DeFi Development Corp. (Nasdaq: DFDV) said on October 5, 2026, that its preliminary estimates showed NAV per share had grown by more than 100% between August 12 and September 30, while SOL per share had risen by a double-digit percentage. Separately, the company reported holding 2,564,212 SOL and SOL equivalents as of October 2, worth approximately $302 million. The holding total and per-share estimates refer to different dates and are not final Q3 results.
What DeFi Development reported
In an October 5 Form 8-K, DeFi Development Corp. furnished its press release with preliminary estimates as of September 30. The filing separately reported the company’s SOL and SOL equivalents increasing from 2,538,010 on September 25 to 2,564,212 on October 2—a reported 1% increase. The company’s release valued the October 2 treasury at approximately $302 million and said it had grown approximately 11% since the company’s August 12 earnings update. SEC Form 8-K; company release.
The September 30 preliminary comparison with August 12 indicated five changes: double-digit growth in SOL per share, more than 100% growth in NAV per share, double-digit growth in total SOL and equivalents, a reduction in notional SOL-denominated borrowings, and more than 100% growth in cash and cash equivalents. CEO Joseph Onorati described the estimate this way: “We expect to report double digit growth in SOL per share and more than a doubling of NAV per share since our August update.”
What the per-share comparison does—and does not—cover
The more-than-doubling claim compares September 30 with August 12; it is not a comparison of the beginning and end of the calendar quarter. The company’s release gives percentage changes, but no absolute beginning or ending NAV-per-share or SOL-per-share values. The exact September 30 NAV per share therefore cannot be calculated from this announcement alone. Solana Compass’s account also notes the August 12 comparison window and the absence of absolute per-share values.
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The company’s Q2 shareholder letter reported 2,311,523 SOL and equivalents and fully converted SOL per share (SPS) of 0.066 as of August 12. That SPS figure should not be mechanically compared with the newer estimate: the October release says its SPS growth comparison uses an updated liability-adjusted method and applies a SOL reference price to both dates. Q2 2026 shareholder letter.
How the company defines NAV per share
DeFi Development describes NAV as a supplemental analytical measure. Its calculation starts with SOL and SOL equivalents plus cash and cash equivalents, then subtracts specified liabilities: SOL-denominated liabilities, principal on out-of-the-money convertible debt, other debt, and the aggregate notional amount of preferred equity. NAV per share divides the adjusted amount by adjusted common shares, including ordinary shares, restricted stock units and vested options, with applicable dilution from assumed exercise or conversion and balance-sheet adjustments intended to avoid double counting. The company’s release provides its metric description.
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The company cautions that NAV per share depends on valuation and capital-structure assumptions. It is not GAAP book value per share, liquidation proceeds, or a measure of shareholder investment returns. A rise in this metric should therefore not be read as an equivalent rise in DFDV’s share price or an investor’s return.
Why the figures are preliminary
The estimates are unaudited and subject to completion of the company’s financial close and verification of balances and share counts. DeFi Development warned that final results may differ materially. The October 5 announcement is thus an early management estimate, not finalized Q3 financial results; the company’s final figures are needed to confirm it.
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Related CHAD preferred-stock update
The release also said the company’s CHAD variable-rate perpetual preferred stock paid its first dividend on October 1. At the time of the October 5 release, the annual rate was 13% on a $10 stated amount, equivalent to $1.30 per share annually at that rate. The company said dividends are payable on business days when declared and that the rate may change. It also identified risks including rate adjustments, trading below stated amount, and insufficient staking or validator rewards. These terms describe CHAD, not DFDV common stock, and are not a fixed future payment promise. Company release.
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