Defi Development Corp. · NASDAQ:DFDV
Defi Development — IPO Roadshow (October 2026)
48 slides from Defi Development's IPO roadshow presentation, Oct 20, 2026
Slide 1: Free Writing Prospectus cover notice
Filed Pursuant to Rule 433 of the Securities Act of 1933 Free Writing Prospectus dated October 20, 2026 Relating to the Prospectus Supplement dated September 11, 2026 Registration No. 333-295142 On October 20, 2026, DeFi Development Corp. (the “Company”) made available an investor presentation relat
Slide 2: Maxim Growth Conference October 13, 2026
NASDAQ: DFDV NASDAQ: CHAD Maxim Growth Conference October 13, 2026 Exhibit A
Slide 3: Legal Disclaimers
Legal Disclaimers This presentation has been prepared by DeFi Development Corp. (“DFDV,” the “Company,” “we,” “us” or “our”) for informational and discussion purposes only. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, nor shall there b
Slide 4: Legal Disclaimers (cont.)
Legal Disclaimers (cont.) This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release include statements regarding business strategies and prospects,
Slide 5: Fully Converted Shares Outstanding vs GAAP diluted shares
How this differs from GAAP weighted average diluted shares outstanding: GAAP weighted average diluted shares outstanding is a period-average metric reported under U.S. GAAP for purposes of calculating diluted earnings per share. It is weighted across the reporting period and applies the treasury sto
Slide 6: Fastest accumulator of Solana in the public markets
DeFi Development Corp. is the fastest accumulator of Solana in the public markets 01 DFDV: The Levered SOL Engine 02 CHAD: The High Yield Daily Fuel 03 SOL to $10k
Slide 7: The greatest trick fiat ever pulled
THE ORIGIN STORY The greatest trick fiat ever pulled was convincing the world it was richer +199% NASDAQ +137% S&P 500 Source: Google Finance. Data from 01/01/2020 – 10/02/2026.
Slide 8: Priced in gold, the picture is different
THE ORIGIN STORY Priced in gold, the picture is a bit different +13% NASDAQ −10% S&P 500 Source: Google Finance. Data from 01/01/2020 – 10/02/2026.
Slide 9: Priced in BTC, the illusion vanishes
THE ORIGIN STORY Priced in BTC, the illusion vanishes −75% NASDAQ −80% S&P 500 Source: Google Finance. Data from 01/01/2020 – 10/02/2026.
Slide 10: SOL's six-year return is in another league
THE ORIGIN STORY Bitcoin has been extraordinary, but SOL's six-year return is in another league entirely Source: Google Finance. Data from 01/01/2020 – 10/02/2026. Past performance is not indicative of future results.
Slide 11: Bitcoin is digital capital, Solana is digital energy
Stores. Bitcoin stores value. It is scarce, immutable, but slow by design. Digital capital. 7 TPS · $1.7T MKT CAP · 10-MIN SETTLEMENT Powers. Solana moves value. It powers transactions, stablecoins, tokenized assets, AI agents. It is fast, cheap, and productive. Digital energy. 100,000+ TPS · MS FIN
Slide 12: Solana ranks #1 on all key metrics
Solana ranks #1 on all key metrics. #1 SPEED 1,454 TPS #1 REVENUE $1.4B 2025 · real fees from real activity #1 TRANSACTIONS 35B 2026 YTD #1 ACTIVE USERS 3.2M More than BNB, ETH, Base, Sui, and Robinhood combined #1 TOKENIZED EQUITIES 96% Of all tokenized equity spot volume settled #1 STABLECOIN GROW
Slide 13: Amplified crypto exposure was broken, so we built DFDV
THE ORIGIN STORY Amplified crypto exposure was broken for institutions and retail, so we built DFDV. INSTITUTIONS Can buy exposure. Cannot amplify it. Mandates limited to ETFs and listed equities. RETAIL Can amplify. Only with fragile leverage. Margin and perps that liquidate on the path. → NASDAQ:
Slide 14: Over 800% equity returns since inception
Since inception, we have paved the way for the space and delivered over 800% equity returns $300M+ Crypto Treasury Size >800% Equity Returns Post Treasury Launch #1 Crypto stock of 2025 +24% Growth in SPS TTM TTM SPS Growth measures the increase in fully converted SOL per share, detailed under “Addi
Slide 15: Team that has scaled crypto businesses across every cycle
DFDV was built by a team that has scaled crypto businesses across every market cycle Dan Kang (DK) CSO John Han, CFA CFO Joseph Onorati Chairman & CEO Pete Humiston CMO THE ORIGIN STORY
Slide 16: Goal of DFDV: amplify SOL exposure by accumulating more SOL
The goal of DFDV is to amplify SOL’s price exposure by accumulating more SOL over time SPS GROWTH · TTM +24% 0.053 → 0.066 SOL per share Note: Spot and ETF estimated as the increase in SOL from similarly timed and proportional investments into SOL that is then staked. DFDV measures the increase in f
Slide 17: DFDV: The Levered SOL Engine
PHASE 01 01 DFDV: The Levered SOL Engine
Slide 18: DFDV is built to compound and amplify SOL
DFDV is built to compound and amplify SOL SPOT ETF DFDV SOL Exposure Grows — — ✓ Staking yield 3.7% 6%+ Intelligent Leverage — — ✓ No management fees ✓ — ✓ Spot offers leveraged exposure but with margin risk. ETFs are passive wrappers with fees. DFDV offers amplified exposure and engineers risk-adju
Slide 19: Intelligent leverage plus SPS growth equals SOL Boost
Intelligent leverage plus SPS growth equals SOL Boost SOL Return the beta + Leverage Effect engine 1 × SPS Growth engine 2 ≈ DFDV Equity Return the boost Even if SOL flatlines, DFDV's return ≈ SPS growth. The engine adds value without needing the price to move. Illustrative framework, not guidance S
Slide 20: Intelligent leverage amplifies surviving SOL volatility
Intelligent leverage amplifies all surviving SOL volatility Intelligent leverage Long duration No margin calls Limited or no forced-liquidation triggers against core treasury assets Designed to survive the path, not just reach the destination Can convert into equity where applicable Fragile leverage
Slide 21: Leverage and amplification without near-term liquidation risk
DFDV provides leverage and amplification without near-term liquidation risk Illustrative: $10,000 through a five-year boom-bust cycle (+200%, −50%, +100%, −60%, +200%). Not guidance. Purely illustrative, not guidance. Excludes taxes and trading costs SECTION I · THE LEVERED SOL ENGINE
Slide 22: DFDV outperformed other treasury companies
DFDV has vastly outperformed other treasury companies post treasury launch Source: Google Finance. Equity performance measured since initiation of treasury strategy relative to other DATs shown above from the date of their treasury strategy announcements until 09/30/26. SECTION I · THE LEVERED SOL E
Slide 23: DFDV has delivered stronger returns than SOL in 2026
DFDV has delivered stronger returns than SOL in 2026 Source: Google Finance. YTD data through 10/05/26. Outperformance = DFDV return − Solana return. pp = percentage points. −25% 0% 25% 50% 75% 100% 125% Solana (SOL) DFDV 2026 YTD −6% +8% +14 pp Q3 2026 +57% +83% +26 pp August 2026 +38% +110% +72pp
Slide 24: Strategy evolved from SOL engine to capital engine
DFDV's strategy has evolved from building the SOL engine to fueling the capital engine. PHASE 1 Build and amplify the SOL treasury Accumulate SOL Acquire validator infrastructure Use intelligent leverage Grow SOL per share Build DFDV common as amplified SOL exposure DFDV COMMON = LEVERED SOL → PHASE
Slide 25: CHAD: Fuel for the Engine
PHASE 02 02 Phase 2 is CHAD: Fuel for the Engine
Slide 26: Phase 1 built the rocket, Phase 2 adds the fuel
PHASE 1 Build & amplify the SOL treasury PHASE 2 Add fuel with CHAD SOL SOL treasury strategy 2025 DFDV common boosted DFDV common THE DESTINATION $10K SOL CHAD launch Same rocket. Same destination. More fuel. Illustrative only; not a forecast of SOL or DFDV performance. Leverage could also amplify
Slide 27: CHAD offers 13% annual yield, paid every day
CHAD offers 13% annual yield, with payments every day so your money can finally grow 13% Annual dividend rate, cumulative 252 Dividend payments per year, every business day $300M+ SOL treasury backing the dividend 150+ Years of dividend coverage from treasury assets Cash dividends for CHAD will be p
Slide 28: CHAD solves the problem of income vs inflation
12 MONTHS THROUGH AUGUST 2026 · U.S. AVERAGES · BLS Average hourly earnings more dollars per hour +3.1% Consumer prices (CPI-U) each dollar buys less +3.4% Real hourly earnings what the hour actually buys ≈ −0.3% Economy-wide averages over the same 12-month period. Individual households differ; this
Slide 29: CHAD offers more yield than any savings account
Savings Rate: FDIC, August 2026. Vanguard High Dividend Yield ETF rate is 30D SEC yield as of 08/31/26 CHAD offers more yield than any savings count in existence…
Slide 30: CHAD pays every business day
Cash dividends for CHAD will be payable when and if declared by the board of directors of DFDV out of funds legally available for their payment and is not guaranteed. Most income products make you wait. CHAD pays every business day Traditional bonds 2 PER YEAR Other yield products 12 PER YEAR CHAD 2
Slide 31: Multiple ways to take Solana risk
DFDV now offers investors multiple ways to take Solana risk. CHAD: High Yield SOL SOL DFDV: Levered SOL NASDAQ: CHAD Preferred stock of DFDV Income-oriented Current 13% annual dividend rate, when declared Lower direct sensitivity to SOL upside SOL The underlying capital Direct SOL price exposure Nat
Slide 32: CHAD for investors wanting income with less SOL sensitivity
CHAD is built for investors who want income with less direct SOL sensitivity. "I want amplified SOL upside." → NASDAQ: DFDV DFDV common "I want direct SOL." → THE UNDERLYING ASSET SOL "I want high current income." → NASDAQ: CHAD CHAD CHAD dramatically expands who can participate in the DFDV capital
Slide 33: CHAD opens DFDV to a broader investor base
CHAD opens DFDV to a much broader investor base. NASDAQ: DFDV · COMMON Existing Investor Types Amplified SOL upside seekers NASDAQ: CHAD · PREFERRED New Investor Types Income investors Preferred stock investors Yield buyers Cash and treasury allocators Crypto investors seeking less SOL beta More typ
Slide 34: Over 150 years of dividend coverage
We have over 150 years of dividend coverage from multiple sources of funds BTC TREASURIES DFDV 01 The treasury ✓ ✓ 02 Common equity ATM ✓ ✓ 03 Staking and onchain yield ✕ ✓ 150+ years of dividend coverage Bitcoin has no yield. SOL does. Note: Dividends are payable only when and if declared and are n
Slide 35: CHAD can accelerate the DFDV flywheel
CHAD can further accelerate the DFDV flywheel Insert Pete’s flywheel diagram SECTION II: CHAD: FUEL FOR THE ENGINE
Slide 36: Final Act: SOL to $10k
FINAL ACT OS SOL to $10k AR deri Development Corp.
Slide 37: The biggest secret in crypto is that SOL is scarce
The biggest secret in crypto is that SOL is scarce Source: Internal Forecasts 36 FINAL ACT · $10,000 SOL
Slide 38: Internal model points to $10,000 SOL
FINAL ACT · $10,000 SOL Our internal model points to $10,000 SOL. $10,000 SOL by 2040 · internal forecast >80x vs. SOL/USD levels as of 10/02/26 60% Est. CAGR (2026–2030) Source: Internal Forecasts; TradingView. Internal model output, not an assurance of future SOL prices. Methodology and assumption
Slide 39: At $10k SOL, treasury worth approximately $26B
At $10k SOL, DFDV’s treasury would be worth approximately $26B SOL Balance SOL Price Target Dollar Value of Treasury 2.6M $10,000x $26B= Source: Internal Forecasts. For illustrative purposes only. SOL Balance as of 10/05/26 38 FINAL ACT · $10,000 SOL
Slide 40: DeFi Development Corp. Investor Relations
DeFi Development Corp. NASDAQ: DFDV NASDAQ: CHAD Crypto Born. TradFi Fueled. Built to Stack Solana. INVESTOR RELATIONS [email protected]
Slide 41: Transcript: introduction and forward-looking statements
DK (00:00) Welcome everyone. Thank you so much for joining us. My name is Dan Kang. I'm Chief Strategy Officer and Head of Investor Relations at DeFi Development Corp. NASDAQ Ticker DFDV for our common equity, and Nasdaq Ticker Chad for our recently listed preferred equity. Joining me today is Josep
Slide 42: Transcript: What is Solana
not only magnitudes higher than Bitcoin, it's also about two and a half times higher than NVIDIA over the same time horizon, and almost 2x better than Micron. And the question is why? And for those who are newer to crypto, perhaps we should start with what exactly is Solana in the first place? DK (0
Slide 43: Transcript: treasury, returns and team
It is a highly accessible, listed common stock with resilient leverage embedded at the corporate level, designed to grow the underlying SOL exposure over time. And since we launched the Treasury strategy, we've moved at lightning speed. We've built a crypto treasury worth more than $300 million. Our
Slide 44: Transcript: intelligent leverage
and the other leverage. So if SOL rises, leverage is designed to amplify the move. This is the framework and how we think about amplifying the price action of SOL. Joseph (09:08) So what do we mean by intelligent leverage? We mean capital with duration. Capital that doesn't wake up tomorrow and marg
Slide 45: Transcript: phase two and CHAD
leverage, and we grew Sol per share. And we built common to be leveraged Sol. But now we're moving on to phase two. And phase two is about adding more fuel to the engine. The fuel is Chad. In phase one or if phase one was about building the rocket ship, phase two is about putting as much high octane
Slide 46: Transcript: CHAD risk spectrum
So what's especially interesting about Chad is that it completes the risk spectrum for us. On the right side you have DFDV Common, that's levered SOL. That's a security for investors who want resilient leverage that amplifies SOL price movements. In the middle is SOL itself. And on the left is Chad.
Slide 47: Transcript: CHAD flywheel
have ample room for Chad to scale. At the end of the day, Chad's fuel that we think helps the common. The larger Chad gets, the more Chad can accelerate our flat wheel. For example, when we raise money via Chad, we use the capital to acquire SOL. That expands the treasury. The treasury generates sta
Slide 48: Transcript: $10,000 SOL and treasury value
given that price target, it might make sense as to why we want to amplify the returns as much as possible. DK (20:43) So, what does $10,000 SOL mean for DFDV? Well, using the roughly 2.6 million SOL balance that we have today, our Treasury would be worth approximately $26 billion at $10,000 SOL. And