# EDGAR Filing Document

**Accession Number:** 0002087925
**File Stem:** 0001225208-25-009463
**Filing Date:** 2025-11
**Character Count:** 8249
**Document Hash:** 311b7a0db6bf549f1b0588602f770c90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001225208-25-009463.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001225208-25-009463

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251027

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Kang Daniel
- **CENTRAL INDEX KEY:** 0002087925

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41748
- **FILM NUMBER:** 251523594

**MAIL ADDRESS:**
- **STREET 1:** C/O DEFI DEVELOPMENT CORP.
- **STREET 2:** 6401 CONGRESS AVE, STE 250
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33487
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DeFi Development Corp.
- **CENTRAL INDEX KEY:** 0001805526
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 832676794
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 6401 CONGRESS AVE
- **STREET 2:** STE 250
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33487
- **BUSINESS PHONE:** 5615594111

**MAIL ADDRESS:**
- **STREET 1:** 6401 CONGRESS AVE
- **STREET 2:** STE 250
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33487

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Janover Inc.
- **DATE OF NAME CHANGE:** 20210329

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Janover Ventures LLC
- **DATE OF NAME CHANGE:** 20200304

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Kang Daniel<br><sub>(Last) (First) (Middle)</sub><br>C/O DEFI DEVELOPMENT CORP.<br>6401 CONGRESS AVENUE, SUITE 250<br><sub>(Street)</sub><br>BOCA RATON, FL 33487<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-10-27 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Strategy Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DeFi Development Corp. [ DFDV ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-11-21 |  | J |  | 2981<sup>(1)</sup> | A | $0 | 2981 | D |  |
| Common Stock | 2025-11-25 |  | P |  | 4200 | A | $6.9000 | 7181 | D |  |
| Common Stock | 2025-11-21 |  | J |  | 2981<sup>(1)</sup> | D | $0 | 46852<sup>(2)</sup> | I | By Defi Dev LLC<sup>(3)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Warrant (Right to buy) | $22.5000 | 2025-11-21 |  | J<sup>(1)</sup> |  | 4983 |  | 2025-11-16 | 2028-01-01 | Common Stock | 4983 | $0 | 4983 | D |  |
| Warrant (Right to buy) | $22.5000 | 2025-10-27 |  | J |  | 4983<sup>(4)</sup> |  | 2025-11-16 | 2028-01-21 | Common Stock | 4983 | $0 | 4983 | I | By Defi Dev LLC<sup>(3)</sup> |
| Warrant (Right to buy) | $22.5000 | 2025-11-21 |  | J<sup>(1)</sup> |  |  | 4983 | 2025-11-16 | 2028-01-21 | Common Stock | 4983 | $0 | 0 | I | By Defi Dev LLC<sup>(3)</sup> |
| Stock Option (Right to buy) | 3.9100<sup>(5)</sup> |  |  |  |  |  |  | 2026-04-09<sup>(6)</sup> | 2035-04-09 | Common Stock | 122500<sup>(5)</sup> |  | 122500<sup>(5)</sup> | D |  |
| Stock Option (Right to buy) | $16.9300 |  |  |  |  |  |  | 2026-09-19<sup>(6)</sup> | 2035-09-19 | Common Stock | 57500 |  | 57500 | D |  |

---

### Footnotes:

(1) Represents a pro rata distribution from Defi Dev LLC of which the reporting person is a member.

(2) The amount shown reflects a correction of 67.17 shares of common stock inadvertently over reported on the reporting person's Form 3 filed on September 23, 2025.

(3) Mr. Kang is a member of Defi Dev LLC, a manager-managed limited liability company. The securities herein are voted by Parker White serving as manager of Defi Dev LLC.

(4) On October 8, 2025, DFDV declared a warrant dividend of warrants to purchase common stock in the amount of 1 warrant for each 10 shares of common stock held by each shareholder of record on October 23, 2025. The warrants were distributed on or around October 27, 2025. As a result, the reporting person received 4,983 warrants to purchase DFDV common stock.

(5) Reflects a 7-for-1 forward stock split effective on May 21, 2025.

(6) The date shown is the first date exercisable. One-fourth (1/4th) of the total number of shares subject to the Option shall vest on the first anniversary of the grant date, and thereafter one-thirty-sixth (1/36th) shall vest on the same date of the month applicable to the first vesting date on each of the thirty-six (36) months that occur after the date shown, such that 100% of the shares subject to the Option will be vested on the four (4) year anniversary of the grant date, subject to the reporting person's continued service through each applicable vesting date.

**Signature:** /s/ Bruce S. Rosenbloom, Attorney-in-Fact  
**Date:** 2025-11-25

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**