Defi Technologies, Inc.
DeFi Technologies, Inc. is a U.S.-listed financial technology company focused on connecting traditional capital markets with decentralized finance and digital assets. Its business is built around regulated investment products, institutional trading and liquidity services, and internal trading strategies delivered through its Valour, Stillman Digital, and DeFi Alpha businesses.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueExchange-traded products that provide regulated exposure to cryptocurrencies and related digital assets.
Institutional trading, market-making, and liquidity services for digital asset counterparties.
Internal capital deployment into opportunistic trading, spreads, and market dislocations.
Research, product support, and capital markets advisory activities tied to the platform.
Customers
The company serves investors and institutions that want regulated access to digital assets rather than direct token custody or exchange trading. Its products and services are aimed at retail investors using listed investment products, as well as professional counterparties that need liquidity, execution, and market access.
Buy exchange-listed digital asset products for simple, regulated exposure to crypto themes.
Use ETPs and liquidity services to access digital assets within portfolio and mandate constraints.
Distribute listed products and provide access to the company’s regulated investment wrappers.
Use the institutional trading platform for execution and liquidity in digital assets.
DeFi Alpha deploys company capital into arbitrage and opportunistic market strategies.
Strategy
The company’s strategy is to build a regulated gateway into digital assets by combining listed products, trading infrastructure, and proprietary market strategies. It is extending distribution of Valour products while using institutional liquidity capabilities and research to support broader capital markets adoption of digital assets.
Listed products are the most scalable way to deliver crypto exposure to mainstream investors.
Trading and liquidity infrastructure can increase stickiness with professional market participants.
Internal trading and arbitrage can complement fee-based products and diversify earnings sources.
Geography
DeFi Technologies is publicly listed in North America, with securities trading on Nasdaq, Cboe Canada, Germany’s Börse Frankfurt, and Brazil’s B3. Its business is tied to markets where regulated digital asset products can be distributed and where institutional crypto trading activity is concentrated, especially across North America and Europe.
Risks
The business is exposed to digital asset price swings, regulatory change, and liquidity shocks because its products and trading activity are linked to crypto markets. It also faces operational, custody, and counterparty risks typical of institutional digital asset platforms, plus accounting volatility from valuing digital assets and related instruments.
- Digital asset price volatilityImpact: HighLikelihood: High
Demand for ETPs, trading activity, and proprietary positions are all sensitive to crypto market moves.
Exposure - Regulatory and product approval riskImpact: HighLikelihood: Medium
The business depends on regulated exchange-listed products and market-specific approvals.
Exposure: ETPs and cross-border distribution
- Custody and operational riskImpact: HighLikelihood: Medium
Digital asset businesses rely on secure infrastructure, network integrity, and asset safeguarding.
Exposure: Digital asset holdings and trading operations
- Counterparty and liquidity riskImpact: MediumLikelihood: High
Trading and market-making in digital assets can be affected by thin liquidity or counterparty stress.
Exposure: Institutional trading platform
Accounting
Judgemental itemsThe company specifically flags accounting for digital assets as a critical estimate area, which can materially affect income and assets.
Impact: Reported earnings and balance-sheet carrying values
Management must make assumptions that influence amounts recognized for assets, liabilities, revenues, and expenses.
Impact: Sensitivity in interim and annual results
The new standard changes financial statement subtotals and disclosure structure beginning in 2027.
Impact: Comparability and presentation of performance measures
The company reclassifies prior-period figures to align with current presentation.
Impact: Trend analysis and period-over-period comparisons
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Last updated: 28/09/2026