Solana treasury firm DeFi Development Corp. (DFDV) announced a 108% increase in fully converted SOL per share over the past year, reaching 0.0670 as of May 13, up from 0.0322 a year earlier and 0.0665 on March 30. The company also disclosed total holdings of 2,294,576 SOL and SOL equivalents against approximately 34.2 million fully converted shares outstanding.
CEO Joseph Onorati highlighted the firm's diverging approach from bitcoin treasury models, stating: “We have always believed the MSTR playbook is a starting point, not a ceiling, and that DFDV can ultimately become something meaningfully different. SOL is a different asset than BTC.” Key drivers of the per-share metric include an acquired validator business yielding about 7.5% (versus ~3.9% from retail staking on Coinbase), a joint validator node partnership with Bonk, deployment of more than 25% of the treasury across on-chain protocols, and a Treasury Accelerator program.
Financially, the first quarter of 2026 brought a stark contrast. Revenue soared to $2.66 million from $287,000 in Q1 2025, including $2.4 million from digital asset treasury activities. However, the net loss widened dramatically to $83.4 million, compared with a $778,000 loss a year ago, as Solana’s price—used at $90.93 for the mNAV table—suffered a 48% decline over the past twelve months. Diluted EPS was -$3.18, down from -$0.08. The stock (Nasdaq: DFDV) fell 3.13% to $4.65 on Wednesday and has dropped 64% over the past year.
In a capital management move, the company repurchased about $4.4 million principal of its July 2030 convertible notes for roughly $2.6 million in cash—a 41% discount to par. DeFi Development reaffirmed its June 2026 SOL-per-share guidance of 0.075 and its long-term December 2028 target of 1.0 SPS. The company had previously acquired 196,141 SOL in September and an additional 86,307 SOL in October, pushing its holdings above 2 million SOL, and has also worked with Kraken and Backed to bring DFDV stock on-chain via xStocks.
