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Forward-Looking Statements 2 This presentation has been prepared by DeFi Development Corp. (“DeFi”) (NASDAQ:DFDV) for informational purposes only and not for any other purpose. We have prepared this presentation solely to illustrate the businesses of DeFi, and it does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of DeFi. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or DeFi or any director, employee, agent, or adviser of DeFi. Information provided in this presentation speaks only as of the date hereof. DeFi assumes no obligation to update any statement after the date of this presentation as a result of new information, subsequent events or any other circumstances unless required by applicable law. Certain information contained in this presentation and statements made orally during this presentation relate to or are based on studies, publications, surveys and other data obtained from third-party sources and DeFi’s own internal estimates and research. While DeFi believes these third-party studies, publications, surveys and other data to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, no independent source has evaluated the reasonableness or accuracy of DeFi’s internal estimates or research and no reliance should be made on any information or statements made in this presentation relating to or based on such internal estimates and research. You should conduct your own investigation and analysis of DeFi, its business, prospects, results of operations and financial condition. In furnishing this information, DeFi does not undertake any obligation to provide you with access to any additional information (including forward-looking information and any projections contained herein) or to update or correct the information. Certain information and conclusions set forth in this presentation are based on projections. Actual results may differ materially from those indicated in the forward-looking statements because the realization of those results is subject to many uncertainties, including economic conditions, fluctuations in the market price of SOL, the impact on our business of the regulatory environment and other factors, some of which are described more fully in the Company's most recent Annual Report on Form 10-K and the Current Report on Form 10-Q filed with the SEC on November 19, 2025. Forward-looking statements contained in this presentation are made as of the date of this presentation, and we undertake no duty to update such information except as required under applicable law. Investors should be aware that projections are subject to many risks and uncertainties and may be materially different from actual results. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision. This presentation also includes express and implied forward-looking statements regarding the current expectations, estimates, opinions and beliefs of DeFi that are not historical facts. Such forward-looking statements may be identified by words such as “believes,” “expects,” “endeavors,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “should” and “objective” and the negative and variations of such words and similar words. These statements are made on the basis of current knowledge and, by their nature, involve numerous assumptions and uncertainties. Nothing set forth herein should be regarded as a representation, warranty or prediction that DeFi will achieve or is likely to achieve any particular future result.
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DeFi Development Corp. is the first public company built to accumulate and compound SOL 3 Chapter 1: The Rise of Crypto Treasury Vehicles Chapter 3: Solana Is the Right Asset. Now Is the Right Time. Chapter 4: DFDV Is Built to Compound – By Design and By Team Chapter 2: Legacy Structures Can’t Accumulate Crypto Fast Enough. We Can.
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Chapter 1: The Rise of Crypto Treasury Vehicles
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Public-market treasury strategies are reshaping how crypto gets accumulated 5
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Since MSTR started buying BTC 5 years ago… ● BTC is up 858% ● MSTR stock is up over 1,180% ● 1.4x outperformance vs. BTC itself MSTR showed that holding crypto on balance sheet drives outsized equity returns 6Sources: CoinMarketCap, IBKR. Chart measures performance from 07/01/2020 - 12/31/25
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DFDV is the upgraded model – built to maximize SOL accumulation and compound SOL per share 7Source: Internal figures. SOL HODLings inclusive of staking rewards. mNAV is calculated using EV/NAV method, assuming $5.34 share price (the last reported price on NASDAQ as of 1/02/26), 29.9M total shares outstanding as of 01/01/26, and SOL/USD of $132.13. SPS growth compares 0.0743 SPS as of 12/17/25 to SPS of 0.0435 as of 07/03/25 SOL HODLings: 2,221,329 Capital Raised: >$370M SOL per Share: 0.0743 SOL NAV ($): $294M mNAV: 1.2x SPS Growth (6M): 71%
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1st To Tokenize Equity 1st SOL Treasury Co We have paved the way for the industry since launching our treasury strategy in April 1st To Deploy Treasury Onchain 1st Non BTC DAT to Announce Preferred 8 1st DAT to Run Validators Source: Equity performance measured since initiation of treasury strategy relative to other DATs from the date of their treasury strategy announcements (2025). #1 Equity Performance 2025
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DFDV is the #1 DAT stock of 2025 and the only SOL DAT with positive returns post treasury launch 9Source: Equity performance measured since initiation of treasury strategy relative to other DATs from the date of their treasury strategy announcements until 12/31/25.
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Our mNAV calculation normalizes for debt and fully diluted share count 10 Source: NAV in (2) is SOL NAV less net debt ($134M convertible debt as of 01/01/26, $55M of short term debt, less $9M of cash, stablecoins, and tokens readily convertible to cash as of 01/01/26). mNAV assumes $5.34 share price (the last reported price on NASDAQ on 1/02/26), and SOL/USD of 132.13. Scenario NAV Share Count NAV/shr mNAV Notes 1. Headline mNAV $293.5M 29.9M $9.82 0.5x Market Cap divided by SOL 2. EV / NAV $293.5M 29.9M $9.82 1.2x Enterprise value divided by SOL 3. Adjust for Debt $113.7M 29.9M $3.80 1.4x Market Cap divided by: SOL less total convertible debt outstanding 4. Debt Converts $247.7M 34.5M $7.18 0.7x Apr 2025 Convert strike of $9.74 Jul 2025 Convert strike of $23.11 5. Fully Diluted mNAV $411.2M 43.7M $9.41 0.6x Converts and warrants all exercised; +$172M of cash proceeds from warrants
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Chapter 2: Legacy Structures Can’t Accumulate Crypto Fast Enough. We Can.
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Exchanges Suffer From: High Fees Trading and custody fees for retail buyers often exceed 1% per transaction Limited Staking Individuals / Institutional investors often cannot stake Lack of Technology Individuals & Institutions are unable to operate validators to earn additional SOL Lack of Yield Centralized Exchanges (“CEXs”) take large validator fees and don’t enhance yield Risky Leverage High chance of margin call on CEX leverage Tax Inefficiency Individuals owe taxes on Staking Rewards (e.g. 1099-MISC Coinbase) Exchanges enable trading, not accumulation. They add fees, risk, and no compounding benefit.
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ETFs are merely passive, fee-based wrappers that don’t compound SOL/share or offer yield DFDV SOL ETFs (e.g. BSOL) Capital Deployment ✅ Convertibles and PIPEs enhance returns ❌ Only track SOL price with no capital compounding effect SOL Holdings ✅ Permanent SOL Accumulation ❌ Subject to outflows Staking ✅ Validator Business Optimizes Yield ❌ Suboptimal yield Volatility Capture ✅ Expected higher vol than SOL, enabling options, leverage, etc. ❌ No enhanced volatility Fees ✅ No management fees ❌ All ETFs charge fees, eroding returns Operational Control ✅ Optimize capital structure to acquire SOL opportunistically ❌ None Based on the Company’s own view of the relative positioning of the various categories shown. DFDV is not an exchange traded product (“ETP”) or an exchange-traded fund (“ETF”) registered under the Investment Company Act of 1940, as amended, is not subject to the same rules and regulations as an ETP or an ETF and does not operate as an ETP or ETF. See Appendix for additional information
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Valuation Support ● Stablecoin strategy offers uncorrelated yield through the cycle ● No risk of “margin call” Technology & Crypto Expertise ● Discounted locked SOL access delivers instant unrealized gains ● Owning validators increases control and improves staking economics ● Stake delegated to our validators from third parties earns more SOL ○ DFDV offers ~7% stake yield vs. Coinbase at 4.2% stake yield DFDV solves this: we buy fast, generate onchain yield, and provide enhanced exposure Financial Strategies ● We expect to engage in convertible bond offerings to fund SOL purchases ● Risk-managed DeFi strategies expected to earn more SOL ● Expected minimal tax bill enables us to grow SOL stockpile faster 14 SOL SOL More SOL Less Risk Cash Flow Source: Coinbase est. reward rate as of 1/02/26
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We HODL 2.2M SOL, and this is just the beginning 15
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We are guiding to 1.0 SPS by December 2028 & 0.165 SPS by June 2026 16
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Chapter 3: Solana Is the Right Asset. Now Is The Right Time.
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At 4% the market cap of BTC with surging fundamentals, SOL has upside and price reflexivity 18 $75B Solana market cap $317B Stablecoin market cap $1.9T Bitcoin market cap $125B DeFi Total Value Locked (“TVL”) $963B DEX Volume Q3’25 1B Solana Wallets Created 2025 There is plenty of liquidity to deploy significant capital $5.0B Total Solana staking rewards per year Sources: CoinMarketCap, DefiLlama, CoinGecko. Figures as of 01/05/25 unless otherwise stated. Staking rewards of $5.0B is an estimate based on total stake of 424M per Solana Beach, 9.0% total rewards, and $132.13 SOL/USD
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19 Solana did 33B transactions in 2025, more than all other chains combined $1.4B Revenue (2025) 33B Transactions (2025) Source: Artemis
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Sources: https://app.artemisanalytics.com/chains Solana led the pack with 1B new wallets created in 2025, more than all other chains combined 20 New Wallets by Chain (2025)
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21 Solana did $2.9B in tokenized equity volume just 6 months post launch – more than all other chains Sources: rwa.xyz Tokenized Stock Volume (2025)
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22 Every major asset class represents a slice of Solana’s Total Addressable Market (TAM) Real Estate $370T Global Debt $318T Equities $135T Money $119T Gold $27T Art $27TCorporate Bonds $18T Source: Jesse Myers, onceinaspecies.com BTC $1.9T
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23 Solana’s TAM is all of global value transfer 7.5% SOL Market Share x 30x Multiple x 2.4 Trillion Revenue TAM = 10,000 SOL/USD Source: McKinsey
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24 $10K SOL/USD still puts SOL at <1% of all traditional asset classes combined…
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Chapter 4: DFDV Is Built To Compound – By Design and By Team
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DFDV is an onchain company, deeply integrated across the Solana ecosystem 26
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dfdvSOL LST integrations create a self-reinforcing flywheel for SPS, revenue, and growth 27
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Solana is 50-100% more volatile than Bitcoin…
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Fixed Income Equity Cash $134M of Convertible Debt $149M in PIPEs + $60M via ATM and ELOC $9M of Cash as of 01/01/26 >$370M of capital raised to increase SOL holdings …which allows DFDV to engineer different flavors of volatility across our capital structure
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Validator rewards make SOL an asset that pays you for passively helping secure the network 30 10% APY Solana generates currently up to denominated in SOL $5.0B Total Solana staking rewards per year $650M Total Solana validator returns per year Staking rewards of $5.0B is an estimate based on total stake of 424M per Solana Beach, 9.0% total rewards, and $132.13 SOL/USD as of 01/02/25.
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Our validators generate strong FCF, and let us stack SOL without relying solely on capital markets. 31 Solana validators $1M/yr net profit per 500K SOL staked* Optimized validators 10-20% higher returns* Our validators 20-40% higher, after-fee returns than Coinbase and Binance* Newly launched Solana ETFs create opportunities for validator business growth *Estimates, subject to change
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Our team has built and scaled crypto businesses across every market cycle 32 Parker White, CFA COO & CIO Joseph Onorati Chairman & CEO Dan Kang (DK) CSO Danial Saef, PhD Head Engineer Pete Humiston CMO John Han, CFA CFO
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Backed by a board that blends crypto-native operators with public company veterans 33 Blake Janover Board William Caragol Board Zach Tai Board ● Founder & CEO - Janover ● Board - Soulpower Acquisition Corp ● Founder & CEO - B. Elliot Companies ● Managing Director - Quidem LLC ● CFO, COO - Iron Horse ● CEO - PositiveID Corporation ● Board - Worksport ● VP Strategy & Operations - Everclear ● Director of Strategy - Kraken ● Vice President - Cerberus Capital ● Co-Founder - Nimbl Thomas Perfumo Board ● VP Strategy & Operations - Everclear ● Director of Strategy - Kraken ● Vice President - Cerberus Capital ● Co-Founder - Nimbl
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DFDV’s reinforcing flywheels compound SOL/share Raise Capital at >1x NAV Buy Locked and Unlocked SOL Grow NAV Financial Flywheel Optimized Validator Tech Maximize Staking Yield Increase Delegation Tech Flywheel Strengthen Industry Relationships Expand Commercial Opportunities Enhance Market Reputation Crypto Native Flywheel
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DeFi Development Corp. (NASDAQ: DFDV) Crypto Born. TradFi Fueled. Built to Stack Solana.
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Additional Information 36 DeFi Development Corp. is not an exchange traded product (“ETP”) or an exchange-traded fund (“ETF”) registered under the Investment Company Act of 1940, as amended, is not subject to the same rules and regulations as an ETP or an ETF, and does not operate as an ETP or ETF. In particular, unlike spot Solana ETPs, we (i) do not seek for shares of our common stock to track the value of the underlying Solana we hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange Act of 1934, as amended, including Regulation M, and other securities laws, which enable spot Solana ETPs to continuously align the value of their shares to the price of the underlying Solana they hold through share creation and redemption, (iii) are a Delaware corporation rather than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment objectives, (iv) are subject to federal income tax at the entity level and the other risk factors applicable to an operating business, such as ours, and (v) are not required to provide daily transparency as to our Solana holdings or our daily NAV.