DeFi Development Corp. dfdvSOL$89.63-4.5% made a $66.6 million net profit in the third quarter of 2026, after losing $110.7 million in the first half. The company's quarterly income statement shows both figures, along with $71.3 million of gains tied to the price of SOL and a 47% fall in revenue to $2.43 million.
The Nasdaq-listed Solana treasury company also firmed up the estimates it gave in October. Its results release, filed on 12 November, says NAV per share "more than quadrupled" between 12 August and 30 September, and SOL per share rose more than 20%. DeFi Development held 2,609,829 SOL and SOL equivalents on 9 November.
Where DFDV's $66.6 million Q3 profit came from
DeFi Development Corp.'s third-quarter profit came almost entirely from SOL's price rise. The company carries most of its SOL at market value, so a higher price at quarter end shows up as income. SOL ended the quarter at $117.99, according to the company's release, up from $75.53 on 12 August.
That accounting produced two gains, per the income statement:
- a $37.9 million net gain on digital assets, which took operating income to $36.1 million
- a $33.4 million gain from derivative instruments, below the operating line
The derivative gain comes from the company's borrowing. DeFi Development borrows digital assets under a master loan agreement signed in July 2025 and posts collateral against the loans. The 10-Q books both sides as derivatives at fair value. Note 9 of the filing shows $225.9 million of posted collateral at 30 September, $189.9 million of it in SOL. In the quarter, the collateral gained $88.3 million and the financing arrangements lost $54.9 million, netting $33.4 million.
Interest expense of $3.4 million and $0.4 million of other income account for the rest. No income tax was booked.
The same accounting cut the other way earlier in the year. Over the first half, DeFi Development booked $72.5 million of losses on its digital assets, which is how a $66.6 million third-quarter profit still leaves a $44.1 million net loss for the nine months. A year earlier, the third quarter of 2025 produced $56.0 million of net income on a $74.4 million digital-asset gain. Diluted earnings per share were $1.91 this time against $1.95 then, because the share count has grown.
DFDV Q3 revenue fell 47% as treasury income dropped 37%
DeFi Development's revenue for the third quarter was $2.43 million, down 47% from $4.63 million a year earlier, according to the 10-Q. Almost all of it came from the treasury business, which earned $2.38 million against $3.79 million in the third quarter of 2025, a 37% drop. The real estate platform contributed $53,000.
The release says the company holds and stakes SOL and "operates its own validator infrastructure, generating staking rewards and fees from delegated stake". Staking rewards are what any SOL holder earns by delegating to a validator; the fees come from other holders who delegate to DeFi Development's validators. The 10-Q reports treasury revenue as a single line, without a split between staking rewards, validator fees and DeFi income. Over nine months, revenue is up 22% at $8.41 million.
SOL per share, NAV per share and borrowings: final figures against October's estimates
The final per-share figures are well ahead of the floors DeFi Development gave in October. On 5 October the company told investors it expected "double-digit growth in SOL per share" and "more than 100% growth in NAV per share" since 12 August, The Block reported, adding that the "preliminary figures remain subject to finalization". We covered that estimate in our October report.
| Metric (12 Aug to 30 Sep 2026) | October estimate | Final, 12 November |
|---|---|---|
| NAV per share | more than 100% | more than 300% |
| SOL per share | double-digit growth | more than 20% |
| SOL treasury growth | about 11% | about 10% (2,549,137 SOL) |
Both NAV figures are lower bounds: the October estimate set the floor at 100%, and the final release sets it at 300%. NAV per share is DeFi Development's own metric. The release calculates it with SOL at $75.53 and $117.99 on the two dates, a 56% rise.
The per-share gains came while the share count grew. Common shares outstanding rose from 29.9 million at the end of 2025 to 38.4 million on 30 September, and to 40.1 million by 12 November, according to the 10-Q.
DeFi Development also ended the quarter owing less SOL. SOL-denominated borrowings fell about 13%, from 562,000 SOL on 12 August to 487,000 SOL on 30 September, per the release. The release adds that cash, stablecoins and marketable securities more than doubled between 30 June and 30 September.
CHAD preferred stock reached par in 48 days
CHAD, the perpetual preferred stock DeFi Development uses to raise money for SOL purchases, first closed at its $10 stated amount 48 calendar days after it began trading, the release says. Its annual dividend rose to 14% from 2 November.
The 10-Q shows 1,581,250 CHAD shares outstanding at 30 September, from an offering we covered at launch that brought in $12.65 million gross. Preferred dividends for the quarter came to $126,000, per the income statement. Since quarter end, the company has sold 20,012 more CHAD shares for $0.2 million and 766,022 common shares for $3.2 million through its at-the-market programmes, according to the subsequent events note.
SOL's price since September and the MSCI review
The quarter's profit is a mark at 30 September prices, and SOL has fallen since. SOL closed at $83.13 on 11 November, about 30% below its 30 September close of $118.29, according to Solana Compass daily price data. DeFi Development's fourth-quarter results will value its holdings at the 31 December price. The treasury itself kept growing, adding about 60,700 SOL between 30 September and 9 November.
SOL rose from about $76 to $118 across DeFi Development's 12 August to 30 September measurement window, then fell back to about $83 by 11 November.
View on Solana Compass →The company's index status is the other item to follow. Cointelegraph reported in October that DeFi Development was among the companies MSCI would put on a watchlist for potential removal under its new rules for firms whose business is mostly holding digital assets. MSCI's November index review, which removed Upexi from its USA Micro Cap index, takes effect at the close on 30 November.
