DeFi Development Corp. Estimates NAV Per Share Doubled Since August as SOL Treasury Reaches 2.56 Million

DeFi Development Corp. dfdvSOL$131.51-1.0% (Nasdaq: DFDV) said on 5 October 2026 that it holds about 2,564,212 SOL and SOL equivalents, and that preliminary estimates point to its net asset value (NAV) per share more than doubling between 12 August and 30 September. The Solana treasury company published the estimates in a press release and furnished them to the SEC in a Form 8-K the same day. Neither document gives an absolute figure for NAV per share, SOL per share, cash or borrowings.

What DFDV's preliminary Q3 2026 estimates say

DeFi Development Corp. expects to report five changes as of 30 September 2026 compared with 12 August 2026, the date of its second-quarter earnings update, according to the release:

• double-digit growth in SOL per share (SPS)
• more than 100% growth in NAV per share
• double-digit growth in total SOL and SOL equivalents
• a reduction in notional SOL-denominated borrowings
• more than 100% growth in cash and cash equivalents

The release headline describes the NAV gain as happening "in Q3", but the comparison starts mid-quarter and covers what the company calls "roughly seven weeks". DeFi Development Corp. says the estimates are unaudited, depend on its financial close and a check of balances and share counts, and that final results "may differ materially". The Block reported the same directional estimates on 5 October.

The treasury count is the one figure that can be checked against earlier disclosures. DeFi Development Corp. reported 2,311,523 SOL and SOL equivalents as of 12 August in its Q2 results release. The 2 October total is 252,689 higher, a 10.9% increase by our calculation, in line with the "approximately 11%" the company cites. The company values the holdings at $302 million.

Why NAV per share can rise faster than SOL per share

The two per-share measures answer different questions, and a footnote in the release explains how each is built. SPS is the net SOL exposure behind each adjusted common share, and the company says its growth comparison applies "the updated, liability-adjusted methodology and a SOL reference price to both measurement dates". That wording indicates SPS growth is measured at one SOL price for both dates. The Q2 release put SPS at 0.066 as of 12 August; the 5 October release does not say whether that figure is the starting point under the updated method.

NAV is a dollar figure. DeFi Development Corp. defines it as the value of its SOL and SOL equivalents plus cash, minus SOL-denominated liabilities, the principal of out-of-the-money convertible debt, other debt, and the notional amount of its preferred stock. That total is divided by adjusted common shares.

The release does not say what drove the NAV estimate. One input did change over the period: SOL closed near $75.63 on 12 August and $118.29 on 30 September, a rise of about 56%, according to Solana Compass price data.

When debt and preferred stock are subtracted from a pool of assets, a change in the assets' value produces a larger percentage change in what is left, in either direction. A homeowner with a mortgage sees the same effect: equity moves faster than the house price. That is our reading of the company's own definition, and the release does not offer it as the explanation. The inputs that would settle it (the liabilities, the share count and the SOL price used) are not in the release.

DFDV's weekly SOL purchases slow as CHAD pays its first dividend

DeFi Development Corp. grew its SOL and SOL equivalents by approximately 26,203 between 28 September and 2 October, from 2,538,010 on 25 September, the 8-K shows. The company reported adding 47,706 SOL the week before, and 101,381 SOL in the week before that, per its 21 September update. Decrypt also flagged the slowdown. The 5 October release repeats the company's line that its "SOL accumulation flywheel is continuing to gain momentum".

CHAD, the company's Nasdaq-listed Variable Rate Series C Perpetual Preferred Stock, paid its first dividend on 1 October 2026. The release says CHAD carries a 13% annual rate on a $10 stated amount, or $1.30 per share a year, paid each business day when declared. In September the company set up a $300 million at-the-market program to sell more CHAD and fund SOL purchases.

DeFi Development Corp. says rewards and fees from staking its SOL and running validators support the dividend, and that it "continues to maintain ample dividend coverage". It gives no coverage figure (network-wide yields are on our staking dashboard). The release's risk section says the rate may be adjusted, that CHAD may trade below its stated amount, and that staking and validator rewards may be insufficient to support payments.

How the disclosure compares with Forward Industries

Forward Industries, another publicly traded Solana treasury company, issued its own preliminary and unaudited quarter-end update four days earlier and put numbers on each line. Its 1 October release reported 8,501,298 SOL, 0.0806 SOL per fully diluted share, NAV of about $870.4 million and $167.5 million of institutional debt as of 30 September, figures we covered in our report on Forward's fiscal fourth quarter.

The 5 October release gives no date for DeFi Development Corp.'s final third-quarter results. Until they arrive, the public record is a self-reported SOL count, a slower purchase pace, and five directional estimates without the figures behind them.