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of Contents](#i42cd42449154489c865ed2ac5362618f_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026\n\nor\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE TRANSITION PERIOD FROM _________ to __________\n\nCOMMISSION FILE NUMBER 001-41748\n\nDEFI DEVELOPMENT CORP.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n83-2676794\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n6401 Congress Avenue, Suite 250\n\nBoca Raton, FL 33487\n\n(561) 559-4111\n\n(Address of principal executive offices) (Zip\nCode)(Registrant’s telephone number, including area\ncode)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, par value $0.00001 per shareDFDVThe Nasdaq Stock Market LLC\n\nWarrants, each warrant exercisable for one share of Common StockDFDVWThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☒   No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  ☒   No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated fileroAccelerated filero\n\nNon-accelerated filer\n☒\nSmaller reporting company\n☒\n\nEmerging growth company\n☒\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐   No ☒\n\nAs of May 19, 2026, the registrant had a total of 30,118,205 shares of its common stock, par value $0.00001 per share, issued and outstanding.\n\n[T](#i42cd42449154489c865ed2ac5362618f_7)[able of Contents](#i42cd42449154489c865ed2ac5362618f_7)\n\nDEFI DEVELOPMENT CORP.\n\nINDEX TO FORM 10-Q\n\nPage\n\n[PART I - FINANCIAL INFORMATION](#i42cd42449154489c865ed2ac5362618f_13)\n\n[Item 1. Financial Statements (Unaudited)](#i42cd42449154489c865ed2ac5362618f_16)\n\n[4](#i42cd42449154489c865ed2ac5362618f_19)\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i42cd42449154489c865ed2ac5362618f_94)\n\n[31](#i42cd42449154489c865ed2ac5362618f_94)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i42cd42449154489c865ed2ac5362618f_97)\n\n[39](#i42cd42449154489c865ed2ac5362618f_97)\n\n[Item 4. Controls and Procedures](#i42cd42449154489c865ed2ac5362618f_100)\n\n[39](#i42cd42449154489c865ed2ac5362618f_100)\n\n[PART II - OTHER INFORMATION](#i42cd42449154489c865ed2ac5362618f_103)\n\n[Item 1. Legal Proceedings](#i42cd42449154489c865ed2ac5362618f_106)\n\n[41](#i42cd42449154489c865ed2ac5362618f_106)\n\n[Item 1A. Risk Factors](#i42cd42449154489c865ed2ac5362618f_109)\n\n[41](#i42cd42449154489c865ed2ac5362618f_109)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i42cd42449154489c865ed2ac5362618f_112)\n\n[41](#i42cd42449154489c865ed2ac5362618f_112)\n\n[Item 3. Defaults Upon Senior Securities](#i42cd42449154489c865ed2ac5362618f_115)\n\n[41](#i42cd42449154489c865ed2ac5362618f_115)\n\n[Item 4. Mine Safety Disclosures](#i42cd42449154489c865ed2ac5362618f_118)\n\n[41](#i42cd42449154489c865ed2ac5362618f_118)\n\n[Item 5. Other Information](#i42cd42449154489c865ed2ac5362618f_121)\n\n[42](#i42cd42449154489c865ed2ac5362618f_121)\n\n[Item 6. Exhibits](#i42cd42449154489c865ed2ac5362618f_124)\n\n[43](#i42cd42449154489c865ed2ac5362618f_124)\n\n[Signatures](#i42cd42449154489c865ed2ac5362618f_127)\n\n[45](#i42cd42449154489c865ed2ac5362618f_127)\n\n1\n\n[T](#i42cd42449154489c865ed2ac5362618f_7)[able of Contents](#i42cd42449154489c865ed2ac5362618f_7)\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends impacting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.\n\nForward-looking statements include all statements that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expect,” “intend,” “seek,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential,” “might,” “forecast,” “continue,” or the negative of those terms, and similar expressions and comparable terminology intended to reference future periods. Forward-looking statements include, but are not limited to, statements about:\n\n•The effect of and uncertainties related to the ongoing volatility in interest rates;\n\n•Future reward yields related to operating validator nodes;\n\n•The impact of current and future modifications to the Solana Network protocol;\n\n•Uncertainties related to future staking reward yields;\n\n•Our ability to achieve and maintain profitability in the future;\n\n•The impact on our business of the regulatory environment and complexities with compliance related to such environment;\n\n•Our ability to respond to general economic conditions;\n\n•Our ability to manage our growth effectively and our expectations regarding the development and expansion of our business;\n\n•Our ability to access sources of capital, including debt financing and other sources of capital to finance operations and growth;\n\n•The success of our marketing efforts to access additional sales channels and our ability to expand our lender and borrower base;\n\n•Our ability to grow market share in existing markets or any new markets we may enter;\n\n•Our ability to develop new products, features and functionality that are competitive and meet market needs;\n\n•Our ability to realize the benefits of our strategy, including our financial services and platform productivity;\n\n•Our ability to make accurate credit and pricing decisions or effectively forecast our loss rates;\n\n•Our ability to establish and maintain effective system of internal controls over financial reporting;\n\n•Our ability to maintain the listing of our securities on Nasdaq;\n\n•Sales of our common stock by us or our stockholders, which may result in increased volatility in our stock price; and\n\n•The outcome of any legal or governmental proceedings that may be instituted against us.\n\nShould one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. Accordingly, the forward-looking statements in this Quarterly Report on Form 10-Q should not be regarded as representations that the results or conditions described in such statements will occur or that our\n\n2\n\n[T](#i42cd42449154489c865ed2ac5362618f_7)[able of Contents](#i42cd42449154489c865ed2ac5362618f_7)\n\nobjectives and plans will be achieved. Forward-looking statements contained in this Quarterly Report on Form 10-Q speak as of the date of this report and we do not assume any responsibility to update these forward-looking statements, except as required by law.\n\n3\n\n[T](#i42cd42449154489c865ed2ac5362618f_7)[able of Contents](#i42cd42449154489c865ed2ac5362618f_7)\n\nPART I: FINANCIAL INFORMATION"}