John Han

Cofounder & CFO @defidevcorp. Ex-Goldman, Binance, Kraken. Views are my own. Not financial or tax advice.

[John Han @SumBasis]

Hi there - I'm John, CFO of DFDV. I've spent half my career in crypto (Binance, Kraken) and half in TradFi (Goldman Sachs TMT equity research, then hedge fund and long-only public equity investing), I write about thoughts and experiences across both halves here.

These are my personal thoughts, usually with a chart. I try to be analytical without being hard to read. Sometimes it's a niche corner of the market, sometimes it's the story of the week.

[John Han @SumBasis]

Par for the course. 🏌️ Back to work.

[DeFi Dev Corp. (DFDV) @defidevcorp]

Day 2 of $CHAD closing at par.

Life is good.

[John Han @SumBasis]

@grok Coinbase listed in April 2021 the same week bitcoin set a record, six months later it set another one

[John Han @SumBasis]

Hey @grok, Anthropic just filed its S-1 for IPO. Is it true the biggest IPO of a cycle marks the top of the market?

[John Han @SumBasis]

i think the 18% is the group that moves next, they already have the accounts and own stocks at about the same rate

[John Han @SumBasis]

45% of younger investors own crypto. 18% of older investors do. Which half of the room are you in?

Some thoughts on who owns crypto, by generation.

Coinbase and Ipsos surveyed 4,350 U.S. adults in late 2025, including 2,005 with investment accounts. Among younger investors, Gen Z and Millennials, 45% said they already own crypto. Among older investors, 18%.

The gap shows up in the whole portfolio. Younger investors put about 25% of it in non-traditional assets, three times the 8% older investors report. Stock ownership is about the same across generations. The difference is what the younger group adds on top.

Why? Three in four younger adults say it is harder for their generation to build wealth the traditional way. Crypto is where a lot of them went looking.

One survey, one company's sample, so hold the exact figures lightly. The direction matches every survey I have seen. It matters because the median investor of 2040 is in the 45% group today.

TL;DR: In Coinbase's late-2025 survey with Ipsos, 45% of younger investors own crypto against 18% of older ones, and younger portfolios hold three times the share of non-traditional assets.

[John Han @SumBasis]

@cryptoballroom Appreciate you 🙏 Heads down, more to build.

[John Han @SumBasis]

Seven weeks - first close at $10. Pays every business day. Thank you to everyone who believed in the idea from day one. We are continuing to build 🧱.

[DeFi Dev Corp. (DFDV) @defidevcorp]

DeFi Development Corp.'s $CHAD Reaches Par Just Seven Weeks After Launch
https://t.co/MZTQw0CFV3

[John Han @SumBasis]

Anthropic has signed up for at least $265.6 billion of computing power, on contracts that run as long as 20 years. It had $131.7 billion in cash and short-term investments on 30 June.

Some thoughts on the biggest cloud bill ever written.

The S-1 lists the deals. Google: at least $114.5 billion between April 2026 and July 2033, paid whether or not the capacity is used. Amazon: at least $110.0 billion between May 2026 and April 2036. Microsoft: at least $44.9 billion from November 2026 to May 2033. SpaceXAI: up to $120.5 billion into 2029, about $3.1 billion a month once all the capacity is delivered.

Against that, cash of $112.4 billion, short-term investments of $19.3 billion, $141.1 billion raised in total, and $77 billion of financing lines from Google, Amazon and Broadcom that open as compute milestones are hit.

It matters because this is where the AI money actually goes: to the people who own the data centers. Watch who announces capacity next.

TL;DR: Anthropic's S-1 commits at least $265.6 billion to compute from Google, Amazon, Microsoft and SpaceXAI over terms up to 20 years, against $131.7 billion of cash and short-term investments.

[John Han @SumBasis]

@TaekyunK27149 🫡

[John Han @SumBasis]

Another 5,346 SOL and SOL equivalents in. 2.595M SOL and counting.
A house gets built one brick at a time. We lay ours in every market.

[DeFi Dev Corp. (DFDV) @defidevcorp]

Today, we announced that $DFDV added 5,346 $SOL and SOL equivalents to our treasury, bringing total holdings to approximately 2.60M SOL.

Our commitment to accumulating SOL remains unchanged, regardless of market conditions.
https://t.co/FFL9h7ovQh

[John Han @SumBasis]

@CoinDesk a community bank can also just hold the reserves, the final rule counts bank deposits as a reserve asset for the coin

[John Han @SumBasis]

@MoneyEnjoyer__ @defidevcorp @TuttleCap 🤔💡

[John Han @SumBasis]

@unusual_whales my read is the demand is for the weekend, wti on cme already trades 23 hours a day sunday to friday

[John Han @SumBasis]

Par looks good on $CHAD

First $10 close, less than seven weeks after launch. Proud of the team and grateful to everyone who’s backed us along the way 🙏

[DeFi Dev Corp. (DFDV) @defidevcorp]

History has been made!

For the first time since launching almost 7 weeks ago, $CHAD has closed at its $10 par value.

A perfect 10. 🏆

[Parker @TheOtherParker_]

Only one Digital Credit instrument closed at par today.

$CHAD beats $STRC and $SATA.

More days ahead

[John Han @SumBasis]

@KobeissiLetter the same Wednesday money funds closed at a record too, your cash didnt have to leave to pay for this

[John Han @SumBasis]

@rl52170373 @defidevcorp @solana Appreciate the support, Rob 👊 It means a lot to the team. Plenty more bricks to lay.

[John Han @SumBasis]

@Ripple The weekend is the real use case here, your dollars in a bank account sit still for about 50 hours from Friday night

[John Han @SumBasis]

@BNBStandard @odagius @NasdaqExchange congratulations!

[John Han @SumBasis]

@CoinMarketCap that takes Franklin to about 190m on XRPL, second on the ledger behind Ripple's own stablecoin

[John Han @SumBasis]

@AnthropicAI the numbers are in the quarterly table and Note 9 of the S-1, operating income $974M on $11,555M of revenue for the June quarter, the fair value election is spelled out in the note
https://t.co/Nje2TauFxa

[John Han @SumBasis]

@AnthropicAI reported an $80.7 billion net loss for the first half of 2026 and $974 million of operating profit in the June quarter. Both are in the S-1 it just filed.

Some thoughts on how those two numbers sit in one filing.

$72.4 billion of the loss came from revaluing convertible notes. Anthropic elected to carry the notes at fair value, so their value changes run through earnings. As the company's valuation rose, the notes became worth more to their holders, and Anthropic booked the increase as a loss. The remeasurement itself consumed no cash.

The operating line: June-quarter revenue was $11.6 billion, up from $787 million a year earlier, and operating income was $974 million, an 8% margin, after a $1.7 billion loss in the March quarter. The half still shows a $693 million operating loss; operating cash flow was $3.9 billion.

One quarter is one quarter, and the compute bills ahead are large. The narrower point: an $80.7 billion loss is not $80.7 billion burned.

TL;DR: Most of Anthropic's $80.7 billion half-year loss is a $72.4 billion fair-value charge on convertible notes; the June quarter earned $974 million of operating income on $11.6 billion of revenue.