Executives and representatives from DeFi Development (NASDAQ:DFDV) used a recent company discussion to outline their latest thinking on Solana, the company’s “SOL per share” (SPS) metric, and how management views the evolving landscape for digital-asset treasury (DAT) companies.
Solana valuation framework and the “agentic AI” demand thesis
DK, Chief Strategy Officer, highlighted institutional investor questions the company has encountered around how to value SOL, arguing that traditional equity-style valuation tools such as discounted cash flow analogs can be a poor fit. DK said token holders do not have contractual claims on network “cash flows,” and emphasized that SOL should be considered “a commodity, not a security,” making it difficult to apply corporate finance frameworks designed for companies with management teams, margins, and capital allocation control.
DK argued that one potential driver of demand is “agentic AI”—AI agents transacting on-chain. He laid out two questions the company focuses on: why agents would transact on-chain, and why they would choose Solana. On the first, DK said traditional payment rails are designed for humans and introduce friction for agents through identity, account requirements, and settlement delays. As agents scale into the millions, DK said these constraints could become bottlenecks that make on-chain transactions more attractive.
On why Solana, DK pointed to speed, low cost, and fast finality. He described transaction confirmation as a “blocking step” inside agent loops, contrasting Solana’s sub-second waiting time with what he characterized as “approximately 15 minutes for true finality” on Ethereum L1. DK also referenced a statistic attributed to Vibhu at DAS, saying Solana had “north of 50%” year-to-date x402 volume share and “somewhere around 65%,” with Base trading places at times.
NAV compression and expected shakeout among DATs
Participants discussed weaker market conditions and “NAV compression,” described as affecting the DAT space broadly. One speaker said too many DATs were launched, including vehicles on assets that “probably shouldn’t have a DAT,” and predicted a separation where “two major DATs emerge” in the U.S. for the “top three assets” (Bitcoin, ETH, and SOL). The speaker said the conversation may shift away from “seven Sol DATs” and toward which firms can keep growing their crypto stack and position as a top-tier vehicle.
Joseph agreed with the shakeout thesis, saying some newer DATs are attempting to distance themselves from the category, potentially pivoting to other strategies such as “RWA tokenization” or returning to legacy businesses. He added that M&A has proven “a lot harder… than many investors thought earlier on,” and said the company has not seen much consolidation so far.
DK said companies that require “more mental gymnastics… to justify your existence” tend to have weaker shareholder value propositions. He described DeFi Development’s narrative as consistent from the start and called it “a story of Sol on steroids,” adding that the company views itself as the “first Sol DAT in the U.S.” and “the best performing Sol DAT from an equity performance perspective since launching our treasury strategy.”
Apex investment and preferred equity as a potential leverage tool
DK framed Apex as part of DeFi Development’s effort to go beyond a “simple copy-paste of the MSTR model” and find additional ways to drive SOL growth and SOL per share growth over time, alongside initiatives such as the company’s “Treasury Accelerator.” DK described Apex as intended to translate “DAT-preferred equity and yield into a yield-bearing stablecoin.”
DK said being bullish on Apex is tied to being bullish on stablecoin market growth and on the idea that DATs will need leverage to increase crypto per share over time. He cited Michael Saylor’s playbook, saying preferred equity can be “a very elegant form of leverage.” DK emphasized Apex is an independent protocol and that DeFi Development does not control Apex’s decisions, but said Apex has been explicit about intending to include DAT preferred equity in its collateral list, with “a little bit of Strive” and “SATA” mentioned as examples. DK said it was “not inconceivable” that any future preferred equity offering by DeFi Development could be considered for inclusion, which “could be pretty beneficial” for the company’s cost of capital and its SPS growth objective.
Another speaker added that the firm expects more DATs to issue “variable rate perpetual preferred,” describing the instrument as potentially “very powerful” for growing crypto asset per share.
Progress on the Treasury Accelerator and international plans
One speaker said the company has been making progress on the Treasury Accelerator, including work related to “DFDV UK,” while noting U.K. regulators are “pretty slow-moving.” The speaker said the company hopes to provide updates soon, adding, “We may have another announcement here pretty soon… I’m excited about another country,” without providing specifics.
Why “SOL per share” is the “North Star,” plus targets and risks
Management repeatedly emphasized SPS growth as the primary metric for evaluating a DAT. One speaker said, “SPS growth doesn’t just matter. In some ways, it might be the only thing that matters,” arguing that a DAT’s value-add is producing ROI beyond the underlying asset by accumulating more of the asset faster than share dilution. The speaker said the growth rate influences premium to net asset value and can drive equity outperformance in bull markets, pointing to Strategy’s mNAV expanding after spot Bitcoin ETFs launched as an example that access alone does not determine premiums.
In discussing DeFi Development’s long-term vision, DK said the company has referenced a goal of “one SOL per share by 2028,” adding that achieving it likely requires an improving crypto environment and a continued shakeout among DATs to avoid “hundreds” of vehicles competing for the same capital.
On risks, Joseph cited the possibility of a prolonged bear market outside typical cycles, a sharp decline in SOL price, or a major Solana network issue such as a “week-long outage” or “massive bug.” He also said the company is reviewing how it holds coins on-chain “post-Drift,” and reassessing how it evaluates platforms where it holds assets.
About DeFi Development (NASDAQ:DFDV)
We are a B2B fintech marketplace connecting commercial property borrowers and lenders with a human touch. We seek to revolutionize the commercial real estate lending market by making it hyper-efficient, transparent, and accessible to all rather than the few. Through our online platform, we provide technology that connects commercial mortgage borrowers looking for capital to refinance, build, or purchase commercial property, including, but not limited to, apartment buildings, to commercial property lenders.
