TLDR:
- DeFi Technologies recorded $99.1M in annual revenue for 2025, marking a 215% increase from $31.4M in 2024.
- Net income reached a record $62.7M in fiscal 2025, reversing a $27.6M net loss reported in the prior year.
- Valour’s average AUM hit $809.9M in 2025, supported by $110.1M in net inflows into its ETP products.
- Total cash, treasury, and venture portfolio value stood at $178.7M as of December 31, 2025, year-end.
DeFi Technologies Inc. (Nasdaq: DEFT) reported record annual revenue of $99.1 million for fiscal year 2025, a 215% jump from $31.4 million in 2024.
Net income reached $62.7 million, compared to a net loss of $27.6 million the prior year. The Toronto-based company also announced the appointment of Jonathan Dimitry as independent Chair of its Audit Committee, effective immediately.
Strong Revenue Growth Across Multiple Business Lines
The company’s Valour asset management unit remained the core revenue driver throughout 2025. Average assets under management hit $809.9 million, supported by net inflows of $110.1 million into its ETP products. Management fees grew 51% to $9.7 million, up from $6.4 million in 2024.
Stillman Digital, acquired in October 2024, delivered its first full year of results. Trading commissions revenue rose 355% to $9.6 million, compared to $2.1 million the prior year. The institutional trading platform closed fiscal 2025 ahead of its initial guidance range.
CEO Johan Wattenström addressed the company’s performance across its business segments. “Valour continued to scale its global ETP platform with more than 100 listed products and strong inflows throughout the year,” he said.
“Stillman Digital delivered its first full year of contribution and further strengthened the institutional layer of our platform.”
Total operating expenses dropped 14% to $52.6 million from $61.3 million in 2024. A $6.0 million cut in share-based payments drove much of that decline. Lower general and administrative costs further contributed to improved cost discipline.
Wattenström also pointed to the company’s broader earnings profile. “We believe DeFi Technologies is one of the few profitable companies in the digital asset sector, across both public and private markets,” he stated.
The company also launched its DeFi Advisory business in Q3 2025, generating $0.3 million in advisory revenue, while Reflexivity Research posted $0.5 million, down from $1.4 million in 2024.
Strengthened Balance Sheet and New Governance Appointment
As of December 31, 2025, the company held $113.8 million in cash, including USDT and USDC stablecoins. Cash alone stood at $91.2 million, providing a solid liquidity base. Digital asset treasury holdings totaled $35.5 million, while the venture portfolio was valued at $29.4 million.
Combined, total cash, treasury holdings, and venture portfolio reached approximately $178.7 million. Wattenström described how the company plans to put that capital to work.
“That fortress balance sheet allows us to be proactive rather than reactionary,” he said. Plans include scaling Valour’s structured product offerings and advancing regulated investment vehicles such as UCITS and AMCs.
On governance, the board appointed Jonathan Dimitry as independent Chair of the Audit Committee. Dimitry brings over two decades of experience across investment banking, derivatives trading, and technology investing. His earlier roles include positions at Goldman Sachs and Glencore International AG.
Wattenström welcomed the appointment, saying Dimitry’s “deep experience in capital markets, risk management, and governance will be instrumental as DeFi Technologies continues to mature its financial reporting processes.”
Dimitry also founded BlueCarbon, a private investment firm linked to three technology unicorns in the past eight years, including Prima Assicurazioni, which secured over EUR 100 million from Blackstone and Goldman Sachs.
The company noted a delay in filing audited annual financial statements due to a pending SOC 2 Type 2 report from a third-party vendor.
DeFi Technologies has applied to the Ontario Securities Commission for a temporary management cease trade order. The delay has no connection to any accounting disagreements or identified control weaknesses.
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