DeFi Development reports 108% SOL growth despite Q1 loss

DeFi Development Corp. said its fully converted SOL per share rose 108% over the past year, reaching 0.0670 on May 13. 

The figure was up from 0.0322 one year earlier and 0.0665 on March 30. The company also reported 2,294,576 SOL and SOL equivalents, with about 34.2 million fully converted shares outstanding.

The Nasdaq-listed firm said it remains focused on building a Solana treasury model. It also repurchased about $4.4 million in July 2030 convertible notes for about $2.6 million in cash. That marked a 41% discount to par. DeFi Development reaffirmed June 2026 guidance of 0.075 SPS and kept its December 2028 target of 1.0 SPS unchanged.

Losses widen as revenue rises

The update came with a much wider quarterly loss. DeFi Development reported total revenue of $2.66 million in Q1 2026, up from $287,000 in Q1 2025. Digital asset treasury revenue reached $2.40 million during the quarter.

Net loss was $83.4 million, compared with a $778,000 loss in the same period last year. The company also reported diluted EPS of negative $3.18, compared with negative $0.08 a year earlier. The update used SOL at $90.93 and DFDV shares at $4.65 for its May 13 mNAV table.

Moreover, chief executive Joseph Onorati framed the strategy as different from Bitcoin treasury firms. He said the “MSTR playbook is a starting point, not a ceiling,” and added that “SOL is a different asset than BTC.”

The company said validator operations, validator partnerships, onchain treasury use and its Treasury Accelerator program helped drive SPS growth. It said its validators produce about 7.5% yield, compared with about 3.9% from staking SOL on Coinbase. It also said more than 25% of its treasury was deployed across protocols.

Wider treasury race

Related reports from crypto.news show that DeFi Development has been building this model for months. In September, the firm bought 196,141 SOL for about $40 million, pushing its holdings above 2 million SOL. At the time, corporate Solana holdings across tracked companies stood near 8.28 million SOL.

Crypto.news also reported that the firm bought another 86,307 SOL in October, lifting holdings to 2,195,926 SOL and SOL equivalents. Earlier reports also noted its work with Kraken and Backed to bring DFDV stock onchain through xStocks.