Flagship explainer

How DEFI DEVELOPMENT CORP. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$11.4M · 100%Cost of revenue$249000 · 2%Gross profit$11.1M · 98%Operating income−$36.4M · −320%Income before tax−$73.8M · −648%Income tax$9000 · 0%Net income−$73.8M · −648%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$11.4M100%
Cost of revenue$2490002%
$11.1M98%
−$36.4M−320%
Income before tax−$73.8M−648%
Income tax$90000%
−$73.8M−648%
Source: · event Dec 31, 2025 · retrieved Sep 19, 2026 · annual-row source set
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