Slide 1: Free Writing Prospectus
Filed Pursuant to Rule 433 of the Securities Act of 1933 Free Writing Prospectus dated September 1, 2026 Relating to the Preliminary Prospectus Supplement dated August 31, 2026 Registration No. 333-295142 On August 31, 2026, DeFi Development Corp. (the “Company”) made available an investor presentat
Slide 2: CHAD Series C Perpetual Preferred Stock
IPO · NASDAQ · 2026 CHAD Series C Perpetual Preferred Stock
Slide 3: Legal Disclaimers
Legal Disclaimers This presentation has been prepared by DeFi Development Corp. (“DFDV,” the “Company,” “we,” “us” or “our”) for informational and discussion purposes only. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, nor shall there b
Slide 4: Legal Disclaimers (cont.)
Legal Disclaimers (cont.) This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release include statements regarding business strategies and prospects,
Slide 5: Offering Overview
Offering Overview Issuer DeFi Development Corp. (DFDV) Offering Size $20,000,000 Security Variable Rate Series C Perpetual Preferred Stock (CHAD) Price Talk $9.00 Ticker / Exchange CHAD · NASDAQ Variable Dividend Cumulative dividends at an initial rate of 13.0% per annum on the Par Value., subject t
Slide 6: Contents
5 CONTENTS CHAD: The Next Evolution of Digital Credit 01 The Rise of Digital Credit 02 Digital Credit's Next Evolution is on Solana 03 DFDV: Leveraged SOL Exposure 04 Terms and Pro-Forma Credit Analysis
Slide 7: The Rise of Digital Credit
CHAPTER 01 01 The Rise of Digital Credit
Slide 8: Traditional credit forces investors to choose between yield, liquidity, and transparency
Traditional credit forces investors to choose between yield, liquidity, and transparency 7 Source:Reuters, https://tradingeconomics.com, https://fred.stlouisfed.org/ as of August 24, 2026 Nominal vs. Real Yields by Credit Tier INSTRUMENT YIELD REAL YIELD RISK 10-Year UST 4.72% −2.4% Low IG Corporate
Slide 9: Digital credit has exploded in 2026
Digital credit has exploded in 2026, with Strategy’s STRC notional up 3.6x year over year 8 Source: Strategy SEC filings 71% Retail Ownership 12.0% Current Dividend
Slide 10: Digital credit has shown lower volatility than crypto
Digital credit has shown lower volatility than crypto, with minimal correlation to BTC 9 Volatility is 30-D Realized (annualized). Correlation with BTC is YTD through 08/27/26 19% STRC Volatility 0.12 BTC Correlation
Slide 11: Digital credit is powered by volatile, appreciating collateral
Volatility is 30-D Realized (annualized) as of 08/24/26 Digital credit is powered by volatile, appreciating collateral 10 You cannot manufacture a relatively stable, high-yield instrument without a volatile, appreciating collateral base. INPUT 40% Annualized realized volatility of the underlying col
Slide 12: Digital Credit's Next Evolution is on Solana
CHAPTER 02 02 Digital Credit's Next Evolution is on Solana
Slide 13: Digital Credit works with Bitcoin. It works better with Solana
Digital Credit works with Bitcoin. It works better with Solana BITCOIN SOLANA Volatility 40% 60% Forward 5-Yr CAGR 30% 60% 2× BTC Productive Yield 0% 6% NATIVE Volatility plus yield is exactly the asset profile a treasury company was built to amplify. DFDV · NASDAQ Source: Internal forecasts for for
Slide 14: CHAD pairs a 13% dividend yield with productive SOL collateral
CHAD takes the model further, pairing a 13% dividend yield with productive SOL collateral 13 Digital Capital BTC 40 30% STRC VOL CAGR BACKS BTC 40 30% SATA VOL CAGR BACKS SOL 60 60% CHAD VOL CAGR BACKS 1.5× VOL · 2× CAGR Digital Credit Effective Yields
Slide 15: CHAD improves on the digital credit playbook with a faster path to par
Calendar days since IPO. STRC and SATA: actual daily closes; day 0 = issue price. CHAD path is illustrative only. Starting price $90 instead of $9.00 for comparison CHAD improves on the digital credit playbook with a faster path to par
Slide 16: Bitcoin is digital capital, Solana is digital energy
Stores. Bitcoin stores value. It is scarce, immutable, but slow by design. Digital capital. 7 TPS · $1.5T MKT CAP · 10-MIN SETTLEMENT Powers. Solana moves value. It powers transactions, stablecoins, tokenized assets, AI agents. It is fast, cheap, and productive. Digital energy. 100,000+ TPS · MS FIN
Slide 17: Solana's TPS potential is on par with Visa
16 Solana’s TPS potential is on par with Visa… 7 TPS 15-30 TPS 100 TPS 100,000+ TPS 5,000 TPS TPS 65,000 TPS Source: Solscan, Chainspect
Slide 18: Transaction finality measured in milliseconds
17 Source: Chainspect SECONDS (LOG) 1000 100 10 1 0.1 0.15s Visa Solana 1s Sei 1s Avalanche 5s BNB 8s Aptos 8s Sui 13s Cardano ~2 min Ethereum ~10 min Bitcoin Time To Finality 0.15s DFDV · NASDAQ …with transaction finality measured in milliseconds
Slide 19: Three megatrends converging
18 THREE MEGATRENDS CONVERGING SOL is the beneficiary of three megatrends converging all at once. → HIGH THROUGHPUT → SUB-CENT FEES → MS FINALITY → COMPOSABLE PRIMITIVES TAM Estimates are internal forecasts MEGATREND 01 Tokenization TAM: $400T+ MEGATREND 02 Stablecoins MEGATREND 03 Agentic AI TAM: $
Slide 20: Solana has an early lead in all three onchain megatrend categories
Solana has an early lead in all three onchain megatrend categories TOKENIZED EQUITY SPOT VOLUME 96% of all tokenized equity spot volume has settled on Solana STABLECOIN TVL GROWTH 1st Highest 5-year CAGR (83%) in stablecoin TVL among major chains. AGENTIC PAYMENT SHARE 65% Share of x402 agent-to-age
Slide 21: Tokenization makes assets programmable, accessible, and easy to transfer
Tokenization makes assets programmable, accessible, and easy to transfer ADDRESSABLE MARKET* Global assets eligible for onchain representation $300T ACCESS No broker. No border. A student in India buys a U.S. stock COMPOSABILITY Assets become building blocks Program, parlay, compose. LIQUIDITY Priva
Slide 22: CHAD pairs digital credit with Solana's tokenized equity leadership
CHAD pairs digital credit with Solana’s tokenized equity leadership, where Solana is #1 in volumes 21
Slide 23: Stablecoins are becoming the default settlement rail
Stablecoins are exploding and are becoming the default settlement rail of the world 22 MEGATREND 02 · STABLECOINS 10x Growth Since 2020 $10T Expected Market Cap by 2030 Source: CoinMarketCap, Internal Forecasts
Slide 24: If stablecoins are the chatGPT of crypto, Solana is Nvidia
23 If stablecoins are the chatGPT of crypto, then Solana is Nvidia Source: https://app.rwa.xyz/stablecoins; Average monthly transfer volume for last 3 months 83% 5-Year CAGR $1.25T Q2’26 Transfer Volume
Slide 25: Early signs are promising, but agents will need a lot more SOL
24 Early signs are promising, but agents will need a lot more SOL Source: Artemis 65% Market Share (x402)
Slide 26: DFDV: Leveraged SOL Exposure
CHAPTER 03 03 DFDV: Leveraged SOL Exposure
Slide 27: Our executive team has built and scaled crypto businesses
Our executive team has built and scaled crypto businesses across every market cycle Dan Kang (DK) CSO John Han, CFA CFO Joseph Onorati Chairman & CEO 26 DFDV · NASDAQ Pete Humiston CMO
Slide 28: Three ways to own SOL, but only one compounds and amplifies
Three ways to own SOL, but only one compounds and amplifies SPOT ETF DFDV SOL Exposure Grows — — ✓ Staking yield 3.7% 9% Capital markets fuel — — ✓ No management fees ✓ — ✓ Spot offers direct exposure but no amplification and low yields. ETFs are passive wrappers with fees. DFDV offers amplified exp
Slide 29: Intelligent leverage plus SPS growth equals SOL Boost
Intelligent leverage plus SPS growth equals SOL Boost SOL Return the beta + Leverage Effect engine 1 × SPS Growth engine 2 ≈ DFDV Equity Return the boost Even if SOL flatlines, DFDV's return ≈ SPS growth. The engine adds value without needing the price to move. Illustrative framework, not guidance
Slide 30: Intelligent leverage amplifies without liquidation risk
Intelligent leverage amplifies without liquidation risk Intelligent leverage ✓ Long-dated convertibles and preferreds ✓ No margin calls, no forced-liquidation triggers ✓ No liens on our SOL ✓ Converts to equity as SOL rises; debt exits before repayment is due Predatory leverage ✗ Short-dated, secure
Slide 31: Other amplification alternatives come with near-term liquidation risk
Other amplification alternatives come with near- term liquidation risk Illustrative: $10,000 through a five-year boom-bust cycle (+200%, −50%, +100%, −60%, +200%). Not guidance. Illustrative, excludes taxes and trading costs
Slide 32: SOL per share growth means more exposure to SOL over time
SOL per share growth means more exposure to SOL over time DFDV · NASDAQ SPS GROWTH · TTM +24% 0.053 → 0.066 SOL per share Note: Spot and ETF estimated as the increase in SOL from similarly timed and proportional investments into SOL that is then staked. DFDV measures the increase in fully converted
Slide 33: DFDV is the #1 performing DAT stock
DFDV is the #1 performing DAT stock and the only SOL DAT with positive returns post treasury launch 32 Source: Google Finance. Equity performance measured since initiation of treasury strategy relative to other DATs from the date of their treasury strategy announcements until 08/27/26.
Slide 34: DFDV optimizes Solana's native yield
DFDV optimizes Solana’s native yield 33 Source: https://www.coinbase.com/en-sg/earn/staking/solana, https://jup.ag/stake, 8-10% LEADER: +2 PP
Slide 35: Organic coverage plus variable dividend create a path toward par
Organic coverage + a variable dividend create ample coverage and a credible path toward par 34 8.6x Organic Dividend Coverage Validators + Staking + Onchain Ops = WHY IT MATTERS CHAD is the highest-yielding digital credit and the only one backed by real cash flows — we meet the dividend without lean
Slide 36: Terms and Pro-Forma Analysis
CHAPTER 04 04 Terms and Pro-Forma Analysis
Slide 37: CHAD is SATA backed by revenue
CHAD is SATA backed by revenue — organic dividend coverage is our path to par 36 INSTRUMENT NOTIONAL ($M) COUPON INT./DIV. ($M) Convertibles April 2025 Convertible $11 2.50% $0 July 2025 Convertible $115 5.50% $6 Total Convertible Debt $126 5.20% $7 SOL Loans Total SOL Loan Debt $55 6.0% $3 Preferre
Slide 38: CHAD remains well covered even if SOL falls 50%
CHAD remains well covered even if SOL falls 50% 37 SOL Price Scenarios: Current SOL -25% SOL -50% $mm Pro Forma SOL NAV $275 $206 $147 Annual Obligations $13 $12 $11 Interest and Dividend Coverage SOL Coverage 20.3x 15.2x 10.2x SOL / CHAD Notional 11.0x 8.2x 5.5x Organic Yield Coverage 1.8x 1.4x 0.9
Slide 39: Offering Overview
Offering Overview Issuer DeFi Development Corp. (DFDV) Offering Size $20,000,000 Security Variable Rate Series C Perpetual Preferred Stock (CHAD) Price Talk $9.00 Ticker / Exchange CHAD · NASDAQ Variable Dividend Cumulative dividends at an initial rate of 13.0% per annum on the Par Value., subject t
Slide 40: DeFi Development Corp. Crypto Born. TradFi Fueled.
DeFi Development Corp. NASDAQ: DFDV Crypto Born. TradFi Fueled. Built to Stack Solana.
Slide 41: Additional Information
Additional Information 40 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.
Slide 42: Transcript: Introduction and forward-looking statements
DAN Hello, everyone. My name is Dan Kang. I’m Chief Strategy Officer and Head of Investor Relations at DeFi Development Corp, joining me today is Joseph Onorati, Chief Executive Officer and Chairman of the Board of Directors, and we’re excited to walk you through our Series C variable-rate perpetual
Slide 43: Transcript: Digital credit and STRC
DAN Private credit solved part of that problem by offering more yield, but it generally did that by sacrificing liquidity and transparency. You lock up your capital, the marks are not always obvious, and the product is not particularly accessible to a retail investor. SLIDE 7 - Digital credit has ex
Slide 44: Transcript: Faster path to par
SLIDE 13 - CHAD improves on the digital credit playbook with a faster path to par [DAN] DAN The next obvious question is: if par is $10, why am I buying this at $9? I think this is an extremely important part of the structure. DAN We are not launching below par and simply hoping the market eventuall
Slide 45: Transcript: Tokenization and stablecoins
SLIDE 20 - CHAD pairs digital credit with Solana’s tokenized equity leadership [DAN] DAN Today, 96% of the tokenized-equity spot volume in the data shown here has settled on Solana. DAN Why does that matter to a preferred investor? Because it means there is a secular growth vector attached directly
Slide 46: Transcript: Intelligent leverage and SOL Boost
- This creates amplified, or leveraged SOL exposure, without many of the near-term risks that investors are usually presented when taking on leverage on their own. SLIDE 27 - Intelligent leverage plus SPS growth equals SOL Boost [JOSEPH] - That takes us to what we call the SOL Boost framework. The c
Slide 47: Transcript: Staking yield and dividend coverage
DAN Today, you can earn about 5.8% through staking ETFs such as BSOL. Net of fees that’s closer to 5.6%. If you stake on coinbase, you only earn 3.4%. - DFDV has historically done better than that because we operate validators, stake directly, and deploy portions of the treasury onchain. - Historica
Slide 48: Transcript: Closing remarks
- We think CHAD is interesting because it combines a high effective starting yield with productive collateral, organic income that can service the dividend, a large asset base that remains well covered under meaningful downside scenarios, and a variable-rate mechanism that gives us a tool to support