For the nine months ended September 30, 2025, staking rewards generated yields of 7% to 8%, with $15.5 thousand in commission fees paid to third-party validators.

• As of September 30, 2025, had $210.9 million in consolidated indebtedness and 27,718,159 shares of common stock outstanding.

Use of proceeds and capital allocation

• Net proceeds from the offering are intended for general corporate purposes, including further acquisition of Solana and working capital.

• Management retains broad discretion over allocation of proceeds, which may also fund acquisitions of businesses, assets, or technologies.

• A dividend reserve equal to the first 12 months of CHAD Stock dividends (at 12% per annum) will be established at closing, funded with existing cash.