DeFi Development (DSDV) 21st Annual Needham Technology, Media, & Consumer Conference summary

Opening remarks and company background

• Emphasized a culture of experimentation, drawing parallels to curiosity and risk-taking in children.

• Highlighted being the first Solana digital asset treasury company in the U.S. and the first to tokenize equity and run validator infrastructure.

• Currently holds about $218 million in Solana, with SOL per share up over 100% in the past year.

• Outperformed peers and posted positive equity returns since launching the treasury strategy.

Strategic advantages and business model

• Uses the MSTR playbook: issues equity or convertible debt to acquire more crypto when trading at a premium.

• Team has deep crypto and traditional finance experience, including backgrounds at Kraken and Goldman Sachs.

• Operates its own validators, generating higher yields (7–7.5%) compared to third-party staking.

• Deploys over 15% of treasury on-chain, supporting the Solana ecosystem and generating organic yield.

• Developed DFDV SOL, a liquid staking token, to further integrate with Solana DeFi and boost ongoing revenue.

Solana network and growth thesis

• Solana processes 100,000 transactions per second, surpassing Visa and Mastercard.

• In 2025, Solana processed $33 billion transactions and generated $1.4 billion in fees, with median transaction fees at $0.0005.

• Solana led all blockchains in new wallet creation, with 1 billion new wallets last year.

• Three mega trends driving Solana demand: tokenization, stablecoins, and agentic AI, each with massive total addressable markets.

• Solana captured 94% of tokenized equity spot volume and is positioned as the infrastructure for stablecoins and AI agents.