DeFi Development Corp. is just a week away from the one-year anniversary of initiating its Solana treasury strategy. A year feels like a long time in crypto, and yet in the context of what our team is building, we’re still in our opening chapter. That may sound strange coming from a company that just completed a year in which we delivered over 600% equity returns, built the highest-yielding treasury infrastructure in the digital asset treasury (“DAT”) space, and established ourselves as the only Solana DAT with positive returns since launch. By most measures, we’re far past the starting line. But zoom out, and what we’ve built is just the foundation. Solana is no longer an upstart. It is becoming the default infrastructure for the onchain economy. According to RWA.xyz, in 2025 alone tokenized equities volume on Solana hit $3B, more than every other chain. Stablecoin Total Value Locked (“TVL”) on Solana currently stands at over $16 billion, up over 5x from late 2021.1 In 2025, daily active users on Solana surpassed 4.2 million, up 56% y/y, and Solana DEX volume reached $1.5 trillion, up 57% y/y.2,3 Institutions and legacy financial players such as JPMorgan, Western Union, PayPal, and more, are integrating Solana faster than anyone predicted. Simultaneously, DAT holdings of SOL now account for approximately 3% of circulating SOL supply, demonstrating that more corporations increasingly view SOL as a treasury-grade asset. The infrastructure for a new financial system is being built in real time, and it’s being built on Solana. Of everything happening in crypto today, real-world asset (“RWA”) tokenization may be the development we are watching most closely in 2026, and Solana is at the center of this trend. RWA tokenization is a fundamental reimagining of how assets are issued, traded, and settled. Tokenized securities can trade 24/7 on open, permissionless rails. They are composable, meaning they can be integrated into lending protocols, structured products, and automated strategies in ways that traditional securities simply cannot. Tokenization also unlocks accessibility: it removes the intermediaries, minimums, and jurisdictional barriers that have historically locked out the vast majority of global investors from the world’s best assets. This is a democratizing force, and it is arriving faster than the market appreciates. For example, Nasdaq and Payward recently announced a partnership to bring tokenized equities infrastructure to market in early 2027. Securitize just announced it is building tokenization rails on the NYSE. Tokenization is happening right here right now in 2026, and Solana is the natural beneficiary. Total RWA TVL today sits at just under $27B, with Solana accounting for approximately $1.7B or 6% of this TVL, according to rwa.xyz. Exactly one year ago, RWA TVL on Solana was $315M, implying y/y growth of over 400%. Solana’s market share of RWA TVL tripled over this period. The same speed, cost, and composability advantages that made Solana the home of DeFi are now making it the home of tokenized finance. We expect this trend to accelerate dramatically over the next 2-3 years, and DFDV is positioned to benefit directly as both a SOL accumulator and an active participant in the onchain economy that tokenization is building. Accordingly, we believe the price of SOL is going to be meaningfully higher in the years to come. Our newly published DFDV Model for SOL forecasts a base case of $10,000 per SOL. Even conservative assumptions around RWA tokenization, stablecoin adoption, DeFi growth, agentic finance, and more, imply a SOL price FY 2025

several multiples above today’s levels. Our conviction in SOL drives everything we do, including our urgency to accumulate SOL now, before the market fully prices in Solana’s trajectory. Thus far, it’s been a good start. Here’s what we accomplished in our first year: • First Solana Digital Asset Treasury to launch in the U.S. public markets • Brought our total SOL HODLings to 2.2M • Over 600% total equity return in 20254 • The only Solana DAT with positive equity returns since launch • Grew SOL per Share (“SPS”) at an average monthly rate of approximately 9% • Built a business that is synergistic with our treasury strategy, generating the highest organic yield among all DATs • Launched dfdvSOL, the first public company-branded liquid staking token issued by Sanctum, now integrated across Kamino, Drift, Orca, RateX, Exponent, and Fragmetric • Became the first U.S.-listed crypto treasury company to trade onchain via DFDVx on Kraken • Launched the DFDV Treasury Accelerator, with DFDV UK nearly in full swing for launch, and franchises in Japan and Korea in development • Closed $164M in convertible debt, $149M in equity PIPEs, and deployed our $5B ELOC facility, all while maintaining disciplined SPS accretion • Made a strategic investment in Apyx, extending our reach into dividend-backed stablecoins and the emerging DAT preferred equity market These achievements weren’t handed to us. We built them in a market that went from a handful of treasury vehicles to over 100 in under nine months. We navigated a crypto-wide liquidation event in October, broad- based mNAV compression across the entire DAT space, and a relentless wave of new entrants that diluted investor attention. Our ambition is to do more than survive, and the job is far from finished. Our focus remains unchanged for 2026: grow SPS as fast as possible for our shareholders. Every decision we make, from supporting the launch of Apyx, to our Treasury Accelerator initiative and our onchain deployment, is oriented around a single question: how can DFDV grow SPS as fast as possible? Every day we compound SPS is a day we widen our advantage and help drive value for our shareholders. This letter provides an overview of our FY 2025 results, an update on our SPS guidance and strategic initiatives, and our outlook for 2026 and beyond. Thank you for your continued trust. In Service of SPS Growth, Joseph Onorati Chief Executive Officer FY 2025