DeFi Development (DSDV) Status update summary

Key business and market updates

• Revised near-term guidance from 0.165 to 0.085 SOL per share due to bear market conditions, while maintaining a long-term target of 1 SOL per share.

• Management awarded options and RSUs to retain talent amid competitive pressures, with vesting over four years and no shares sold by insiders.

• Published a new valuation framework for Solana, treating SOL as digital real estate, suggesting a long-term valuation of $10,000 per SOL.

• Co-hosted Solana Breakpoint, engaging over 350,000 attendees and expanding institutional investor education.

Strategic investments and innovation

• Announced investment in ApeX, a decentralized, dividend-backed stablecoin protocol designed to offer enhanced yield via preferred equity.

• ApeX aims for transparency and decentralized governance, with DFDV as a founding contributor but planning to hand over control to the community.

• ApeX is expected to unlock new fundraising avenues for DFDV and provide value to both DFDV and ApeX token holders.

Market environment and outlook

• Bear market conditions have compressed NAV and limited capital-raising options, with negative sentiment at extreme levels.

• Despite challenges, internal sentiment remains positive, with a focus on building and innovating through the downturn.

• Management anticipates a potential sharp rebound in crypto markets due to the speed and severity of the current decline.