DeFi Development Posts $66.591 Million Quarterly Profit Despite 47.4% Revenue Decline
Key Facts
DeFi Development reported unaudited net income of $66.591 million for the quarter ended September 30, 2026, compared with $56.026 million a year earlier, according to its filing with the U.S. Securities and Exchange Commission. The result came as quarterly revenue fell to $2.432 million from $4.625 million, a 47.4% year-over-year decline. The company also recorded $33.4 million in gains on derivative instruments, compared with $4.639 million in the corresponding quarter of 2025. Results also showed gains from the appreciation of Solana, alongside realized losses and impairment charges on some assets. The figures highlight the quarter’s reliance on changes in the value of digital assets and related instruments, alongside lower revenue.
Net income attributable to common stockholders was $66.465 million after preferred stock dividends, according to the same filing. Diluted earnings per share, however, were $1.91, compared with $1.95 a year earlier. The divergence between net income and per-share earnings reflects the denominator used to calculate earnings per share, as well as preferred stock dividends, which are deducted in determining income attributable to common stockholders. On revenue, the company said the decline was mainly driven by Solana’s lower value against the dollar and the absence of Janover Pro revenue after its sale in 2025. It added that higher staking rewards offset part of the impact of those two factors, but did not prevent total revenue from falling.
In its digital asset line, the company said the quarter included $53.4 million in gains from Solana’s appreciation against the dollar. These were partly offset by $14.8 million in realized losses related to asset conversions and sales, as well as $0.7 million in impairment charges on liquid staking assets. Derivatives recorded separate gains of $33.4 million, up from $4.639 million in the third quarter of 2025. These items reflect different sources of the result: changes in the value of Solana holdings, derivative instrument results, losses on asset disposals and impairment charges. The company said Solana gains "reflected the appreciation of SOL against the U.S. dollar," noting that realized losses and impairment charges offset part of them.
The results’ sensitivity to Solana’s value is consistent with the treasury policy the company described: its primary reserve holding is the currency, and it also operates infrastructure for transaction validation, earning staking rewards and delegation fees. The company held 2,609,829 SOL and equivalents as of November 9, up 13% from its latest update on August 12 and 19% year over year. From August 12 to September 30, management said SOL per share increased by more than 20% under a methodology that uses a fixed price for the currency and counts convertible debt at face value. It also said net asset value per share rose by more than 300% over the same period. These are metrics provided by management in its shareholder letter, while changes in the currency’s value remain a factor affecting the dollar value of assets and their accounting gains.
On financing, Solana-denominated borrowings fell about 13%, from 562,000 units on August 12 to 487,000 units on September 30. The company said cash and cash equivalents, stablecoins and marketable securities more than doubled between June 30 and September 30, strengthening its flexibility to fund operations and treasury growth. In its shareholder letter, management said it plans to expand CHAD issuance and use its associated at-the-market offering mechanism to reduce reliance on at-the-market offerings of common stock. It added that available cash gives it flexibility to choose the timing of equity issuance. These financing plans add another dimension to the company’s strategy alongside its Solana holdings, with a stated focus on its funding mix and treasury growth.