DeFi Development Corp.

AI-generated fair value estimate for this company.

Method: NAV (treasury-asset) method: equity value = mark-to-market SOL treasury (~2.52-2.56M SOL, ~$302.5M as of early Oct 2026, per theblock.co/treasuries/dfdv) + cash ($4.34M per Q2 2026 10-Q) - total debt obligations (July 2030 convertible notes $120.56M + digital-asset financing arrangements $89.77M, both per 6/30/2026 10-Q)

Reasoning: DFDV has exited its legacy CRE lending business and is now purely a Solana accumulation/staking vehicle; standard revenue/earnings DCF does not apply. Net of debt, NAV is ~$97M vs. a ~$163M market cap, implying the market is pricing a premium for continued SOL price appreciation, staking yield, and/or treating the digital-asset financing liability as non-recourse/collateral-matched rather than a true net claim; high uncertainty given crypto-price sensitivity and preliminary unaudited Q3 2026 figures