DeFi Technologies (NASDAQ:DEFT) executives highlighted record fiscal 2025 results, a strengthened balance sheet, and continued expansion of its Valour exchange-traded product (ETP) platform during the company’s latest earnings call. Management also discussed priorities for growing institutional participation, building new regulated fund and custody offerings, and taking a more targeted approach to marketing and distribution as crypto market volatility persists.
Leadership update and platform overview
Chief Executive Officer Johan Wattenström, who said he stepped into the CEO role during the fourth quarter, framed fiscal 2025 as evidence of a more scalable and diversified business model. Wattenström pointed to a multi-year revenue trajectory under IFRS, citing revenue of CAD 15 million in 2021, negative CAD 14 million in 2022, CAD 10 million in 2023, CAD 31 million in 2024, and a record CAD 99 million in 2025.
Wattenström said capital raised has expanded trading, hedging, and market-making infrastructure that supports Valour’s issuing stack, with the goal of increasing monetization across both assets under management (AUM) and the company’s balance sheet.
Fiscal 2025 financial results: revenue, profitability, and AUM
Chief Financial Officer Paul Bozoki reported that DeFi ended the year (December 31, 2025) with AUM of CAD 622.3 million, with average AUM of approximately CAD 809.9 million during fiscal 2025. Bozoki said Valour recorded net inflows of CAD 110.1 million for the year.
Bozoki reported record fiscal 2025 revenue of CAD 99.1 million, with fourth-quarter revenue of CAD 20 million. He said net income and comprehensive income for fiscal 2025 totaled a record CAD 62.7 million, while fourth-quarter net income was CAD 28.9 million. Operating income was CAD 46.5 million for the full year and CAD 7 million in Q4, with Bozoki attributing the quarter-over-quarter operating income decline to lower crypto prices and lower average AUM in the fourth quarter.
Within Valour, Bozoki said fourth-quarter effective staking and lending income was 4.7% on CAD 728.3 million of average Q4 AUM, up from 3.4% in Q3. He said the company staked approximately 44.4% of AUM at the end of Q4, while average staking during the quarter was approximately 70%. Bozoki said staking was reduced at December 31, 2025, to allow coin transfers for audit verification of ownership, and that the company generally stakes between 60% and 70% of AUM depending on market conditions and internal risk policies.
Bozoki said Valour’s Q4 effective management fee yield was 1.2%, noting the company does not charge management fees on its main Bitcoin and Ethereum products, which lowers the effective management fee yield compared with the typical 1.9% charged on most altcoin ETPs. He added that the company ended Q4 with 102 products and reached its 100-product goal in October 2025.
Stillman Digital growth expectations and DeFi Alpha timing
Bozoki described Stillman Digital as a business driven more by volatility and institutional activity than by crypto prices. He said Stillman delivered Q4 revenue of CAD 3.3 million, up from CAD 2.2 million in Q3, and full-year 2025 revenue of CAD 9.6 million. Bozoki said the company expects Stillman to grow by 15% to 20% in 2026 “irrespective of whether crypto prices increase,” citing monetization improvements, customer acquisition and onboarding enhancements, use of AI for outreach, and geographic expansion.
On DeFi Alpha transactions, Bozoki reiterated that timing remains opportunistic and market-dependent, and that some opportunities have been deferred. In response to an analyst question about crypto-winter conditions, Wattenström said there is “less opportunity” for some transactions, adding the company is “less aggressive at these levels,” though he said some new opportunities have appeared and “it doesn’t mean it won’t happen.”
Balance sheet, venture portfolio marks, and use of cash
Wattenström repeatedly emphasized balance sheet strength, calling it a strategic advantage. Bozoki reported that as of December 31, 2025, the company held $113.8 million in cash and USDT/USDC (including $91.2 million of cash), digital asset treasury holdings of approximately CAD 35.5 million, and a venture/private portfolio valued at approximately CAD 29.4 million. Combined, Bozoki said total cash, treasury, and venture portfolio value was CAD 178.7 million at year-end, with “effectively no debt,” as earlier referenced by Wattenström.
On the venture portfolio, Bozoki said the company holds 12 private investments and that its 5% stake in AMINA Bank represents 83% of the portfolio’s fair value. He said AMINA’s AUM declined to CHF 2.7 billion in Q4 from CHF 3.5 billion in Q3 in line with crypto price declines, and that DeFi recorded an approximately CAD 11 million non-cash negative mark-to-market adjustment due to lower crypto prices and compression in EV-to-AUM multiples.
Bozoki also discussed Stablecorp, calling it the company’s most recent investment. He said Stablecorp, issuer of the QCAD Canadian dollar stablecoin, received a final receipt for its prospectus in Q4, qualifying distribution of QCAD tokens under Canada’s current stablecoin regulatory framework. Bozoki said this establishes QCAD as Canada’s first compliant CAD-denominated stablecoin and noted DeFi was an early backer alongside Coinbase and Circle Ventures. He added the company made no new investments during the fourth quarter.
When asked what the company plans to do with its cash, Wattenström said DeFi is focusing on organic growth and “productifying” internal IP and technology, including launching “Valour Funds” as a new business unit and developing offerings such as “Valour Custody.” He said some cash may be used to seed funds (including UCITS and other European funds, as well as hedge fund strategies), while keeping flexibility for opportunistic opportunities and more efficient “alpha trades.” He also said the company is monetizing its cash and uses it for high-ROI trading strategies in its treasury. Wattenström added the company will “probably not do a lot of new venture capital investments,” emphasizing organic growth, geographic expansion, and trading efficiency.
Institutional products, geographic expansion, and marketing efficiency
Management said a key priority is expanding beyond a retail-driven AUM base to increase institutional participation. Wattenström cited demand for vehicles such as UCITS and SICAV structures in Europe, as well as Cayman-based hedge funds, and said some investors want token-based or on-chain “vault” access. He said UCITS products would first be marketed through fund platforms globally, with exchange listings potentially a “phase two,” noting “pushback from the regulatory authorities in Europe.”
President Andrew Forson highlighted branding and visibility efforts in 2025, saying the company onboarded buyers from regions including Saudi Arabia, Hong Kong, Japan, and Brazil. Forson said Valour launched two products on the London Stock Exchange in October 2025 and listed five ETP instruments and DeFi Technologies shares on Brazil’s B3 exchange in December 2025, which he described as the first time the company had products listed outside Europe.
Asked about traction in Brazil, Forson said the company is taking a conservative approach amid macro volatility, building organic teams and cost-efficient distribution partnerships. He said the company initiated capital markets activities in those newer markets in March and is already seeing traction, but emphasized a “slow and steady” approach.
Management also discussed reducing marketing costs while maintaining outreach. Bozoki said the company spent CAD 8.8 million on marketing in 2025 and expects most of the projected operating expense reduction for 2026 to come from cutting that spend. Wattenström said the company is doing “more marketing” but cutting “bad marketing” that was expensive and produced low impact. Forson described a more direct strategy—meeting institutional investors face-to-face, using the company’s own events and communications platform, and using AI tools—rather than large, broad media campaigns.
Bozoki said the company is declining to provide consolidated guidance for 2026 due to market volatility, citing factors including the war in Iran and crypto price swings since Bitcoin peaked on October 10, 2025. He said the company’s cash position supports executing on long-term objectives even in prolonged volatility.
About DeFi Technologies (NASDAQ:DEFT)
DeFi Technologies Inc is a Vancouver-based company focused on decentralized finance (DeFi) and digital asset investments. Through strategic equity stakes and token allocations, the company aims to provide investors with exposure to leading DeFi protocols, applications, and infrastructure projects. Its core activities include sourcing, evaluating and acquiring positions in blockchain-based platforms that facilitate decentralized lending, trading, yield farming and liquidity provision.
In addition to its investment portfolio, DeFi Technologies works to develop and distribute tokenized products that bridge traditional capital markets with emerging DeFi ecosystems.
