DeFi Development Corporation

What DeFi Development Corporation does

DeFi Development Corporation (Nasdaq: DFDV) is a publicly traded Solana-focused Digital Asset Treasury (DAT) and capital-markets platform headquartered in Boca Raton, Florida. The company was created through the April 2025 rebrand of Janover Inc. (formerly Nasdaq: JNVR), a commercial real estate SaaS business that was acquired by crypto industry leaders and pivoted to accumulate and compound Solana (SOL) on behalf of public-market shareholders. As of June 2026, DFDV held approximately 2,294,576 SOL on its balance sheet (~$157.8M in SOL NAV), operates proprietary Solana validator infrastructure including a dedicated dogwifhat validator node, and reports a Fully Converted mNAV of 0.91x with SOL Per Share (SPS) of 0.0670 (up 108% year-over-year).

The company's product surface spans (1) the core DFDV equity (Nasdaq, Frankfurt Stock Exchange, Trade Republic, and tokenized DFDVx on Kraken xStocks, Gate.io, and MEXC), (2) the proprietary dfdvSOL liquid staking token integrated across eight Solana DeFi protocols with ~5.73% annualized yield, (3) the DFDV Treasury Accelerator franchise model with regional subsidiaries in the UK, Japan, and Korea, and (4) research products including the DFDV Model and the 'Every Agent Needs a SOL' agentic-AI demand report. Capital is raised through a mix of at-the-market (ATM) equity programs ($200M in May 2026), a $5B Equity Line of Credit with RK Capital Management, convertible notes ($42M in April 2025), and a warrant distribution (~$87.7M potential proceeds). DFDV reported Q1 fiscal 2026 revenue of $4.49M with Q1 digital asset treasury income of $2.4M, while the legacy Janover Capital Markets and Janover Insurance businesses were wound down in April 2026. The company employs 11-50 people and is led by Chairman and CEO Joseph Onorati, with Parker White (COO/CIO) departing in June 2026 to focus on the Apyx project.

Name

DeFi Development Corporation

Legal name

DeFi Development Corporation

Website

https://defidevcorp.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

11–50 employees

Short description

DeFi Development Corporation (Nasdaq: DFDV) is a publicly traded Solana-focused Digital Asset Treasury that accumulates and compounds SOL for public-market investors through validator operations, the dfdvSOL liquid staking token, tokenized DFDVx equity, and a Treasury Accelerator franchise expanding into the UK, Japan, and Korea.

Ownership category

akta.pro rank

Product category

Digital Asset Treasury

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990), Other Financial Vehicles (52599)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)

akta.pro secondary industries

DAO Treasury, Governance & On-Chain Finance Tools (FSADAMAL), DeFi Asset Management & On-Chain Index Protocols (FSADAMAK), Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG), Liquidity Management & Market-Making Protocols (FSADAMAH)

Keywords

• Digital asset treasury
• Solana treasury vehicle
• Liquid staking token
• Tokenized equity
• Blockchain validator infrastructure

Headquarters

HQ city

Boca Raton

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Staking & Validator Rewards: Native staking rewards and block rewards generated from operating Solana validator infrastructure across the company's own validators and third-party validators. Validator metrics show monthly SOL rewards of 303 (~3,640 annualized) and monthly USD rewards of $22,376 ($268,515 annualized).
2. Digital Asset Treasury Income: Income generated from SOL treasury holdings, including staking yields, DeFi deployment income (Solstice YieldVault, Loopscale, Hylo), and capital appreciation. Q1 fiscal 2026 digital asset treasury income of $2.4 million reported.
3. Commercial Real Estate SaaS (Legacy Janover Business): Subscription-based software platform connecting commercial real estate industry participants. Provides data and software services to property professionals; historical revenue grew 442% in FY 2025. Legacy Janover Capital Markets and Janover Insurance businesses being wound down.
4. Strategic Equity Investment Gains (Treasury Accelerator Program): Capital appreciation and operational involvement from strategic equity investments in Solana ecosystem projects and Treasury Accelerator subsidiaries (e.g., Allied Architects in Japan, DFDV UK, DFDV Japan, DFDV Korea).

Pricing tiers

Go-to-market motion4 records

Core offering

DeFi Development Corporation is the first NASDAQ-listed Digital Asset Treasury (DAT) designed to accumulate and compound Solana (SOL), providing public-market investors with amplified, compounding exposure to SOL growth. The company executes this strategy through capital-markets activity (ATM equity programs, a $5B Equity Line of Credit with RK Capital, convertible notes, and warrant distributions), proprietary Solana validator operations, a proprietary liquid staking token (dfdvSOL), onchain DeFi yield strategies deployed across Solana-native protocols, and a Treasury Accelerator franchise program with international arms in the UK, Japan, and Korea.

Product overview

DeFi Development Corporation (Nasdaq: DFDV) operates a single integrated Solana Digital Asset Treasury business that is a platform-plus-modules architecture: at the core is the DFDV Nasdaq-listed treasury vehicle designed to accumulate and compound Solana (SOL), surrounded by onchain sub-products and operational modules that drive SOL-per-share (SPS) growth. Sub-products include the proprietary dfdvSOL liquid staking token (LST), the DFDVx tokenized equity (issued on Solana via Kraken's xStocks), the DFDV Treasury Accelerator franchise program (with international arms DFDV UK, DFDV Japan, DFDV Korea), and DFDV's own Solana validator infrastructure (including a dedicated dogwifhat validator). Capital-markets and research modules — the Apex leverage initiative, the DFDV Model ('SOL & the Digital City') valuation framework, and the 'Every Agent Needs a SOL' Agentic AI research report — complement the treasury core. DFDV also retains the legacy Janover commercial real estate SaaS platform (Janover Connect, Janover Insurtech, and AI-powered search/voice tools), now being wound down as the company focuses on its Solana treasury strategy. External integrations span Solana DeFi (Sanctum, Jupiter, Drift, Kamino, Orca, Exponent, RateX, Fragmetric, Hylo, Solstice YieldVault, Loopscale) and tokenized-equity trading venues (Gate.io, Kraken, MEXC), with market-data feeds from CoinGecko, Polygon.io, Dune Analytics, and Sanctum powering the investor dashboard.

Differentiator

Problem solved

Functional benefit

Brands

• DFDVx: Tokenized equity of DFDV stock on the Solana blockchain, available through Kraken's xStocks platform, Gate.io, MEXC, and others.
• dfdvSOL
• DFDV Treasury Accelerator

Products and services

• DFDV (Nasdaq: DFDV) — Solana Digital Asset Treasury The company's core product: a NASDAQ-listed (and Frankfurt-listed) Digital Asset Treasury vehicle designed to accumulate and compound Solana (SOL), providing public-market investors with direct, amplified exposure to SOL growth through capital-markets activity, validator operations, and onchain DeFi strategies.
• DFDVx Tokenized Equity Tokenized version of DFDV common stock issued on the Solana blockchain in partnership with Kraken (xStocks), making DFDV the first U.S.-listed crypto treasury strategy to trade onchain. Tradeable on Gate.io, Kraken, MEXC, Orca, and Jupiter.
• dfdvSOL Liquid Staking Token (LST) DFDV's proprietary liquid staking token on Solana, representing staked SOL plus accrued rewards, with ~5.73% annualized yield. Integrated across Solana DeFi (Sanctum, Jupiter, Drift, Kamino, Orca, Exponent, RateX, Fragmetric) for composable treasury and ecosystem use.
• DFDV Treasury Accelerator Program Strategic franchise model that supports global Solana asset management — extending DFDV's treasury strategy internationally via localized subsidiaries (DFDV UK, DFDV Japan, DFDV Korea) and strategic equity investments (e.g., Allied Architects in Japan).
• DFDV Solana Validator Infrastructure DFDV-operated Solana validator nodes that earn native staking rewards and block rewards to grow SOL per share (SPS). Includes a dedicated dogwifhat (WIF) validator node via partnership with the WIF community.
• Dogwifhat Validator Node A dedicated Solana validator node operated by DeFi Development Corp. for the dogwifhat (WIF) memecoin community, with block rewards split equally between DFDV and the community after expenses.
• RateX Yield Integration for dfdvSOL Integration of dfdvSOL with RateX (Solana yield trading platform) enabling three yield strategies: Yield Trading, Earn Fixed Yield, and Yield Liquidity Farming.
• Loopscale Vault & Lending Integration Deployment of DFDV's SOL and stablecoin reserves into Loopscale's lending and vault ecosystem, with stablecoin lending currently offering yields exceeding 11%, plus participation in Loopscale's Points rewards program.
• Solstice YieldVault Onchain Treasury Yield Institutional-grade, delta-neutral YieldVault on Solana (~$300M TVL across 24,000+ holders) used by DFDV to generate onchain treasury yield through funding-rate arbitrage, hedged staking, and tokenized U.S. Treasury bills.
• Hylo Yield Farming Integration Deployment of part of DFDV's SOL treasury into Hylo's Solana-native DeFi yield strategies to generate treasury income that funds operations and increases SOL per share.
• Apyx Dividend-Backed Stablecoin Strategic Investment Strategic investment in Apyx, a Dividend-Backed Stablecoin protocol designed to integrate dividend streams from public-company preferred equity into onchain yield and introduce yield into the stablecoin market.
• Allied Architects (Japan) Strategic Investment Strategic equity investment in Tokyo-based Allied Architects, Inc. (Tokyo Stock Exchange Growth Market), the first publicly listed Japanese company to receive a DFDV Treasury Accelerator investment, with plans for collaboration on digital asset management and capital markets initiatives under Japan's regulatory framework.

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration23 records

AI capability11 records

Feature6 records

Partnerships

17 partnerships are on record, tiered core, flagship / core and minor.

• BitGocoreTechnology or IntegrationBitGo's OTC desk facilitated DFDV's access to locked discounted SOL inventory from institutional sellers for the company's third SOL acquisition. Provides institutional-grade custody and OTC trading infrastructure for SOL accumulation.
• Krakenflagship / coreStrategic or Co-development PartnerStrategic partnership to list DFDV's tokenized stock (DFDVx) on Solana via Kraken's xStocks platform, making DFDV the first U.S.-listed crypto treasury strategy to trade onchain. The tokenized equity is also available on Kraken alongside Apple, Tesla, and Nvidia.
• SolsticecoreTechnology or IntegrationDFDV deployed part of its onchain treasury into Solstice's institutional-grade YieldVault, becoming the first Nasdaq-listed company to utilize Solstice's delta-neutral yield infrastructure for digital asset treasury management. Yield generated through funding rate arbitrage, hedged staking, and tokenized U.S. Treasury bills. Solstice manages ~$300M TVL across 24,000+ holders.
• LoopscalecoreTechnology or IntegrationLetter of Intent signed November 18, 2025 to deploy a portion of DFDV's SOL and stablecoin reserves into Loopscale's lending and vault ecosystem, with stablecoin lending currently offering yields exceeding 11%. DFDV also participates in Loopscale's Points rewards program.
• HylocoreTechnology or IntegrationPartnership with Solana-native DeFi protocol Hylo to deploy part of DFDV's SOL treasury into yield-generating strategies. Hylo grew to over $100 million TVL within four months with annualized fees exceeding $6 million. Yield earned funds DFDV operations, increases SOL holdings, and supports share-related obligations.
• Allied Architectsflagship / coreStrategic or Co-development PartnerStrategic equity investment announced April 21, 2026 in Tokyo-based Allied Architects, Inc. (Tokyo Stock Exchange Growth Market), the first publicly listed Japanese company to receive such an investment. Plans include collaboration on digital asset management, capital markets initiatives, and joint marketing activities under Japan's regulatory framework.
• ApyxcoreStrategic or Co-development PartnerStrategic investment announced February 26, 2026 in Apyx, a Dividend-Backed Stablecoin protocol that integrates dividend streams from public companies' preferred equity into onchain yield. DFDV hosted X Spaces discussion on Apyx protocol, tokenomics, and valuation.
• dogwifhat memecoin communityminorStrategic or Co-development PartnerValidator partnership announced June 24, 2025 where DeFi Dev Corp. operates a dedicated dogwifhat validator node providing infrastructure and technical operations, with rewards split equally after expenses. Includes an application to the Solana Foundation Delegation Program.
• RateXcoreTechnology or IntegrationStrategic integration enabling DFDV's liquid staking token dfdvSOL to access three new yield strategies on Solana's yield trading platform: Yield Trading, Earn Fixed Yield, and Yield Liquidity Farming.
• Amber International HoldingcoreStrategic or Co-development PartnerExisting partnership for treasury acquisitions and structured products supporting DFDV's SOL accumulation strategy.
• Frankfurt Stock Exchange (FWB)coreChannel Partner/ Reseller/ DistributorDual listing achieved June 3, 2025 on the Frankfurt Stock Exchange (FWB) and Trade Republic (Germany's largest online brokerage), providing European investors direct access to DFDV shares as part of the company's capital markets strategy.
• Trade RepubliccoreChannel Partner/ Reseller/ DistributorDFDV made available for trading on Trade Republic, Germany's largest online brokerage, as part of European market debut on June 3, 2025.
• Gate.iominorChannel Partner/ Reseller/ DistributorListing of DFDVx tokenized equity on Gate.io exchange (DFDVX_USDT trading pair).
• MEXCminorChannel Partner/ Reseller/ DistributorListing of DFDVx tokenized equity on MEXC exchange (DFDVX_USDT trading pair).
• CoinGeckominorChannel Partner/ Reseller/ DistributorListing of DFDVx tokenized equity on CoinGecko price-tracking platform.
• CoinMarketCapminorChannel Partner/ Reseller/ DistributorListing of DFDVx tokenized equity on CoinMarketCap price-tracking platform.
• Wolf & CompanycoreOthersIndependent registered public accounting firm ratified by DeFi Development Corp. shareholders at the December 18, 2025 Annual Meeting as auditor of the company.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/JanoverVentures
• YouTubeyoutube.com/@DeFiDevCorp
• LinkedInlinkedin.com/company/janover-ventures
• Facebookfacebook.com/janoverventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds9 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DeFi Development Corporation