DeFi Development Q2 update: SOL per share up 24% YoY to 0.066; notes buyback at 35% discount

DeFi Development Corp.

SPS of 0.066 as of Aug 12, 2026, up ~24% YoY; total SOL and SOL equivalents 2,311,523, up 1% since last update.
Repurchased ~$3.5M principal of July 2030 convertible notes for $2.3M in cash, ~35% discount to par.
Announced Q3 operating cost step-down with further reductions expected; reaffirmed 1.0 SPS target by Dec 2028.
Discontinuing Treasury Accelerator program; concentrating onchain activity in a smaller set of institutional-scale protocols.
Q2 2026 financials, share counts, leverage, and ATM usage detailed in shareholder letter.

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