DeFi Development Reports 108% SOL-Per-Share Growth, Reaffirms Solana Targets

Overview

• DeFi Development released its Q1 shareholder letter Wednesday, saying its SOL per share reached 0.0670, up 108% year over year, with 2,294,576 SOL and equivalents reported.
• The company kept its guidance for 0.075 SOL per share in June 2026 and maintained its goal of 1.0 SOL per share by December 2028.
• It bought back about $4.4 million in July 2030 convertible notes for roughly $2.6 million in cash, retiring debt at a 41% discount to face value.
• The firm reported Q1 revenue of $2.66 million and a net loss of $83.4 million, which it linked to lower SOL prices affecting reported results.
• Management said it runs its own Solana validators and onchain deployments to earn yield, citing roughly 7.5% validator rewards and noting that more than a quarter of the treasury is deployed across protocols.