DeFi Development Corp. Partners With ZeroStack in Landmark SOL Treasury Accelerator Deal

DeFi Development Corp. (NASDAQ: DFDV), the first publicly traded company to center its treasury strategy on accumulating Solana (SOL), has announced a strategic collaboration with ZeroStack — the soon-to-be rebranded Flora Growth Corp. — in a move that signals a new era of cross-chain treasury partnerships within decentralized finance. The deal, revealed on September 22, 2025, with a follow-up X Spaces event scheduled for September 23, positions both companies at the intersection of digital asset treasury management and decentralized artificial intelligence infrastructure.

TL;DR

• DeFi Development Corp. (DFDV) enters strategic collaboration with ZeroStack, a digital asset treasury company focused on the 0G AI blockchain network
• DFDV contributes SOL in exchange for a convertible note paying 8.0% annual interest, denominated and payable in SOL
• ZeroStack will hold the SOL on its balance sheet, creating a novel cross-chain treasury relationship
• Partnership includes building a bridge between the Solana ecosystem and the 0G Network for decentralized AI applications
• DFDV also received an equity stake in ZeroStack and will provide asset management and technology services

The Mechanics of the Treasury Accelerator Deal

At the core of this collaboration is a private placement transaction in which DeFi Development Corp. contributed Solana tokens in-kind to Flora Growth Corp. (NASDAQ: FLGC), which is in the process of rebranding as ZeroStack. In return, DFDV received a convertible note denominated in SOL — a structure that is relatively uncommon in traditional finance but increasingly relevant in the digital asset treasury space. The note carries an 8.0% annual interest rate, with interest payments made quarterly in SOL, providing DFDV with a yield-bearing instrument that aligns with its core treasury strategy of accumulating and compounding Solana.

Beyond the convertible note, the deal encompasses multiple layers of strategic engagement. DeFi Development Corp. received an equity stake in ZeroStack, giving it direct ownership exposure to the success of the new entity. Additionally, DFDV will provide ZeroStack with a suite of operational services including asset management, accounting and finance support, and technology services — effectively functioning as a strategic partner and service provider rather than simply a passive investor.

ZeroStack and the 0G Network: Bridging AI and Blockchain

ZeroStack’s primary focus is on accumulating the 0G cryptoasset — the native token of the 0G Network, a decentralized AI Layer-1 blockchain designed to orchestrate hardware resources and software assets for handling AI workloads at scale. The 0G Network represents one of the most ambitious attempts to create a decentralized infrastructure layer specifically optimized for artificial intelligence applications, and the partnership with DFDV includes a commitment to build a bridge between the 0G ecosystem and the Solana blockchain.

This cross-chain bridge could prove significant for both ecosystems. For Solana, it opens a pathway to participate in the rapidly growing decentralized AI sector without needing to build AI-specific infrastructure natively. For the 0G Network, access to Solana’s high-throughput, low-latency transaction capabilities provides a complementary layer for applications that require fast settlement and high user throughput. The collaboration envisions decentralized AI applications that can leverage the strengths of both chains simultaneously.

Growing Solana Per Share: The DFDV Thesis

Central to DeFi Development Corp.’s strategy is the concept of growing Solana per share (SPS) — a metric that measures the amount of SOL backing each outstanding share of DFDV stock. The Treasury Accelerator program, of which the ZeroStack deal is the latest example, is designed to create multiple avenues for SPS growth beyond simply purchasing and holding SOL on the balance sheet.

By deploying SOL into yield-bearing instruments like the ZeroStack convertible note, DFDV can generate additional SOL through interest payments while maintaining exposure to potential upside through the equity stake and convertible features. The provision of services to ZeroStack creates another revenue stream, potentially denominated in SOL or converted into SOL, further contributing to the per-share metric that management has identified as the key measure of shareholder value creation.

“The DFDV Treasury Accelerator is designed to back the most innovative treasury structures in digital assets,” said Joseph Onorati, Chief Executive Officer of DeFi Development Corp. “Our collaboration with ZeroStack shows how we can combine strategic capital, operational expertise, and aligned incentives to help shape the future of crypto treasury companies, while continuing to find innovative ways to grow Solana per share.”

The Broader DeFi Treasury Trend

The DFDV-ZeroStack partnership is emblematic of a broader trend in decentralized finance: the emergence of public companies that use digital assets as their primary treasury reserve. Following the playbook pioneered by MicroStrategy’s Bitcoin treasury strategy, a growing number of publicly traded companies are adopting similar approaches with various cryptocurrencies. DeFi Development Corp.’s focus on Solana differentiates it from Bitcoin-centric treasury companies, reflecting the increasing institutional interest in alternative Layer-1 ecosystems.

The convertible note structure is particularly noteworthy from a DeFi perspective. Traditional convertible notes are denominated in fiat currencies and convert to equity at a predetermined valuation. By denominating the note in SOL and making interest payments in SOL, the parties have created a financial instrument that exists entirely within the digital asset economy — no fiat on-ramps or off-ramps required for the core yield mechanism. This represents a meaningful step toward fully native DeFi financial instruments operating at the institutional scale of public company balance sheets.

X Spaces Event to Provide Further Details

DeFi Development Corp. hosted an X Spaces event on September 23, 2025, at 2:00 p.m. ET, titled “DFDV Dealmaking: An Update on Treasury Accelerator Initiatives.” The discussion covered the full scope of recent deals announced under the Treasury Accelerator program, including the ZeroStack collaboration, DFDV UK initiatives, and the company’s broader strategic vision. Management provided insights into how these franchise arrangements are designed to fuel SPS growth over the medium and long term.

Why This Matters

The DFDV-ZeroStack deal matters because it demonstrates that DeFi treasury strategies are evolving beyond simple buy-and-hold approaches into sophisticated, multi-layered financial structures. The combination of a SOL-denominated convertible note, an equity stake, service agreements, and a cross-chain bridge to an AI-focused blockchain represents a new paradigm for how public companies can actively manage and grow their digital asset holdings. For the Solana ecosystem, having a publicly traded company deploying SOL into yield-bearing partnerships strengthens the network’s institutional credibility and creates demand for SOL beyond speculative trading. For the broader DeFi space, this deal serves as a template for how traditional financial instruments can be reimagined using blockchain-native currencies as the medium of exchange and settlement. As more public companies explore digital asset treasury strategies, the structures pioneered by DFDV and ZeroStack could become industry standards.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, and readers should conduct their own research before making any investment decisions. Past performance is not indicative of future results.