DFDV
DeFi Development Corp.Technology·Software - Infrastructure
$3.89
$117M market cap
Revenue
$7.2M
Free Cash Flow
$-20.7M
Rev Growth
+0.0%
FCF Margin
-290.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
DeFi Development Corp. is an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions, as well as value-added services to multifamily and commercial property professionals. The company has adopted a crypto-forward treasury model, allocating its principal treasury holdings to Solana (SOL), aiming to provide investors with economic exposure to the Solana ecosystem.
2-Year Price History
$4.07+295.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 2.7 | -54.9 | -55.2 | -83.4 | -9.8 | -9.8 | -0.0 | 3.7 | 0.0 | 26.3 | -- | -20.4x | -- |
| Act | 2025-Q4 | 4.5 | -158.0 | -2.4 | -144.5 | -10.9 | -10.9 | -0.0 | 9.6 | 127.5 | 18.5 | -3.8% | -30.3x | -- |
Valuation & Metrics
Market Stats
Price$3.89
Market Cap$117M
Enterprise Value$113M
P/S Ratio16.4x
P/FCF--
EV/FCF--
FCF Margin (TTM)-290.0%
FCF Yield-17.7%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$7.2M
Net Income$-227.9M
Free Cash Flow$-20.7M
Revenue Growth (YoY)+0.0%
EBITDA Margin-2976.6%
Net Margin-3185.9%
FCF Margin-290.0%
CapEx % of Revenue0.0%
SBC % of Revenue14.8%
ROIC-3.8%
WC Change % Rev-94.6%
Interest Coverage-84.3x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares5.7M
Days to Cover6.8
Change (vs Prior)-5.5%
Need at least 2 settlement dates for chart
Employees
Headcount14
Revenue / Employee$510,857
Gross Profit / Employee$494,429
Cash Runway
2.1months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
5.4%(+5.4% YoY)
35 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
5.0%(+5.0% YoY)
7 filers
Vanguard, iShares, SPDR
Market makers
0.4%(+0.3% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $3.6M | $3.29 | +$3.6M | +$3.6M | — | $4.04T |
| BlackRock, Inc.Passive | $1.1M | $16.24 | +$14K | +$1.1M | -0.2% | $5.69T |
| TWO SIGMA INVESTMENTS, LP | $940K | $5.05 | +$0 | +$940K | -0.9% | $117.03B |
| Alyeska Investment Group, L.P. | $883K | $15.31 | −$823K | +$883K | -0.5% | $35.33B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $872K | $13.23 | −$76K | +$872K | +2.3% | $1.61T |
| UBS Group AG | $778K | $7.46 | +$180K | +$768K | -0.3% | $562.11B |
| MILLENNIUM MANAGEMENT LLC | $671K | $8.31 | −$671K | +$671K | -0.5% | $127.40B |
| MARSHALL WACE, LLP | $516K | $3.29 | +$516K | +$516K | +0.6% | $92.71B |
| DeepCurrents Investment Group LLC | $501K | $5.32 | +$115K | +$501K | -0.7% | $36.5M |
| VANGUARD FIDUCIARY TRUST COPassive | $493K | $3.29 | +$493K | +$493K | — | $395.83B |
| GROUP ONE TRADING LLCMM | $470K | $8.77 | −$198K | +$470K | -1.6% | $3.02B |
| Jain Global LLC | $400K | $5.05 | −$328K | +$400K | +1.6% | $7.40B |
| SIMPLEX TRADING, LLC | $382K | $7.80 | +$287K | +$382K | +2.5% | $3.23B |
| STATE STREET CORPPassive | $368K | $12.13 | +$103K | +$368K | -0.2% | $2.89T |
| Lauer Wealth, LLC | $282K | $12.43 | +$61K | +$282K | +0.6% | $125M |
| Engineers Gate Manager LP | $199K | $5.05 | −$41K | +$199K | -1.8% | $7.97B |
| BARCLAYS PLC | $192K | $5.14 | +$120K | +$192K | -0.1% | $279.69B |
| NORTHERN TRUST CORPPassive | $178K | $12.29 | +$28K | +$178K | -0.2% | $755.34B |
| Headlands Technologies LLC | $165K | $3.29 | +$165K | +$165K | +0.9% | $876M |
| Shay Capital LLC | $165K | $5.05 | −$97K | +$165K | +0.3% | $704M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.08%
avg per quarter
Holders (ex-self)
-0.07%
excl. this stock
Buyers (this Q)
+0.39%
17 buyers · $0.01B in
Sellers (this Q)
-0.36%
14 sellers · $0.01B out
alpha coverage: 71% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+4.3%
how holders react when this stock falls
On quiet Qs
+65.1%
−10% to +10% baseline
On rallies (+10%+)
+90.3%
how they react when this stock rises
Holders' portfolio flow this Q
+7.5%
inflows — adds are organic
Sellers' portfolio flow this Q
-4.1%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-11.6%
Holder mid (any stock)
-10.1%
Holder rally (any stock)
-14.7%
Biggest decreases this quarter
Alyeska Investment Group, L.P.−$823Kα-0.5JANE STREET GROUP, LLCexited−$688KMILLENNIUM MANAGEMENT LLC−$671Kα-0.5RK Capital Management, LLC/FLexited−$631KSUSQUEHANNA INTERNATIONAL GROUP, LLPexited−$523KGOLDMAN SACHS GROUP INCexited−$484KJain Global LLC−$328Kα+1.6Quadrature Capital Ltdexited−$318K683 Capital Management, LLC−$289Kα-2.2NewEdge Advisors, LLCexited−$260K
New buyers this quarter
Top-5 holders · 51.9%
VANGUARD CAPITAL MANAGEMENT LLC--
BlackRock, Inc.--
TWO SIGMA INVESTMENTS, LP--
Alyeska Investment Group, L.P.--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Pantera Capital Partners LP—Weiss Asset Management LP—HEIGHTS CAPITAL MANAGEMENT, INC—Alyeska Investment Group, L.P.269KPolar Asset Management Partners Inc.—CITADEL ADVISORS LLC—Anatole Investment Management Ltd—GOLDMAN SACHS GROUP INC—RK Capital Management, LLC/FL—MILLENNIUM MANAGEMENT LLC204K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (1 analysts)$25.0054270.0%
Current Price$3.89
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$29K
1 txn · 1 insider · 4,200 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$172K
2 txns · 1 insider · 27,804 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-12-10 | BUY | White Parker | 10 percent owner, officer: COO, CHIEF INVESTMENT OFFICER | 17,760 | $5.76 | $102K | $1.55M |
| 2025-11-25 | BUY | Kang Daniel | officer: Chief Strategy Officer | 4,200 | $6.90 | $29K | $50K |
| 2025-11-25 | BUY | White Parker | 10 percent owner, officer: COO & Chief Investment Officer | 10,044 | $6.91 | $69K | $1.74M |
Order Flow (FINRA, ~3w lag)
34.5%retail-1.8pp
10.7%dark+2.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
DeFi Development Corp: A Crypto Speculation Vehicle Masking Core Business Failure via Insider Bailouts
Overall Risk
9/10
Fraud
6/10
Dilution
10/10
Insolvency
4/10
Earnings Overstated
9/10
Hidden Liabilities
7/10
Legal
6/10
Audit Warnings
5/10
Hidden Upside
2/10
Contextually Acceptable
2/10