JANOVER BLAKE 4

What Happened

• Janover Blake, a director of DeFi Development Corp. (DFDV), had restricted stock units (RSUs) fully vest and converted into 70,000 common shares on April 1, 2026. The filing shows 70,000 common shares acquired at $0.00 (conversion of a derivative) and the corresponding derivative instrument (70,000) disposed/converted.
• To cover tax withholding, 17,045 of those shares were withheld and disposed at an imputed price of $3.45 per share, representing $58,805. Net new shares added to Blake’s ownership from this event were 52,955 (70,000 acquired − 17,045 withheld).

Key Details

• Transaction date: April 1, 2026; Form 4 filed April 3, 2026 (appears timely).
• Converted/Acquired: 70,000 shares via exercise/conversion of derivative (RSUs) at $0.00.
• Shares withheld for taxes: 17,045 shares at $3.45/share = $58,805 (tax withholding).
• Net increase in beneficial ownership from this event: 52,955 shares.
• Footnotes: F1 = tax-withholding via share surrender; F2 = 7-for-1 forward stock split effective May 21, 2025 (counts noted in filing); F3 = RSUs granted Apr 9, 2025 became fully vested under a separation agreement.
• Shares owned after the transaction: not specified in the provided filing details.

Context

• This transaction is a routine conversion/vesting event (RSUs converted to common stock) with a cashless tax withholding — shares were surrendered to cover taxes rather than selling in the open market. Such withholding is common and does not necessarily signal a change in the insider’s market view.
• For retail investors: this is not a cash purchase (no out-of-pocket buy), and the only sale-like action was the tax withholding. The main effect is an increase of ~52.9k shares in Blake’s beneficial ownership.