Slide 1: DeFi Development Corp.
AK Deri Development Corp.
Slide 2: Forward-Looking Statements
Forward - Looking Statements 2 This presentation has been prepared by DeFi Development Corp. (“DeFi”) (NASDAQ:DFDV) for informational purposes only and not for any other purpose. We have prepared this presentation solely to illustrate the businesses of DeFi, and it does not constitute an offer to se
Slide 3: DeFi Development Corp. is the most efficient way to accumulate SOL
DeFi Development Corp. is the most efficient way to accumulate SOL 3 Chapter 1: The Rise of Crypto Treasury Vehicles Chapter 2: Legacy Structures Can’t Accumulate Crypto Fast Enough. We Can. Chapter 3: Solana Is the Right Asset. Now Is the Right Time. Chapter 4: DFDV Is Built to Compound – By Design
Slide 4: Chapter 1: The Rise of Crypto Treasury Vehicles
Chapter 1: The Rise of Crypto Treasury Vehicles
Slide 5: Public-market treasury strategies are reshaping how crypto gets accumulated
Public - market treasury strategies are reshaping how crypto gets accumulated 5
Slide 6: MSTR showed that holding crypto on balance sheet drives outsized equity returns
Over the last 5 years, since MSTR started buying BTC… ● BTC is up ~ 1 , 000 % ● MSTR stock is up over 3 , 000 % over the same period … ● 3.0x outperformance vs. BTC itself. MSTR showed that holding crypto on balance sheet drives outsized equity returns 6 Sources: CoinMarketCap, IBKR. Figures as of 0
Slide 7: DFDV is the upgraded model to maximize SOL accumulation
DFDV is the upgraded model – built to maximize SOL accumulation and compound SOL per share 7 Source: Internal figures. SOL HODLings inclusive of staking rewards. mNAV assumes $27.25 share price (the last reported price on NASDAQ as of 07/11/25), 18.7M total shares outstanding as of 07/09/25, and SOL/
Slide 8: Our mNAV calculation normalizes for debt and fully diluted share count
Our mNAV calculation normalizes for debt and fully diluted share count 8 Source: NAV in (2) is SOL NAV less net debt ($140.6M convertible debt as of 07/14/25, less $1.8M of cash as of 03/31/25 ). mNAV assumes $27.25 share price (the last reported price on NASDAQ on 07/11/25), and SOL/USD of $162.88.
Slide 9: Chapter 2: Legacy Structures Can't Accumulate Crypto Fast Enough. We Can.
Chapter 2: Legacy Structures Can’t Accumulate Crypto Fast Enough. We Can.
Slide 10: Exchanges Suffer From High Fees, Limited Staking, Lack of Yield
Exchanges Suffer From: High Fees Trading and custody fees for retail buyers often exceed 1% per transaction Limited Staking Individuals / Institutional investors often cannot stake Lack of Technology Individuals & Institutions are unable to operate validators to earn additional SOL Lack of Yield Cen
Slide 11: ETFs are merely passive, fee-based wrappers that don't compound SOL/share
ETFs are merely passive, fee - based wrappers that don’t compound SOL/share or offer yield Capital Deployment SOL Holdings Staking Volatility Capture Fees Operational Control Future SOL ETFs DFDV Only track SOL price with no capital compounding effect Subject to outflows No Staking At Launch No enhan
Slide 12: DFDV solves this: we buy fast, generate onchain yield, and provide enhanced exposure
Valuation Support Technology & Crypto Expertise ● Discounted locked SOL access delivers instant unrealized gains ● Owning validators increases control and improves staking economics ● Stake delegated to our validators from third parties earns more SOL ○ DFDV offers 8% stake yield vs. Coinbase at 5.1
Slide 13: We HODL over $130M of SOL, and this is just the beginning
We HODL over $130M of SOL, and this is just the beginning 13
Slide 14: Guiding to 1.0 SPS by December 2028 and 261% SPS growth by June 2026
We are guiding to 1.0 SPS by December 2028 & 261% SPS Growth by June 2026 14
Slide 15: Chapter 3: Solana Is the Right Asset. Now Is The Right Time.
Chapter 3: Solana Is the Right Asset. Now Is The Right Time.
Slide 16: At 4% the market cap of BTC with surging fundamentals, SOL has upside
At 4% the market cap of BTC with surging fundamentals, SOL has upside and price reflexivity 16 $87B Solana market cap $261B Stablecoin market cap $2.3T Bitcoin market cap $127B DeFi Total Value Locked (“TVL”) $741B Total DeFi Volume Q1’25 40% SOL Market Share on DEXs Q1’25 There is plenty of liquidi
Slide 17: Solana has surpassed more than 15B transactions YTD
Solana has surpassed more than 15B transactions YTD – more than all other chains combined 17
Slide 18: Solana leads with >600M new wallets created YTD
Solana leads the pack with >60oM new wallets created YTD, nearly 2x all other chains combined 18 New Wallets by Chain (YTD)
Slide 19: DFDV is an onchain company, deeply integrated across the Solana ecosystem
DFDV is an onchain company, deeply integrated across the Solana ecosystem 19
Slide 20: dfdvSOL LST integrations create a self-reinforcing flywheel
dfdvSOL LST integrations create a self - reinforcing flywheel for SPS, revenue, and growth 20
Slide 21: Solana is ~100% more volatile than Bitcoin
Solana is 50 - 100% more volatile than Bitcoin…
Slide 22: $200M of capital raised to increase SOL holdings
Fixed Income Equity Cash $164M of Convertible Debt $24M PIPE + $12M via ATM and ELOC $1.8M of Cash as of 03/31/25 $200M of capital raised to increase SOL holdings …which allows us to financially engineer different flavors of volatility across our capital structure
Slide 23: Validator rewards make SOL an asset that pays you for securing the network
23 Validator rewards make SOL an asset that pays you for passively helping secure the network Solana generates currently up to 10% APY denominated in SOL $5.9B Total Solana staking rewards per year $1B Total Solana validator returns per year Staking rewards of $5.9B is an estimate based on total sta
Slide 24: Our validators generate strong FCF and let us stack SOL
Our validators generate strong FCF, and let us stack SOL without relying solely on capital markets. 24 Solana validators $3M/yr net profit per 500K SOL staked* Optimized validators 10 - 20% higher returns* Our validators 20 - 40% higher, after - fee returns than Coinbase and Binance* Upcoming Solana
Slide 25: Chapter 4: DFDV Is Built To Compound – By Design and By Team
Chapter 4: DFDV Is Built To Compound – By Design and By Team
Slide 26: Our team has built and scaled crypto businesses across every market cycle
Our team has built and scaled crypto businesses across every market cycle 26 Parker White, CFA COO & CIO Joseph Onorati Chairman & CEO Dan Kang (DK) Head of IR Danial Saef, PhD Head Engineer Pete Humiston Head of Research John Han, CFA CFO
Slide 27: Backed by a board that blends crypto-native operators with public company veterans
Backed by a board that blends crypto - native operators with public company veterans 27 ● General Partner - Pantera Capital ● Chief Legal Officer - Kraken ● Chief Legal Officer - Blockchain.com ● Board - WalletConnect Foundation ● Partner - Cooley Marco Santori Board Blake Janover Board William Caragol
Slide 28: DFDV's reinforcing flywheels compound SOL/share
DFDV’s reinforcing flywheels compound SOL/share Raise Capital at >1x NAV Buy Locked and Unlocked SOL Grow NAV Financial Flywheel Optimized Validator Tech Maximize Staking Yield Increase Delegation Tech Flywheel Strengthen Industry Relationships Expand Commercial Opportunities Enhance Market Reputati
Slide 29: Crypto Born. TradFi Fueled. Built to Stack Solana.
DeFi Development Corp. (NASDAQ: DFDV) Crypto Born. TradFi Fueled. Built to Stack Solana.
Slide 30: Additional Information
Additional Information 30 DeFi Development Corp. is not an exchange traded product (“ETP”) or an exchange - traded fund (“ETF”) registered under the Investment Company Act of 1940, as amended, is not subject to the same rules and regulations as an ETP or an ETF, and does not operate as an ETP or ETF