DeFi Development Corp. (DFDV) Balance Sheet
DFDV balance sheet, 2025
December 31, 2025 · U.S. dollars$307.4M assets = $208.1M liabilities + $99.3M equity
Both columns are drawn to the same scale: what DFDV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DFDV financial health
Descriptive bands, not a rating. Fiscal 2025.
DFDV balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $740,2042020 | $307.4M2025 | +233.9%/yr | |
| Total liabilities | $874,3132020 | $208.1M2025 | +198.8%/yr | |
| Shareholders’ equity | −$134,1092020 | $99.3M2025 | — | |
| Cash & short-term investments | $415,7132020 | $9.6M2025 | +87.3%/yr | |
| Total debt | $112,5732022 | $127.5M2025 | +942.3%/yr | |
| Net cash (debt) | $868,5522022 | −$117.9M2025 | −$118.7M | |
| Working capital | $692,3862020 | $41.1M2025 | +$40.4M | |
| Book value per share | −$0.022020 | $5.382025 | — | |
| Current ratio | 24.622020 | 1.512025 | −23.11 | |
| Debt / equity | 0.212022 | 1.282025 | +1.07 | |
| Shares outstanding | 8.7M2020 | 18.5M2025 | +16.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DFDV assets
DFDV liabilities and equity
DFDV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DFDV balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $9.6M | $2.9M | $5.1M | $981,125 | $1.7M | $415,713 |
| Cash & equivalents | $5.9M | $2.5M | $5.1M | $981,125 | $1.7M | $415,713 |
| Short-term investments | $3.7M | $339,885 | $0 | — | — | — |
| Receivables | $52,000 | $195,398 | $86,138 | $38,287 | $130,454 | $300,102 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $112.3M | $222,206 | $130,430 | $7,566 | $2,394 | $5,888 |
| Total current assets | $121.9M | $3.3M | $5.3M | $1.0M | $1.8M | $721,703 |
| Property, plant & equipment (net) | $0 | $53,749 | $90,918 | $109,661 | $0 | $0 |
| Goodwill & intangible assets | $3.6M | $985,080 | $1.3M | $16,178 | $16,178 | $16,178 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $181.9M | $61,980 | $18,107 | $184,096 | $2,394 | $2,323 |
| Total assets | $307.4M | $4.4M | $6.7M | $1.3M | $1.9M | $740,204 |
| Liabilities | ||||||
| Accounts payable | $6.8M | $339,638 | $539,136 | $159,380 | $82,677 | $29,317 |
| Short-term debt | $107,000 | $13,933 | $52,731 | $45,516 | — | — |
| Deferred revenue | $82,000 | $239,316 | $83,228 | −$159,380 | — | — |
| Total current liabilities | $80.8M | $592,887 | $675,095 | $204,896 | $82,677 | $29,317 |
| Long-term debt | $127.4M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | $13,933 | $66,664 | $112,573 | $0 | — |
| Other long-term liabilities | $0 | $280,957 | $192,752 | $606,639 | $1.4M | $844,996 |
| Total liabilities | $208.1M | $873,844 | $867,847 | $811,535 | $1.4M | $874,313 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | — | $14 | $110 | $71 | $68 | — |
| Retained earnings (deficit) | −$91.8M | −$9.4M | −$6.6M | −$3.3M | −$2.0M | −$134,109 |
| Accumulated other comprehensive income | −$27,000 | — | — | — | — | — |
| Total shareholders' equity | $99.3M | $3.5M | $5.8M | $525,378 | $419,306 | −$134,109 |
| Key figures | ||||||
| Total debt | $127.5M | $13,933 | $66,664 | $112,573 | — | — |
| Net cash (debt) | −$117.9M | $2.8M | $5.0M | $868,552 | — | — |
| Working capital | $41.1M | $2.7M | $4.6M | $822,082 | $1.8M | $692,386 |
| Tangible book value | $95.6M | $2.5M | $4.5M | $509,200 | $403,128 | −$150,287 |
| Book value per share | $5.38 | $0.36 | $0.79 | $0.06 | $0.05 | −$0.02 |
| Shares outstanding | 18.5M | 9.8M | 7.4M | 8.7M | 8.7M | 8.7M |
| Current ratio | 1.51 | 5.52 | 7.84 | 5.01 | 22.26 | 24.62 |
| Quick ratio | 0.12 | 5.15 | 7.65 | 4.98 | 22.23 | 24.42 |
| Debt / equity | 1.28 | 0.00 | 0.01 | 0.21 | — | — |
| Equity / assets | 32.3% | 80.0% | 87.0% | 39.3% | 22.6% | −18.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $6.3M | $6.4M | $9.6M | $10.2M | $3.1M | $2.2M | $2.9M | $2.8M | $3.2M | $3.9M | $5.1M | $5.8M |
| Cash & equivalents | $4.3M | $3.7M | $5.9M | $8.8M | $2.5M | $1.8M | $2.5M | $2.8M | $3.2M | $3.9M | $5.1M | $5.8M |
| Short-term investments | $1.9M | $2.7M | $3.7M | $1.4M | $595,000 | $425,250 | $339,885 | — | — | — | $0 | — |
| Receivables | $0 | $0 | $52,000 | $52,000 | $1.1M | $631,441 | $195,398 | $165,785 | $111,179 | $120,779 | $86,138 | $127,709 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $108.4M | $121.4M | $112.3M | $164.2M | $1.4M | $196,588 | $222,206 | $177,734 | $71,610 | $132,146 | $130,430 | $191,411 |
| Total current assets | $114.6M | $127.8M | $121.9M | $174.4M | $5.6M | $3.1M | $3.3M | $3.1M | $3.4M | $4.2M | $5.3M | $6.1M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $53,000 | $108,470 | $53,749 | $61,937 | $76,442 | $83,756 | $90,918 | $83,729 |
| Goodwill & intangible assets | $2.9M | $3.3M | $3.6M | $4.0M | $4.3M | $937,483 | $985,080 | $1.1M | $1.2M | $1.2M | $1.3M | $16,178 |
| Long-term investments | $0 | $0 | $0 | $301.5M | $97.1M | $0 | $0 | $173,250 | $0 | $0 | $0 | $0 |
| Other non-current assets | $85.8M | $98.7M | $181.9M | $93,000 | $137,000 | $57,242 | $61,980 | $20,742 | $95,630 | $18,107 | $18,107 | $6,877 |
| Total assets | $203.3M | $229.7M | $307.4M | $480.0M | $107.2M | $4.2M | $4.4M | $4.5M | $4.8M | $5.5M | $6.7M | $6.2M |
| Liabilities | ||||||||||||
| Accounts payable | $5.0M | $5.4M | $6.8M | $5.5M | $3.2M | $173,287 | $339,638 | $121,539 | $187,039 | $212,172 | $539,136 | $165,708 |
| Short-term debt | — | — | $107,000 | $267,000 | $470,000 | $56,381 | $13,933 | $27,659 | $41,181 | $54,502 | $52,731 | $50,987 |
| Deferred revenue | — | — | $82,000 | $115,000 | $1.4M | $827,098 | $239,316 | $200,948 | $86,617 | $83,233 | $83,228 | −$165,708 |
| Total current liabilities | $94.8M | $91.7M | $80.8M | $85.5M | $5.1M | $1.1M | $592,887 | $350,146 | $314,837 | $349,907 | $675,095 | $216,695 |
| Long-term debt | $120.6M | $127.8M | $127.4M | $131.4M | $21.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | $43,000 | $56,381 | $13,933 | $27,659 | $41,181 | $54,502 | $66,664 | — |
| Other long-term liabilities | $0 | $0 | $0 | $19.2M | $1.3M | $253,493 | $280,957 | $178,819 | $178,819 | $178,819 | $192,752 | $27,658 |
| Total liabilities | $215.4M | $219.5M | $208.1M | $236.2M | $27.6M | $1.3M | $873,844 | $528,965 | $493,656 | $528,726 | $867,847 | $244,353 |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | — | — | — | $14 | $14 | $113 | $110 | $110 | $110 | $100 |
| Retained earnings (deficit) | −$202.6M | −$175.3M | −$91.8M | $61.3M | $5.3M | −$10.1M | −$9.4M | −$8.9M | −$8.4M | −$7.6M | −$6.6M | −$5.5M |
| Accumulated other comprehensive income | — | −$44,000 | −$27,000 | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | −$12.0M | $10.2M | $99.3M | $243.8M | $79.6M | $2.8M | $3.5M | $4.0M | $4.3M | $5.0M | $5.8M | $6.0M |
| Key figures | ||||||||||||
| Total debt | $120.6M | $127.8M | $127.5M | $131.7M | $21.7M | $56,381 | $13,933 | $27,659 | $41,181 | $54,502 | $66,664 | $78,645 |
| Net cash (debt) | −$114.3M | −$121.4M | −$117.9M | −$121.5M | −$18.6M | $2.2M | $2.8M | $2.7M | $3.2M | $3.9M | $5.0M | $5.7M |
| Working capital | $19.8M | $36.0M | $41.1M | $88.9M | $436,000 | $2.0M | $2.7M | $2.8M | $3.1M | $3.8M | $4.6M | $5.9M |
| Tangible book value | −$14.9M | $6.9M | $95.6M | $239.8M | $75.3M | $1.9M | $2.5M | $2.8M | $3.1M | $3.8M | $4.5M | $6.0M |
| Book value per share | −$0.44 | $0.39 | $5.38 | $7.75 | $4.12 | $0.29 | $0.35 | $0.40 | $0.44 | $0.51 | — | $0.75 |
| Shares outstanding | 27.4M | 26.3M | 18.5M | 31.4M | 19.3M | 10.0M | 9.9M | 9.8M | 9.7M | 9.7M | — | 8.0M |
| Current ratio | 1.21 | 1.39 | 1.51 | 2.04 | 1.08 | 2.89 | 5.52 | 8.89 | 10.86 | 11.94 | 7.84 | 28.31 |
| Quick ratio | 0.07 | 0.07 | 0.12 | 0.12 | 0.81 | 2.70 | 5.15 | 8.38 | 10.63 | 11.56 | 7.65 | 27.42 |
| Debt / equity | — | 12.53 | 1.28 | 0.54 | 0.27 | 0.02 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | −5.9% | 4.4% | 32.3% | 50.8% | 74.2% | 68.5% | 80.0% | 88.2% | 89.6% | 90.4% | 87.0% | 96.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 30, 2026); data from EODHD.
DFDV financial position
At the end of fiscal 2025 (December 31, 2025), DeFi Development had total assets of $307.4 million (up 6,925.3% from a year earlier), total liabilities of $208.1 million and shareholders' equity of $99.3 million. It held $9.6 million in cash and short-term investments against $127.5 million of debt, net debt of $117.9 million. Its current ratio was 1.51. In the latest quarter (ended June 30, 2026) total assets were $203.3 million and equity -$12.0 million.
Related: DFDV income statement, DFDV cash flow statement, DFDV key metrics. See the DFDV stock overview for the latest quote and news.
DFDV balance sheet FAQ
What are DeFi Development's total assets?
DeFi Development reported total assets of $307.4 million at the end of fiscal 2025 (December 31, 2025), compared with $4.4 million a year earlier.
How much debt does DeFi Development have?
DeFi Development had $127.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.28.
How much cash does DeFi Development have?
DeFi Development held $9.6 million in cash and short-term investments at the end of fiscal 2025; with $127.5 million of debt that is net debt of $117.9 million.
What is DeFi Development's book value?
DeFi Development's shareholders' equity (book value) was $99.3 million at the end of fiscal 2025, or $5.38 per share.
What is DeFi Development's current ratio?
DeFi Development had current assets of $121.9 million and current liabilities of $80.8 million, a current ratio of 1.51 (it can cover its short-term obligations).
How much goodwill does DeFi Development have?
DeFi Development carried $3.6 million of goodwill and intangible assets, 1.2% of total assets, at the end of fiscal 2025.