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- Material Weakness (worsened) — Company now identifies three specific material weaknesses versus prior year's single generic weakness, indicating expanded scope of control deficiencies.
- Auditor Change (new) — Wolf & Company replaced dbbmckennon as auditor for fiscal 2025, effective this filing period.
DeFi Development pivots to Solana treasury after change of control; $73.8M loss on leverage
Filed March 30, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 27, 2025 · ~2 min read
Key Changes
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Company sold 51% voting control for $4M in April 2025, changed name from Janover Inc. to DeFi Development Corp., and pivoted from commercial real estate fintech to Solana (SOL) digital asset treasury operations.
Business: Change of Control verify on EDGAR → -
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Net loss expanded from $2.7M to $73.8M driven by $36.8M in digital asset impairments, $19.8M in derivative losses on collateralized SOL borrowings, and $8.9M in interest expense on $134M convertible notes.
MD&A: Financial Results verify on EDGAR → -
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Company borrowed $172M in SOL-denominated financing at 12.5-13% annual fees requiring 200-300% collateral coverage; faces forced liquidation if collateral falls below 150% during price declines.
MD&A: Digital Asset Financing verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jun 3, 2026 9:35 PM