DeFi Development Corp (DFDV) reported a 108% increase in SOL per share over the past year, with SOL per share rising to 0.0670 as of May 13 from 0.0322 a year ago. According to reports from The Block, the company held 2,294,576 SOL and SOL equivalents as of Wednesday, with about 34.2 million fully converted shares outstanding. However, the company faced significant financial challenges, reporting a net loss of $83.4 million in the first quarter, compared to a net loss of $778,000 in the same period last year. This reflects substantial declines in non-cash digital asset holdings amid bear market conditions, with the losses largely attributed to a 48% decline in the price of Solana over the past year. The company's diluted EPS was negative $3.18, compared with negative $0.08 a year earlier.
The company attributed its SOL growth to several unconventional strategies that differentiate it from other digital asset treasury firms. As reported by The Block, these include internally staking through a validator business acquired in May 2025, partnering with Bonk for a joint validator node, and deploying more than 25% of its treasury onchain. CEO Joseph Onorati emphasized that "SOL is a different asset than BTC" and highlighted Solana's ecosystem advantages including native onchain yield, composable DeFi protocols, and an active developer community building new financial primitives weekly. "We have always believed the MSTR playbook is a starting point, not a ceiling, and that DFDV can ultimately become something meaningfully different," Onorati stated. The company's validators produce about 7.5% yield, compared with about 3.9% from staking SOL on Coinbase. The company also reported that its validator operations, validator partnerships, onchain treasury use and Treasury Accelerator program helped drive SPS growth.
Despite losses, DeFi Development's unaudited financial statement showed strong revenue growth with total revenue of $2.66 million in Q1, marking an 827% increase from $287,000 in Q1 2025. According to The Block, digital asset treasury revenue contributed $2.4 million in the first quarter. The company also highlighted successful debt management, repurchasing approximately $4.4 million principal of July 2030 convertible notes for $2.6 million in cash, indicating it retired the debt at a 41% discount to par. This represents the company's continued focus on optimizing its financial structure while maintaining its strategic SOL positioning.
Despite the positive SOL performance, DeFi Development's stock performance reflected broader market challenges. As reported by The Block, the company's Nasdaq-listed DFDV fell 3.13% on Wednesday, closing at $4.65. The stock has declined 64% in the past year, with Solana's price falling 48% over the same period, currently trading at $91. The company reaffirmed its June 2026 guidance of 0.075 SPS and maintained its longer-term 1.0 SPS target by December 2028. This outlook reflects the company's confidence in its strategic positioning within the Solana ecosystem despite current market headwinds. The company's mNAV table used SOL at $90.93 and DFDV shares at $4.65 for the May 13 reporting period.
