DeFi Development Corp. (Nasdaq: DFDV) said its preliminary estimates show NAV per share rose by more than 100% between August 12 and September 30, 2026, while SOL per share grew by a double-digit percentage. Separately, the company reported holding 2,564,212 SOL and SOL equivalents as of October 2. The per-share estimates are preliminary and unaudited; the October 2 holding count is a separate, later-dated figure.
What DeFi Development Corp. announced
In an October 5, 2026 press release furnished with its SEC Form 8-K, DeFi Development Corp. said preliminary estimates for September 30 showed more than 100% growth in NAV per share and double-digit growth in SOL per share compared with August 12. CEO Joseph Onorati said the company expected to report “double digit growth in SOL per share and more than a doubling of NAV per share since our August update.”
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The comparison is August 12 to September 30—not the full calendar quarter. The company’s release also described 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 over that comparison window.
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The company reported 2,564,212 SOL and SOL equivalents as of October 2, 2026, valued at approximately $302 million in its October 5 release. Its 8-K reported 2,538,010 SOL and equivalents as of September 25, so the October 2 figure was a reported 1% increase from that earlier count. The release said the treasury had grown approximately 11% since the August 12 earnings update.
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These are holdings figures, not per-share figures. The October 2 treasury count should not be confused with the September 30 NAV-per-share estimate: they use different measurement dates and describe different things.
What NAV per share means—and what it does not
DeFi Development Corp. defines NAV per share as an adjusted measure: the value of SOL and SOL equivalents plus cash and cash equivalents, less specified liabilities and preferred equity, divided by adjusted common shares. The share calculation includes ordinary shares, restricted stock units and vested options, as well as applicable dilution adjustments for assumed exercise or conversion, with related balance-sheet adjustments intended to avoid double counting.
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The company says this supplemental metric is not GAAP book value per share, liquidation proceeds, or a measure of shareholder investment returns. It depends on valuation and capital-structure assumptions, so a reported increase in NAV per share should not be read as a matching increase in DFDV’s share price or an investor’s realized return.
The October release gives percentage changes, but no absolute starting or ending NAV-per-share or SOL-per-share values. Readers therefore cannot calculate the September 30 per-share values from this announcement alone. The company’s Q2 shareholder letter reported 2,311,523 SOL and equivalents and fully converted SPS of 0.066 as of August 12, but the October release says the newer SPS comparison uses an updated liability-adjusted method and applies a SOL reference price to both dates; the Q2 figure should not be mechanically compared with the new estimate as if the methods were identical.
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Why the figures are still preliminary
The September 30 per-share figures are estimates, not finalized Q3 results. The company says they are unaudited, subject to completion of its financial close and verification of balances and share counts, and may differ materially from final results. The October 2 SOL and equivalents count is separately reported in the 8-K; it does not turn the September 30 estimates into audited results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Separate update: CHAD preferred-stock dividend
The October 5 release also said CHAD, the company’s variable-rate perpetual preferred stock, paid its first dividend on October 1. At the time of the release, the annual rate was 13% on a $10 stated amount—equivalent to $1.30 per share annually at that rate. The company said the rate may change and dividends are payable when declared; it also identified risks including trading below stated amount and insufficient staking or validator rewards. These terms are date-specific and do not describe DFDV common stock.
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