Dilution profile // every instrument, one screen, from SEC filings

DeFi Development Corp. (DFDV)

CIK 1805526 · all EDGAR filings →

Overall dilution risk
HIGHworst of 3 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGH$1100M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
HIGH+210% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
HIGH~1.5 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2023-09-012026-08-13

Latest: 31.0M shares as of Aug 13, 2026 (10-Q). Share count fell from 11.3M to 2.1M between Nov 7, 2024 and Mar 16, 2025, a pattern consistent with a reverse split (roughly 1-for-5); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

~1 month of cash left

critical · burning $4.5M / quarter

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Pre Funded Warrants900,000not tagged
Warrant Dividend Series1not tagged$1.63
Warrant Dividend Series2not tagged$1.51

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 13, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
July Two Thousand Thirty Convertible Notes$112.5M$10.0Mnot tagged5.5%
April Two Thousand Thirty Convertible Notes$42.0Mnot tagged2.5%

Notes exactly as the company dimensioned them in its 10-Q filed Aug 13, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding31.0MAug 13, 2026
+ Pre Funded Warrants (if exercised)900,000Jun 30, 2026
Fully diluted estimate31.9M+2.9% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $1100.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Apr 17, 2026$1000.0M registeredfiling →
S-1Dec 18, 2025$100.0M registeredfiling →

Last 12 months: 4 executed · 7 registered.

EXECUTEDJun 1, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDMay 1, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVEApr 27, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDApr 17, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
REGISTEREDDec 18, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
WITHDRAWNDec 16, 2025Registration withdrawnRW
UPDATENov 18, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATENov 3, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
REGISTEREDOct 28, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
REGISTEREDOct 14, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDOct 14, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDSep 16, 2025S-1 registration — capacity to sell shares, not a sale yetS-1

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

Keep going: float checker · offering calendar · short-squeeze screener · full DFDV workspace