Defi Development Corp. is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $15m, up 328.6% on a year earlier, slower than the 596.6% growth a quarter earlier. That growth ranks 4 of 38 among the asset management & custody banks companies we cover.
Our models give no value for Defi Development at present, so past values are not shown.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Defi Development Corp.'s trailing-twelve-month revenue grew 328.6% year on year, with a free-cash-flow margin of -198.9%. Where it stands out: revenue growth of 328.6% ranks 4 of 43 asset management & custody banks companies we cover. Where it lags: change in growth rate of -267.9pp ranks 43 of 43 asset management & custody banks companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 328.6% (-267.9pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
Reported holdings, with the date attached
Balance date: 2026-06-30
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Debt and other claims exceed the crypto holdings and cash.
Source filing ↗No model value for Defi Development Corp. at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.
We value Defi Development Corp. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.22 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: Debt and other claims exceed the crypto holdings and cash. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Defi Development Corp. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 11, 2026, after the close. Analysts expect revenue of $5m for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$3.07 | +23% | $17m | +47% |
| Next | −$0.88 | +72% | $23m | +38% |
The consensus EPS forecast for the current fiscal year is −9.6% on 90 days ago. In the last 30 days, 0 analysts raised Defi Development Corp.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$3.40 | −$0.98 |
| 60 days ago | −$3.40 | −$0.98 |
| 30 days ago | −$3.40 | −$0.98 |
| 7 days ago | −$3.11 | −$0.96 |
| Now | −$3.07 | −$0.88 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.34 | −$1.00 | −198.5% |
| Mar 2026 | −$0.24 | −$3.18 | −1198.0% |
| Dec 2025 | −$0.11 | −$8.47 | −7600.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2024 | 2025 | 2026 to date |
|---|---|---|---|
| Return | |||
| DFDV | −41% | +628% | −40% |
| Industry peers (median) | +15% | −4% | −6% |
| S&P 500 | +25% | +18% | +11% |
| Months that ended higher | |||
| DFDV | 25% | 50% | 27% |
| S&P 500 | 75% | 75% | 46% |
| Largest fall from a high during the year | |||
| DFDV | −70% | −89% | −70% |
| S&P 500 | −8% | −19% | −9% |
Worst fall since July 25, 2023: 94% from May 22, 2025 to June 25, 2026. Getting back needed a 1621% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 5, 2026 | −5.1% | +1.2% | −17.7% | — |
| August 12, 2026 | +7.0% | +0.9% | +20.0% | +78.2% |
| May 13, 2026 | +5.4% | +1.4% | −10.8% | −35.4% |
| March 30, 2026 | −7.6% | +2.6% | −2.5% | +13.8% |
| August 12, 2025 | +23.6% | +1.4% | +3.2% | +6.2% |
| March 13, 2025 | +2.9% | +0.7% | −2.9% | +1045.6% |
| May 14, 2024 | −5.3% | +1.7% | −2.6% | −16.7% |
| March 28, 2024 | −10.1% | −0.2% | −10.9% | −21.3% |
| September 5, 2023 | +1.2% | −1.1% | +13.4% | −20.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $2.1M |
| FY23 Q4 | $2M |
| FY24 Q1 | $1.9M |
| FY24 Q2 | $1.8M |
| FY24 Q3 | $1.8M |
| FY24 Q4 | $2.1M |
| FY25 Q1 | $2M |
| FY25 Q2 | $3.5M |
| FY25 Q3 | $7.5M |
| FY25 Q4 | $11.4M |
| FY26 Q1 | $13.8M |
| FY26 Q2 | $15.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q1 | -10.9% |
| FY24 Q2 | -13.0% |
| FY24 Q3 | -13.8% |
| FY24 Q4 | 4.8% |
| FY25 Q1 | 1.5% |
| FY25 Q2 | 97.1% |
| FY25 Q3 | 313.3% |
| FY25 Q4 | 442.3% |
| FY26 Q1 | 596.6% |
| FY26 Q2 | 328.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -110.8% |
| FY23 Q4 | -170.0% |
| FY24 Q1 | -213.1% |
| FY24 Q2 | -266.2% |
| FY24 Q3 | -196.0% |
| FY24 Q4 | -143.0% |
| FY25 Q1 | -145.2% |
| FY25 Q2 | 431.0% |
| FY25 Q3 | 1165.4% |
| FY25 Q4 | -319.7% |
| FY26 Q1 | -659.3% |
| FY26 Q2 | -866.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -55.2% |
| FY23 Q4 | -79.7% |
| FY24 Q1 | -130.2% |
| FY24 Q2 | -174.4% |
| FY24 Q3 | -160.9% |
| FY24 Q4 | -116.2% |
| FY25 Q1 | -104.1% |
| FY25 Q2 | -75.2% |
| FY25 Q3 | -95.9% |
| FY25 Q4 | -157.8% |
| FY26 Q1 | -196.2% |
| FY26 Q2 | -198.9% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 2 | 2 | 2 | 11 | 15 |
| Gross profit | — | — | 2 | 11 | 15 |
| EBITDA | −2 | −3 | −3 | −35 | −129 |
| Operating income | −2 | −3 | −3 | −36 | −131 |
| Net income | −1 | −3 | −3 | −74 | −199 |
| Diluted EPS | −$0.10 | −$0.23 | −$0.14 | −$4.00 | −$8.12 |
| Growth (year on year) | |||||
| Revenue | — | −6.9% | +4.8% | +442.3% | +328.6% |
| EBITDA | — | — | — | — | −923.9% |
| Operating income | — | — | — | — | −961.8% |
| Net income | — | — | — | — | <−999% |
| Margins | |||||
| Gross margin | — | — | 98.5% | 97.8% | 97.8% |
| EBITDA margin | −80.0% | −169.9% | −128.4% | −310.5% | −857.2% |
| Operating margin | −80.0% | −170.0% | −143.0% | −319.7% | −866.5% |
| Net margin | −58.7% | −168.4% | −129.9% | −648.1% | <−999% |
| Free-cash-flow margin | −47.6% | −79.7% | −116.3% | −157.8% | −198.9% |
| Cash flow | |||||
| Cash from operations | −1 | −2 | −2 | −18 | −30 |
| Capital spending | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −1 | −2 | −2 | −18 | −30 |
| Stock-based pay | 1 | 1 | 0 | 2 | 3 |
| Free cash flow after stock pay | −2 | −3 | −3 | −20 | −33 |
| Balance sheet | |||||
| Cash | 1 | 5 | 3 | 6 | 4 |
| Total debt | 0 | 0 | 0 | 127 | 121 |
| Net debt (negative = net cash) | −1 | −5 | −3 | 122 | 116 |
| Diluted shares | 12m | 15m | 20m | 18m | 25m |
| Returned to shareholders | |||||
| Buybacks | — | — | 0 | 12 | — |
| Total returned | — | — | 0 | 12 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 1 | 0 | 2 | 5 | 4 | 3 | 3 |
| Gross profit | 1 | 1 | 0 | 2 | 5 | 4 | 3 | 3 |
| EBITDA | −0 | −1 | −1 | 17 | 72 | −124 | −55 | −22 |
| Operating income | −0 | −1 | −1 | 17 | 72 | −125 | −55 | −23 |
| Net income | −0 | −0 | −1 | 15 | 56 | −144 | −83 | −27 |
| Diluted EPS | −$0.05 | −$0.05 | −$0.08 | $1.68 | $3.90 | −$7.74 | −$3.18 | −$1.00 |
| Growth (year on year) | ||||||||
| Revenue | +6.0% | +79.5% | −30.2% | +350.3% | +647.2% | +613.9% | +827.7% | +66.9% |
| EBITDA | — | — | — | — | — | — | — | −228.6% |
| Operating income | — | — | — | — | — | — | — | −232.9% |
| Net income | — | — | — | — | — | — | — | −276.8% |
| Diluted EPS | — | — | — | — | — | — | — | −159.5% |
| Margins | ||||||||
| Gross margin | 98.7% | 98.7% | 97.6% | 98.6% | 98.1% | 97.2% | 96.1% | 99.4% |
| EBITDA margin | −65.1% | −86.7% | −290.1% | 880.2% | >999% | <−999% | <−999% | −678.6% |
| Operating margin | −73.3% | −108.0% | −307.5% | 865.6% | >999% | <−999% | <−999% | −689.2% |
| Net margin | −76.1% | −77.3% | −270.9% | 777.0% | >999% | <−999% | <−999% | −823.4% |
| Free-cash-flow margin | −66.6% | −30.1% | — | — | −107.8% | −243.4% | — | −129.5% |
| Cash flow | ||||||||
| Cash from operations | −0 | −0 | −1 | −1 | −5 | −11 | −10 | −4 |
| Capital spending | 0 | 0 | — | — | 0 | 0 | — | 0 |
| Free cash flow | −0 | −0 | — | — | −5 | −11 | — | −4 |
| Stock-based pay | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 2 |
| Free cash flow after stock pay | −0 | −0 | — | — | −5 | −11 | — | −6 |
| Last 12 months unless stated | DFDV | GROW | GEG | NAKA | TONX | VALU | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $15m | $14m | $28m | $28m | $30m | $33m | $858m |
| Revenue growth, last 12 months | 328.6% | 32.8% | 70.2% | >999% | 592.3% | −5.5% | 17.2% |
| Revenue growth, 3-year average | 94.4% | −1.5% | 3.0% | — | 163.9% | −5.9% | 10.2% |
| Revenue growth, latest quarter | 66.9% | 57.9% | 88.3% | >999% | 607.4% | −6.4% | 14.4% |
| Gross margin | 97.8% | — | — | — | 83.1% | — | 80.2% |
| Operating margin | −866.5% | −4.2% | −50.4% | <−999% | −115.6% | 10.8% | 25.8% |
| Operating margin, 3-year average | −233.9% | −12.0% | −47.8% | −664.9% | <−999% | 16.5% | 18.8% |
| Net margin | <−999% | 21.2% | −127.6% | <−999% | −532.8% | 60.3% | 15.2% |
| Cash from operations / revenue | −198.9% | 5.2% | 56.4% | −169.5% | −94.7% | 53.9% | 26.4% |
| Free-cash-flow margin | −198.9% | 5.2% | 51.8% | −169.5% | −94.8% | 55.6% | 21.9% |
| Free-cash-flow margin, 3-year average | −149.5% | 1.5% | −34.8% | −140.9% | <−999% | 53.5% | 17.6% |
| Stock pay / revenue | 20.6% | 0.1% | 8.2% | 20.2% | 78.4% | — | 3.7% |
| Change in share count | — | −4.9% | 19.8% | 937.0% | >999% | −0.3% | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 328.6% | 17.2% | 4 of 43 |
| Change in growth rate Growth | -267.9pp | +1.0pp | 43 of 43 |
| Operating margin Profitability | -866.5% | 23.7% | 25 of 27 |
| Net margin Profitability | -1319.5% | 15.2% | 41 of 43 |
| Stock pay as % of revenue Cash generation | 20.6% | 4.3% | 36 of 40 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Digital Asset Treasury | $9.2M | — |
| Treasury | $9.2M | — |
| Real Estate Platform | $2.2M | ▲ 4.7% |
| Real Estate Investment Trusts | $2.2M | ▲ 4.7% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Digital Asset Treasury | $9.2M | 80.7% | — |
| Real Estate Platform | $2.2M | 19.3% | ▲ 4.7% |
From Defi Development Corp.'s 10-K filed March 30, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $3.2M | 1.1M | 24.7% | ▼ 0.8% |
| Blackrock, Inc. | $1.1M | 363K | 8.2% | ▲ 4.5% |
| Geode Capital Management, LLC | $863,924 | 294K | 6.6% | ▲ 10.9% |
| Two Sigma Investments, LP | $840,296 | 286K | 6.5% | 0.0% |
| Alyeska Investment Group, L.P. | $789,455 | 269K | 6.1% | 0.0% |
| Millennium Management LLC | $555,278 | 189K | 4.3% | ▼ 7.4% |
| Deepcurrents Investment Group LLC | $447,636 | 152K | 3.4% | 0.0% |
| Jain Global LLC | $445,736 | 152K | 3.4% | ▲ 24.8% |
| Vanguard Fiduciary Trust Co | $443,040 | 151K | 3.4% | ▲ 0.7% |
| Group One Trading LLC | $349,889 | 119K | 2.7% | ▼ 16.7% |
| Marshall Wace, LLP | $347,052 | 118K | 2.7% | ▼ 24.7% |
| Simplex Trading, LLC | $345,382 | 117K | 2.7% | ▲ 1.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Defi Development Corp.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| White Parker 10% owner | September 25, 2026 | Buy | 538 | $8.90 | $4,788 |
| White Parker 10% owner | September 24, 2026 | Buy | 9,462 | $8.96 | $84,780 |
| Kang Daniel Chief Strategy Officer | September 22, 2026 | Buy | 6,900 | $8.84 | $60,996 |
| Kang Daniel Chief Strategy Officer | September 22, 2026 | Buy | 3,540 | $8.81 | $31,187 |
| White Parker 10% owner | August 21, 2026 | Buy | 5,069 | $3.93 | $19,921 |
| White Parker 10% owner | August 21, 2026 | Buy | 5,000 | $3.88 | $19,400 |
| Kang Daniel Chief Strategy Officer | August 20, 2026 | Buy | 11,000 | $3.88 | $42,680 |
| Kang Daniel Chief Strategy Officer | August 14, 2026 | Buy | 13,000 | $2.91 | $37,830 |
| White Parker COO, CHIEF INVESTMENT OFFICER | December 10, 2025 | Buy | 17,760 | $5.76 | $102,298 |
| White Parker COO & Chief Investment Officer | November 25, 2025 | Buy | 7,041 | $6.90 | $48,583 |
| White Parker COO & Chief Investment Officer | November 25, 2025 | Buy | 3,003 | $6.94 | $20,841 |
| Kang Daniel Chief Strategy Officer | November 25, 2025 | Buy | 4,200 | $6.90 | $28,980 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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