DeFi Development Corp. is a publicly traded company whose primary business is accumulating Solana (SOL), the native token of the Solana blockchain, and compounding those holdings through staking. The company pivoted to this digital asset treasury model in April 2025, drawing an explicit parallel to MicroStrategy's Bitcoin treasury strategy. DeFi Development Corp. acquires SOL through OTC and spot trading platforms, then stakes those holdings — either by delegating to external validators or through its own validators — to earn additional SOL as staking rewards. The company operates five Solana validators, two of which it owns outright, earning inflationary rewards and transaction fees from the broader Solana network. The core economic engine is compounding: staking rewards are reinvested into additional SOL, which generates more rewards. The company raises debt and equity capital to fund further SOL acquisitions, meaning its ability to grow the treasury depends on capital markets access. The business is fundamentally long SOL, with no hedging of SOL price exposure. DeFi Development Corp. also retains a legacy commercial real estate technology platform that matches CRE borrowers with lenders, earning referral and advisory fees of roughly 1% per closed loan, plus subscription revenue from Janover Connect. This legacy platform is a secondary, non-core business and generates modest fee-based revenue with no balance sheet lending risk.