Street Calls of the Week
BOCA RATON - DeFi Development Corp. (NASDAQ:DFDV), which has seen its stock surge over 2,300% in the past year, announced Wednesday it will distribute a special dividend in the form of warrants to shareholders of record as of October 23, 2025. The company, currently valued at $391 million, has historically not paid regular dividends to shareholders, according to InvestingPro data.
Stockholders will receive one warrant for every ten shares of common stock held, with distribution expected around October 27, 2025. The company anticipates issuing approximately 3.3 million warrants based on current outstanding shares and convertible notes. With a current P/E ratio of 13.28 and impressive revenue growth of 97% in the last twelve months, the company has shown strong operational momentum despite rapidly burning through cash reserves.
Each warrant will allow holders to purchase one share of common stock at an exercise price of $22.50 until January 21, 2028. The warrants are expected to trade on the Nasdaq Capital Market under the ticker DFDVW following distribution.
If all warrants are exercised, DeFi Development would receive up to $73.5 million in gross proceeds, which it plans to use for general corporate purposes, including SOL acquisition and working capital.
"By issuing tradable warrants, we’re empowering investors to participate in future expansion while preserving long-term value for existing shareholders," said Joseph Onorati, the company’s Chief Executive Officer, in the press release.
Holders of the company’s Convertible Senior Notes due 2030 will also receive warrants on an as-converted basis in accordance with their governing indenture. For each $1,000 face amount, these noteholders will receive 4.3269 warrants.
DeFi Development Corp. has adopted a treasury policy allocating its principal holdings to SOL, providing investors with direct economic exposure to the Solana ecosystem. The company also operates validator infrastructure and explores decentralized finance opportunities.
The warrant distribution does not require stockholder action or cash payment. A Form 8-A registration statement with details will be filed with the SEC.
In other recent news, DeFi Development Corp. has expanded its stock repurchase program significantly, increasing the authorization from $1 million to $100 million. This move allows the company to buy back more of its common stock on the open market, following regulatory guidelines. In a strategic leadership shift, Dan Kang has been promoted to Chief Strategy Officer, broadening his role beyond Head of Investor Relations to include overseeing global strategy and corporate development. Additionally, DeFi Development Corp. announced plans to expand its Solana treasury operations in Korea through the acquisition of a publicly listed Korean company, with management from Fragmetric leading the initiative.
The company also launched a Treasury Accelerator program to invest in Digital Asset Treasuries, focusing on Solana, with planned investments ranging from $5 million to $75 million per vehicle. In collaboration with AllDomains, DeFi Development Corp. introduced .dfdv domains, offering personalized digital identities on the Solana blockchain. Proceeds from these domain sales will support the company’s Solana treasury. These developments underscore DeFi Development Corp.’s strategic initiatives and evolving market presence.
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