UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): ~~October~~November 2113, 2025

DEFI DEVELOPMENT CORP.

(Exact name of registrant as specified in its charter)

Delaware		001-41748		83-2676794
(State or other jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification Number)

6401 Congress Avenue, Suite 250 Boca Raton, Florida		33487
(Address of registrant’s principal executive office)		(Zip code)

(561) 559-4111

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.00001 per share	DFDV	The Nasdaq Stock Market LLC
Warrants, each warrant exercisable for one share of Common Stock	DFDVW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

On October 21, 2025, the Board of Directors of DeFi Development Corp. (the “Company”) elected Thomas Perfumo as a director of the Company, to fill a vacancy on the Board created by the departure of Marco Santori in September. Mr. Perfumo was appointed to serve on the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee of the Board. Mr. Perfumo does not have a material interest in any transaction disclosable under Regulation S-K Item 404(a). The Board approved a grant of 7,000 restricted stock units (“RSUs”) to Mr. Perfumo, which will vest quarterly over the next year.

Item 7.01 Regulation FD Disclosure.

OnTotal ~~October~~Shares ~~22, 2025, the Company made available a document containing questions~~ and ~~answers~~Debt ~~(the~~Principal “FAQ”) regarding the previously announced warrant distribution. The FAQ is attached as Exhibit 99.1 to this Form 8-K, and supersedes in its entirety the FAQ previously made available by the Company on October 8, 2025.Outstanding

The ~~information~~Company ~~furnished~~will indisclose ~~this~~on ~~Current~~its ~~Report under~~website ~~Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of~~ that the ~~Securities~~Company ~~Exchange Act~~currently ofhas ~~1934~~31,389,589 astotal ~~amended~~shares ~~(the~~outstanding. ~~“Exchange~~The ~~Act”),~~Company orwill ~~otherwise~~also bedisclose ~~subject~~on toits ~~the~~website ~~liabilities of~~ that ~~Section,~~the ~~nor~~Company ~~shall~~will ~~it be~~have ~~deemed~~approximately ~~incorporated~~$140.3 bymillion ~~reference~~of inoutstanding ~~any~~debt ~~filing~~principal ~~under~~as ~~the Securities Act~~ of ~~1933,~~September ~~as amended (the “Securities Act”)~~30, ~~or the Exchange Act, except as expressly set forth by specific reference in such filing~~2025.

Warrant Distribution FAQ

On November 12, 2025, the Company made available a document containing questions and answers (the “FAQ”) regarding the previously announced warrant distribution. The FAQ is attached as Exhibit 99.4 to this Form 8-K, and supersedes in its entirety the FAQ previously made available by the Company on October 21, 2025.

The information furnished in this Current Report under Item 7.01, including Exhibits 99.1, 99.2, 99.3 and 99.4, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

No Offer or Solicitation. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The issuance of the Warrants in the Warrant Distribution has not been registered under the Securities Act, as the distribution of a Warrant for no consideration does not constitute a sale of a security under Section 2(a)(3) of the Securities Act. A Form 8-A registration statement and registration statement containing a prospectus or prospectus supplement describing the terms of the Warrants ~~will~~have bebeen filed with the Securities and Exchange Commission (the “SEC”) and ~~will~~are be available on the SEC’s website located at http://www.sec.gov. Holders of Common Stock, the Company’s 5.50% Convertible Senior Notes due 2030, the Company’s 2.5% Convertible Notes due 2030 and the Company’s currently outstanding warrants should read the prospectus or prospectus supplement carefully, including the Risk Factors section included and incorporated by reference therein. This communication contains a general summary of the Warrants. Please read the warrant agreement relating to the Warrants ~~when it becomes available~~ as it ~~will contain~~ contains important information about the terms of the Warrants.

~~Cautionary~~Item ~~Note Regarding Forward-Looking Statements. This Form~~ 8-K and the exhibits attached hereto contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated warrant distribution. These forward-looking statements are based on the Company’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Company’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement01. ~~These~~Other risks include, but are not limited to market risks, trends and conditions, and are more fully in the section captioned “Risk Factors” in the Company's most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports we file with the SECEvents. ~~Please refer to the cautionary notes in the press release and the FAQ regarding these forward-looking statements.~~

~~Item~~On 9November 12, 2025, the Company issued a press release disclosing its September 2025 Shareholder Letter and Business Update, as previously announced, together with an explanation of non-GAAP financial measures, copies of which are filed as Exhibit 99.011, ~~Financial~~99.2, ~~Statements~~and 99.3 to this Current Report on Form 8-K and ~~Exhibits~~is incorporated herein by reference.

~~(d)~~Cautionary ~~Exhibits~~Note Regarding Forward-Looking Statements. This Form 8-K and the exhibits attached hereto contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the warrants. These forward-looking statements are based on the Company’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Company’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. These risks include, but are not limited to market risks, trends and conditions, and are more fully in the section captioned “Risk Factors” in the Company's most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports we file with the SEC. Please refer to the cautionary notes in the press release and the FAQ regarding these forward-looking statements.

Exhibit No.		Description
99.1		Warrant Dividend Distribution FAQ, dated October 22, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Item 9.01. Financial Statements and Exhibits.

1(d) Exhibits.

SIGNATURES

Exhibit No.		Description
99.1		Press Release, dated November 12, 2025
99.2		Explanation of Non-GAAP Financial Measures, dated November 12, 2025
99.3		September 2025 Shareholder Letter and Business Update, dated November 12, 2025
99.4		Revised Warrant Dividend Distribution FAQ, dated November 12, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

~~Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.~~1

Date: October 22, 2025	DEFI DEVELOPMENT CORP.
	By:	/s/ Joseph Onorati
	Name:	Joseph Onorati
	Title:	Chairman & CEO

SIGNATURES

2Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 13, 2025	DEFI DEVELOPMENT CORP.

	By:	/s/ Joseph Onorati
	Name:	Joseph Onorati
	Title:	Chairman & CEO

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