DeFi Development Corp. Common Stock Status update

Can you all still hear Pete?

Nope, he just dropped for me too. Pete, you there? Joseph, it might just be me and you.

Yeah. Bummer. All right. But yeah, that's okay too.

Stepping back into my OG role here on this space till Pete comes back. All right. Well, thanks all for joining us. Today is our August and September 2026 business recap and AMA. Joining me, we've got Pete Humiston, whenever he hops back on, Chief Marketing Officer, and Joseph Onorati, CEO. We'll spend some time talking about what happened in August and September, and more importantly, want to use today to step back and talk about where DFDV stands in light of current market conditions, recent developments, milestones, et cetera. As always, if you have questions, drop them under the pinned tweet. We'll try to get to as many as we can. And a quick reminder that today's discussion may contain forward-looking statements. These involve risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for additional information.

We undertake no obligation to update said forward-looking statements except as required by law. With that, let us dive in. Joseph, I'll kick this to you to start. If you have to summarize August and September in one sentence, what fundamentally changed about DFDV compared with where the company stood at the end of Q2?

Trick question. It is a trick question.

Yeah. Nothing fundamentally changed about the business. The business is working as intended, which has been awesome in the last two months. DFDV's levered exposure to SOL. SOL went up, DFDV went up more. It is working. I love it.

Nice and brief. I will take it and I will violate the rules of the question here for a second, which is not in one sentence. I guess if I had to put it in one sentence, nothing, as you said, about the fundamental structure or strategy of the business changed. With one caveat. Our ability to execute against the structure did change as SOL started moving, right? What do I mean by the fundamental structure or strategy didn't change? Well, the convertible debt is still there. Our high percentage ownership is still there. All those factors that we spoke about in our last shareholder letter, which we think make DFDV a very unique business, all those things are still true, right? The spring was coiled, if you will.

Then SOL starts ripping, and the common equity did what it was effectively designed to do, which is provide amplified exposure to SOL. Amidst that backdrop, our trading volume surged. The net result of that is what you have seen in recent headlines, right? Our SOL balance is up double digits. We indicated that between August 12 and September 30, we grew SOL per share double digits, which is, as far as we can tell, the fastest rate of growth in the space. NAV per share is expected to be up triple digits, when we report. Oh, and of course, CHAD exists, right? This is one of those weird things where nothing strategically changed, nothing really structurally changed, but in some ways, everything changed, which is a little bit of a paradox.

It's pretty nice to say CHAD exists on one of these, because we've been talking about when CHAD will exist on these spaces for I don't know, this must have been like six or more of them, right? It's a lot of recaps where we're like, "Yeah, we're working on CHAD." Well, finally happened.

Yes. I do look forward to one day when, I don't know, either you or I are on stage looking back on our careers, and we'll get to tell the story of how CHAD came to be. It'll make for a really nice story. Let's go on to and I'm just going to do a quick check right here. Pete, have you rejoined us by any chance? No. All right. Yes, I have.

I think so. Can you hear me?

There he is. Yeah, I got you.

Okay, awesome. We can hear you now.