DFDV on Nasdaq

Janover

Logo: janover.co3

B2B fintech marketplace based in Boca Raton, founded in 20181

In its 2026 annual report the company says: “We also provide an artificial intelligence platform that connects commercial mortgage and small business borrowers looking for debt to refinance, build, or buy commercial property, including apartment buildings, to commercial property lenders. We also operate and manage Solana validators and delegate our digital asset holdings with external validators, enabling us to participate directly in the Solana proof-of-stake consensus mechanism and generate staking rewards.”5 Its shares trade on Nasdaq under the symbol DFDV.1

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Last updated Oct 20, 2026.

Overview

2018Founded1

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  • TickerDFDV on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersBoca Raton1
  • Websitejanover.co
  • Legal formcorporation1
  • Incorporated inNV4
  • Business address6401 Congress Ave, Ste 250, Boca Raton, Fl 334874
  • Filer category, Emerging growth company4

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Janover image from its website
Image: janover.co3

DeFi Development Corp. ("we," "our," "DeFi Dev," "us," or the "Company") is a publicly traded company focused on building and managing a digital asset treasury strategy centered on the Solana blockchain ecosystem. We also provide an artificial intelligence (“AI”) platform that connects commercial mortgage and small business borrowers looking for debt to refinance, build, or buy commercial property, including apartment buildings, to commercial property lenders.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-319.7%Operating margin6
-648.1%Net margin6
442.2%Revenue growth, 20256
-74.3%Return on equity6
1.28×Debt to equity6
-$18.0MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Digital Asset Treasury brought in 81% of the revenue Janover broke down this way in fiscal 2025.

  1. Digital Asset Treasury$9.2M681%
  2. Real Estate Platform$2.2M619%up 5% from 2024
Products and services by year
Products and services20242025
Digital Asset Treasury$0$9.2M
Real Estate Platform$2.1M$2.2M

Business segments

Digital Asset Treasury brought in 40% of the revenue Janover broke down this way in fiscal 2025.

  1. Digital Asset Treasury$9.2M640%
  2. Treasury Units$9.2M640%
  3. Real Estate Investment Trusts$2.2M610%up 5% from 2024
  4. Real Estate Platform$2.2M610%up 5% from 2024
Business segments by year
Business segments20242025
Digital Asset Treasury$0$9.2M
Treasury Units$0$9.2M
Real Estate Investment Trusts$2.1M$2.2M
Real Estate Platform$2.1M$2.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue2¢$249.0K
  • Research and development10¢$1.1M
  • Other costs88¢$10.0M
  • Income tax0¢$9.0K

Out of $11.4M in revenue.6 The company lost money this year.

Financial statements

Revenue786$11.4M in 2025+429% since 2022
0$5.0M$10.0M$15.0M2022: $2.2M$2.2M20222023: $2.0M$2.0M2023−7%2024: $2.1M$2.1M2024+5%2025: $11.4M$11.4M2025+442%
Operating income786-$36.4M in 2025+2016% since 2022
-$40.0M-$30.0M-$20.0M-$10.0M02022: -$1.7M-$1.7M20222023: -$3.4M-$3.4M2023+98%2024: -$3.0M-$3.0M2024−12%2025: -$36.4M-$36.4M2025+1112%
Net income786-$73.8M in 2025+5748% since 2022
-$80.0M-$60.0M-$40.0M-$20.0M02022: -$1.3M-$1.3M20222023: -$3.4M-$3.4M2023+167%2024: -$2.7M-$2.7M2024−19%2025: -$73.8M-$73.8M2025+2606%

Every line of the income statement as filed: the last 2 fiscal years (annual) or 1 quarters (quarterly), latest first.6

Period ending2025-12-312024-12-31
Total revenue$11.4M$2.1M
Cost of revenue$249.0K$32.0K
Sales and marketing$2.2M$1.5M
Research and development$1.1M$655.0K
General and administrative$14.3M$2.6M
Depreciation and amortization$1.0M$307.0K
Net loss (gain) on digital assets$27.0M$0
Loss on disposition of Janover Pro$2.0M$0
(Gain) from changes in fair value of contingent consideration-$179.0K$0
Total operating expenses$47.8M$5.1M
Operating (loss) income-$36.4M-$3.0M
Interest expense-$8.9M$0
(Loss) gain from derivative instruments-$19.8M$0
Investment and other (expense) income, net-$8.7M$276.0K
(Loss) income before income taxes-$73.8M-$2.7M
Income tax (expense) benefit-$9.0K$0
Net (loss) income-$73.8M-$2.7M
Basic (in dollars per share)-$4.00-$0.28
Diluted (in dollars per share)-$4.00-$0.28
Basic (in shares)18.5M shares9.8M shares
Diluted (in shares)18.5M shares9.8M shares

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Corporate structure

Janover sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Janover

  • DEFI DEV LLC Filed SCHEDULE 13D/A on Janover, latest Nov 25, 2025 (3 filings since Apr 8, 2025)
  • CITADEL ADVISORS LLC Filed SCHEDULE 13G on Janover, latest Oct 21, 2025
  • Payward, Inc. Filed SCHEDULE 13G/A on Janover, latest Jul 30, 2025 (2 filings since Apr 11, 2025)
  • GROUNDBREAKER TECHNOLOGIES INC. Filed SCHEDULE 13G/A on Janover, latest Mar 17, 2025 (2 filings since May 31, 2024)
  • Janover Boca Raton

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Janover reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$48.9K8 Dec 31, 2024$29.0K8 Dec 31, 2023+68.2%
Accumulated depreciation$8.1K8 Dec 31, 2024$9128 Dec 31, 2023+785.0%
Property and equipment, net$06 Dec 31, 2025$41.0K6 Dec 31, 2024−100.0%
Operating-lease assets (leased space)$13.0K8 Dec 31, 2024$62.8K8 Dec 31, 2023−79.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.5M8 Dec 31, 2024$5.1M8 Dec 31, 2023−50.4%
Marketable securities, current$698.0K6 Dec 31, 2025$340.0K6 Dec 31, 2024+105.3%
Equity securities at fair value$2.1M6 Dec 31, 2025$06 Dec 31, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$607.0K6 Dec 31, 2025$607.0K6 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$3.0M6 Dec 31, 2025$378.0K6 Dec 31, 2024+698.9%
Accumulated amortization-$216.8K8 Dec 31, 2024
Finite-lived intangibles, net$3.0M6 Dec 31, 2025$378.0K6 Dec 31, 2024+698.9%

Properties, in its own words

The Company operates under a remote-first business model and does not maintain significant leased or owned real property. Substantially all of our employees perform their duties remotely from various geographical locations.

Our principal executive office is located in Boca Raton, Florida at 6401 Congress Avenue, Suite 250, and serves as our registered corporate address and principal place of business for legal, administrative and regulatory purposes.

The rest of Item 2

We believe that our current facilities and remote infrastructure are adequate to support our operations and that suitable additional space will be available on commercially reasonable terms if required in the future.

Item 2 of the 10-K filed Mar 30, 2026.5

Leadership

Who has led Janover, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Blake Janover2023
  2. Joseph Mario Onorati2025–now

Chair

  1. Joseph Mario Onorati2025–now

Chief financial officer

  1. Patrick Stinus2023
  2. Bruce S. Rosenbloom2023–2025
  3. Fei Han2025–now

Chief operating officer

  1. Parker White2025–now
20202025
Board members and other officers (12)

Former names

  • DeFi Development Corp.Apr 23, 2025 to Oct 14, 20264
  • Janover Inc.Apr 7, 2021 to Apr 15, 20254
  • Janover Ventures LLCMay 26, 2020 to Dec 28, 20204

Timeline

  1. Oct 15, 20268-K Other events28
  2. Oct 13, 20268-K Other events29
  3. Oct 5, 20268-K Results of operations; Other events30
  4. Sep 28, 20268-K Other events31
  5. Sep 21, 20268-K Other events32
  6. Sep 16, 20268-K Other events33
  7. Sep 14, 20268-K Other events34
  8. Sep 11, 20268-K Entered a material agreement; Bylaws or fiscal year changed35
  9. Sep 8, 20268-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed36
  10. Sep 1, 20268-K Other events37
  11. Aug 27, 20268-K Other events38
  12. Aug 12, 20268-K Results of operations39
  13. Apr 8, 2025New chief executive Joseph Mario Onorati becomes CEO11
  14. Jul 24, 2023New chief executive Blake Janover becomes CEO12
  15. 2018Founded Founded1

Filings

308 filings to the SEC since October 2021: 4 annual reports, 10 quarterly reports, 69 major events, 93 insider forms, 8 large holders, 2 private raises, 122 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Oct 14, 2026FWP EDGAR
  3. Oct 13, 20268-K EDGAR
  4. Oct 9, 20264 EDGAR
  5. Oct 9, 20264 EDGAR
  6. Oct 5, 20268-K EDGAR
  7. Sep 29, 2026FWP EDGAR
  8. Sep 28, 2026FWP EDGAR
  9. Sep 28, 20268-K EDGAR
  10. Sep 25, 20264 EDGAR
  11. Sep 24, 2026FWP EDGAR
  12. Sep 23, 20264 EDGAR
  13. Sep 22, 2026FWP EDGAR
  14. Sep 22, 2026FWP EDGAR
  15. Sep 21, 20268-K EDGAR
  16. Sep 18, 20264 EDGAR
  17. Sep 16, 20268-K CURRENT REPORT EDGAR
  18. Sep 14, 20268-K EDGAR
  19. Sep 11, 20268-K EDGAR
  20. Sep 11, 2026424B5 EDGAR

The 308 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

29 open-market trades by officers, directors and large owners since October 2021: 27 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026White Parker10% ownerBuy538$8.90$4.8KForm 4
Sep 24, 2026White Parker10% ownerBuy9,462$8.96$84.8KForm 4
Sep 22, 2026Kang DanielChief Strategy OfficerBuy10,440$8.83$92.2KForm 4
Aug 21, 2026White Parker10% ownerBuy10,069$3.91$39.3KForm 4
Aug 20, 2026Kang DanielChief Strategy OfficerBuy11,000$3.88$42.7KForm 4
Aug 14, 2026Kang DanielChief Strategy OfficerBuy13,000$2.91$37.8KForm 4
Dec 10, 2025White Parker10% ownerBuy17,760$5.76$102.3KForm 4
Nov 25, 2025Kang DanielChief Strategy OfficerBuy4,200$6.90$29.0KForm 4
Nov 25, 2025White Parker10% ownerBuy10,044$6.91$69.4KForm 4
Apr 4, 2025JANOVER BLAKEDirectorSale738,632$5.42$4.0MForm 4
Sep 3, 2024LEMOS MARCELODirectorBuy12,400$0.51$6.3KForm 4
Dec 15, 2023LEMOS MARCELODirectorBuy1,000$1.69$1.7KForm 4
Dec 4, 2023JANOVER BLAKEDirectorBuy400$1.26$504Form 4
Dec 4, 2023JANOVER BLAKEDirectorBuy400$1.17$468Form 4
Nov 28, 2023JANOVER BLAKEDirectorBuy3,500$0.97$3.4KForm 4
Nov 28, 2023JANOVER BLAKEDirectorSale1,000$0.93$930Form 4
Nov 27, 2023LEMOS MARCELODirectorBuy699$0.95$664Form 4
Nov 24, 2023LEMOS MARCELODirectorBuy250$0.98$245Form 4
Nov 24, 2023ROSENBLOOM BRUCE SChief Financial OfficerBuy500$0.91$455Form 4
Nov 24, 2023JANOVER BLAKEDirectorBuy500$0.98$490Form 4

All 29 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Blake JanoverFormer Chief Executive Officer and42$478.7K$498.7K44
2024Bruce RosenbloomFormer Chief Financial$251.9K$281.9K44
2023President (Principal Executive Officer)$255.0K$552.1K44
2023Officer (Principal Financial Officer)$63.1K$379.6K44

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 24, 2025Raised $124.4 million in a private offering of equity Form D: 19 investors so far Form D
  2. May 1, 2025Raised $24.1 million in a private offering of equity Form D: 16 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 45. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC1,090,293$3.2M0.0%−9,044
BlackRock, Inc.362,876$1.1M0.0%+15,665
Geode Capital Management, LLC293,694$863.9K0.0%+28,827
Two Sigma Investments, LP285,815$840.3K0.0%+15
Alyeska Investment Group, L.P.268,522$789.5K0.0%No change
Millennium Management LLC188,870$555.3K0.0%−15,109
DeepCurrents Investment Group LLC152,257$447.6K0.6%No change
Jain Global LLC151,611$445.7K0.0%+30,141
Vanguard Fiduciary Trust Co150,694$443.0K0.0%+979
Group One Trading LLC119,010$349.9K0.0%−23,862
Marshall Wace, Llp118,045$347.1K0.0%−38,654
Simplex Trading, LLC117,477$345.4K0.0%+1,375
NewEdge Advisors, LLC113,612$334.0K0.0%+30,180
State Street Corp111,947$329.1K0.0%No change
Nomura Holdings Inc111,842$328.8K0.0%New
UBS Group AG92,528$272.0K0.0%−143,920
Susquehanna International Group, Llp87,341$256.8K0.0%New
Headlands Technologies LLC78,245$230.0K0.0%+27,988
Engineers Gate Manager LP60,054$176.6K0.0%−545
XTX Topco Ltd59,527$175.0K0.0%New
Northern Trust Corp55,156$162.2K0.0%+1,144
J. Derek Lewis & Associates Inc.52,000$152.9K0.0%New
Shay Capital LLC50,000$147.0K0.0%No change
Bank of New York Mellon Corp46,904$137.9K0.0%+2,874
Fmr LLC35,648$104.8K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Janover is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDeFi Development Corp.2
  • CIK0001805526
  • Employer ID (EIN)83-26767945
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 312
  • Industry code (SIC)6199 Finance Services2
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance2
  • Business address6401 Congress Ave, Ste 250, Boca Raton, FL 334872
  • Phone56155941112
  • Shares outstanding30,997,790 as of Aug 13, 202610
  • Public float$248.4M as of Jun 30, 20255
  • AuditorWolf & Company, P.C., Boston, Massachusetts PCAOB ID 392; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMay 26, 20202
  • Filings318 in all: 4 (75), 8-K (68), 3 (16), CORRESP (13), UPLOAD (13), S-1/A (11), 10-Q (10), 424B5 (7)2
    All 51 form types

    FWP (7), S-1 (7), C/A (5), DEF 14C (5), EFFECT (5), 424B3 (4), PRE 14C (4), RW (4), 10-K (3), 424B4 (3), 8-A12B (3), C (3), C-U (3), CERT (3), S-3 (3), S-8 (3), SCHEDULE 13G (3), C-AR (2), D (2), DEF 14A (2), DEFA14C (2), DRS/A (2), DRSLTR (2), NT 10-Q (2), PRE 14A (2), S-3/A (2), SCHEDULE 13D/A (2), SCHEDULE 13G/A (2), 1-A (1), 1-A-W (1), 1-A/A (1), 10-K/A (1), 144 (1), 3/A (1), 4/A (1), 8-K/A (1), C-TR (1), DEFA14A (1), DRS (1), POS AM (1), RW WD (1), S-1MEF (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Nov 5, 2025
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.00001 per shareDFDVNasdaq Stock Market LLC
Warrants, each warrant exercisableDFDVWNasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Janover names in Item 1A of its 10-K filed Mar 30, 2026: 19 risks under these headings, as written.5

  • Our financial results and the market price of our Common Stock may be affected by the prices of digital assets that we hold.
  • The price of our Common Stock has been and may continue to be volatile and fluctuate substantially, which could result in substantial losses for purchasers of our Common Stock.
  • Our management may invest or otherwise use the proceeds of any offering by the Company in ways with which you may not agree or in ways that may not yield a return.
  • Our digital asset holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents. We are also subject to the credit risk of custodians.
  • We may be subject to regulatory developments related to crypto assets and crypto asset markets, which could adversely affect our business, financial condition, and results of operations.
  • Our SOL treasury strategy could create complications with external service providers, such as insurance companies, banking entities and auditors, which could have a materially adverse impact on our business.
  • Regulatory change reclassifying SOL as a security could lead to our falling within the definition of “investment company” under the Investment Company Act of 1940, as amended, or the 1940 Act, and could adversely affect the market price of SOL and the market price of our Common Stock.
  • We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and funds, or to obligations applicable to investment advisers.
  • If we or our service providers experience a security breach or cyberattack and unauthorized parties obtain access to our digital assets, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our digital assets and our financial condition and results of operations could be materially adversely affected.
  • We face other risks related to our digital asset treasury reserve business model.
  • We may engage in leveraged digital asset financing strategies, in which we will leverage our digital asset holdings to acquire additional amounts of the same leveraged digital assets, and may do so on a compounded basis, which will increase our exposure to smart-contract, operational, and counterparty risks.
  • SOL faces unique technical, governance and concentration risks that could materially affect its long-term viability.
The other 7 risks
  • Solana validators are relatively small in number, which may lead to coordinated censorship.
  • Our Solana validator reward yield is expected to decline over time and could have a material adverse effect on our financial results.
  • Our SOL treasury strategy is dependent on the Solana Foundation and core development team.
  • SOL is subject to technological obsolescence, including competition from emerging blockchain and artificial intelligence protocols.
  • We may be subject to additional tax liability if regulation or policy changes adversely affect the tax treatment of rewards from staking SOL.
  • A majority of our Real Estate Platform revenue is derived from transaction fees, which are not long-term contracted sources of recurring revenue and are subject to external economic conditions and declines in those engagements could have a material adverse effect on its financial condition and results of operations.
  • Our Real Estate Platform segment faces risks in its electronic payment services business that could adversely affect its business and/or results of operations.

Legal proceedings

The information set forth under Note 16—Commitments and Contingencies of the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report, is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.5

Sources

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    Company websiteJanover logo
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