DeFi Development (DSDV) Corporate presentation summary

Market context and strategy

• Public market treasury strategies are increasingly used to accumulate crypto assets, with notable examples like MicroStrategy and Metaplanet focusing on Bitcoin, while others target Solana (SOL).

• Holding crypto on balance sheets has historically driven significant equity outperformance, as seen with MicroStrategy's 900% stock gain versus Bitcoin's 600% rise since 2020.

• DFDV is positioned as the first public company designed to accumulate and compound SOL, leveraging a model that maximizes SOL per share growth.

• Since launching its treasury strategy, DFDV has led in equity performance among digital asset treasury (DAT) stocks, being the only SOL DAT with positive returns post-launch.

• DFDV's mNAV calculation accounts for debt and fully diluted share count, providing a normalized view of value per share under various scenarios.

Competitive advantages and operational model

• Traditional exchanges and ETFs are limited by high fees, lack of compounding, and suboptimal yield, while DFDV offers enhanced exposure, validator business, and capital structure optimization.

• DFDV rapidly accumulates SOL, generates onchain yield, and provides higher staking rewards (~7%) compared to major exchanges like Coinbase (4.1%).

• The company holds over 2.2 million SOL and projects growth to 0.085 SOL per share (SPS) by June 2026 and 1.0 SPS by December 2028.

• DFDV's validator operations generate strong free cash flow, with optimized validators delivering 10-20% higher returns than major exchanges.

• The business model is reinforced by a flywheel effect: capital raised at a premium is used to buy SOL, maximize staking, and expand validator operations, compounding SOL per share.

Solana ecosystem and market opportunity

• Solana is highlighted as a high-upside asset, with a $47B market cap and surging fundamentals, including 33B transactions and 1B new wallets created in 2025—more than all other chains combined.

• Solana's total addressable market (TAM) spans all global value transfer, with projections suggesting even at $10,000 per SOL, it would represent less than 1% of traditional asset classes.

• Tokenization of assets is seen as inevitable, with Solana positioned as the primary chain for onchain assets, already leading in tokenized equity volume and institutional adoption.

• Major institutions, including Western Union, PayPal, and J.P. Morgan, are already leveraging Solana for stablecoins and digital asset initiatives.

• Validator rewards on Solana can reach up to 10% APY, with $3B in annual staking rewards and $350M in validator returns.