DeFi Development Corp. Publishes New Valuation Framework, Sets $10,000 SOL Price Target

BOCA RATON, FL, Feb. 23, 2026 (GLOBE NEWSWIRE) --

(the “Company”), the first public company with a treasury strategy built to accumulate and compound Solana (“SOL”), today announced the publication of its latest research piece, " SOL and the Digital City: A New Way to Value Layer 1 Tokens," introducing a valuation framework for SOL that departs from traditional revenue multiples, DCFs, and the monetary equation of exchange.

The essay argues that conventional valuation tools, built for equities, currencies, and commodities, break in important ways when applied to Layer 1 tokens like SOL. In their place, the Company introduces the DFDV model (Demand-Float Derived Valuation), which treats Solana as a growing digital city where price is set by the imbalance between structurally scarce supply and the exogenous dollar demand required to operate within the network.

The research covers:

• Why existing frameworks fall short
  : how DCFs, revenue multiples, and MV=PQ each fail to capture what actually drives SOL's value, and why a new approach is needed.
• Supply side analysis
  : a breakdown of the four categories of structurally committed SOL (staking, DeFi, institutional, app reserves) and why roughly 90% of supply never hits the open market.
• Four sources of demand
  : RWA settlement collateral, stablecoin reserves, agentic AI, and consumer/network-native activity, each grounded in observable data and projected forward to maturity.
• Full sensitivity analysis
  : transparent assumptions, stress-testable inputs, and an open spreadsheet for investors to plug in their own numbers.

Read the blog:

The accompanying DFDV Valuation Model spreadsheet is available for download at , where investors and analysts can independently evaluate and modify the framework's assumptions.

DeFi Development Corp. (Nasdaq: DFDV) has adopted a treasury policy under which the principal holding in its treasury reserve is allocated to SOL. Through this strategy, the Company provides investors with direct economic exposure to SOL, while also actively participating in the growth of the Solana ecosystem. In addition to holding and staking SOL, DeFi Development Corp. operates its own validator infrastructure, generating staking rewards and fees from delegated stake. The Company is also engaged across decentralized finance (“DeFi”) opportunities and continues to explore innovative ways to support and benefit from Solana’s expanding application layer.

The Company is an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions, as well as value-add services, to multifamily and commercial property professionals, as the Company connects the increasingly complex ecosystem that stakeholders have to manage.

The Company currently serves more than one million web users annually, including multifamily and commercial property owners and developers applying for billions of dollars of debt financing per year, professional service providers, and thousands of multifamily and commercial property lenders, including more than 10% of the banks in America, credit unions, real estate investment trusts (“REITs”), debt funds, Fannie Mae® and Freddie Mac® multifamily lenders, FHA multifamily lenders, commercial mortgage-backed securities (“CMBS”) lenders, Small Business Administration (“SBA”) lenders, and more. The Company’s data and software offerings are generally offered on a subscription basis as software as a service (“SaaS”).