Amendment to Current Report (Form 8-K/A)

July 21, 2025

DeFi Dev Corp. Grows SOL Treasury to 999,999, Raises $19 Million from Equity Line of Credit

CORRECTED: The originally reported SOL purchase amount was overstated by 1,000 SOL, and organic growth was understated by 1,000 SOL. These figures have been updated below to reflect the correct totals. No changes to our total SOL holdings or SPS.

BOCA RATON, FL - July 21, 2025 - DeFi Development Corp. (Nasdaq: DFDV) (the "Company") the first public company with a treasury strategy built to accumulate and compound Solana ("SOL"), today announced it now holds 999,999 SOL and SOL equivalents on its balance sheet.

This milestone follows the Company's most recent purchase of 140,383 SOL between July 14 - July 20, at an average purchase price of $133.53, representing a total value of approximately $19 million. The purchased SOL includes both spot purchases and discounted locked SOL. The Company's total SOL position includes rewards generated through staking and onchain activities.

Below is a summary of DeFi Dev Corp.'s current SOL position and key per-share metrics as of July 20, 2025:

The newly acquired SOL will be held long-term and staked to a variety of validators, including DeFi Dev Corp.'s own Solana validators to generate native yield.

Equity Line of Credit Usage

Month-to-date, DeFi Dev Corp. raised approximately $19.2 million in net proceeds through its Equity Line of Credit facility ("ELOC"), issuing 740,000 shares of common stock. Approximately $5 million of the proceeds remains available primarily for future SOL purchases.

To date, DeFi Dev Corp. has drawn 0.4% of the total available capacity under its ELOC. Approximately $4.98B remains available under the facility.

Staking Update

As of July 20, 2025, substantially all of the Company's unlocked SOL was staked to its own validator infrastructure, generating native yield through staking. In addition to staking its own SOL, the Company's validators also receive third-party delegated stake from outside participants, creating an additional stream of revenue. Between July 14 - July 20, the Company earned approximately 1,867 SOL in staking, validator, and onchain rewards.

The Company will continue to provide suitable updates to our Treasury and underlying strategies, through public releases and regulatory filing(s), as available.

About DeFi Development Corp.
DeFi Development Corp. (Nasdaq: DFDV) has adopted a treasury policy under which the principal holding in its treasury reserve is allocated to SOL. Through this strategy, the Company provides investors with direct economic exposure to SOL, while also actively participating in the growth of the Solana ecosystem. In addition to holding and staking SOL, DeFi Development Corp. operates its own validator infrastructure, generating staking rewards and fees from delegated stake. The Company is also engaged across decentralized finance ("DeFi") opportunities and continues to explore innovative ways to support and benefit from Solana's expanding application layer.

The Company is an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions, as well as value-add services, to multifamily and commercial property professionals, as the Company connects the increasingly complex ecosystem that stakeholders have to manage.

The Company currently serves more than one million web users annually, including multifamily and commercial property owners and developers applying for billions of dollars of debt financing per year, professional service providers, and thousands of multifamily and commercial property lenders, including more than 10% of the banks in America, credit unions, real estate investment trusts ("REITs"), debt funds, Fannie Mae® and Freddie Mac® multifamily lenders, FHA multifamily lenders, commercial mortgage-backed securities ("CMBS") lenders, Small Business Administration ("SBA") lenders, and more. The Company's data and software offerings are generally offered on a subscription basis as software as a service ("SaaS").