What Stillman Digital does

Stillman Digital is an institutional-grade digital asset liquidity provider and electronic trading platform serving professional market participants globally. Founded in 2021 and headquartered in Wyoming (US) with operations in Hamilton (Bermuda), Miami, Vancouver, Toronto, Switzerland, Dubai, and São Paulo, the company delivers a comprehensive suite of trading infrastructure including algorithmic market making with Central Limit Order Book capabilities, a stablecoin settlement network, 24/7 electronic liquidity solutions with FIX/WebSocket/REST API access, a discreet OTC desk for block trades, and multi-layer MPC custody infrastructure. The firm is co-located in NY4 and LD4 Equinix Data Centers for low-latency execution and holds multi-jurisdictional regulatory licenses (FinCEN MSB in the US, FINTRAC MSB in Canada, and a Class M DABA license in Bermuda).

Stillman Digital generates revenue exclusively through transaction-based trading commissions on institutional flows, with FY2025 trading commissions of $9.6 million representing 355% growth over FY2024, and Q1 2026 commissions of $2.9 million. Customer segments include trading firms and exchanges, stablecoin payment networks, ETF and structured product issuers, digital asset miners, family offices, and hedge funds — all accessed through private consultation, RFQ workflows, and API-based electronic trading. Distribution is anchored by integrations with Talos, Copper, GSR, Hidden Road Partners, Fireblocks, Finery Markets, and the November 2025-launched GoDark institutional dark pool (co-developed with GoQuant). The company processed over $50 billion in client volume across 8.2 million trade orders cumulatively.

Stillman Digital has been a wholly-owned subsidiary of DeFi Technologies Inc. (NASDAQ: DEFT) since October 2024, when it was acquired in exchange for 2.5 million DeFi Technologies common shares. Within the DeFi Technologies group, Stillman provides liquidity across approximately 102 ETPs operated through Valour and participates in adjacent initiatives including the SovFi sovereign finance framework (with BTQ Technologies and Reflexivity Research) and Stablecorp's QCAD stablecoin scaling. Management projects 20% year-over-year revenue growth in 2026 amid what the company describes as challenging crypto market conditions.

Name

Stillman Digital

Legal name

Stillman Digital Inc.

Website

https://stillmandigital.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Stillman Digital is an institutional digital asset liquidity provider and trading platform offering algorithmic market making, OTC, electronic liquidity, and MPC custody to trading firms, stablecoin networks, ETF issuers, miners, family offices, and hedge funds across multi-jurisdictional regulatory coverage.

Ownership category

akta.pro rank

Product category

Institutional Digital Asset Liquidity & Trading

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Market Making & Liquidity Provision (FSADAJAC)

akta.pro secondary industries

Derivatives Liquidity Provision, Market Making & RFQ Desks (FSADAGAJ), Liquidity Aggregation & Smart Order Routing (FSADAJAD), Reserve Management, Custody & Segregated Accounts (Backing Infrastructure) (FSADADAD)

Keywords

• Institutional digital asset liquidity
• Algorithmic market making
• OTC trading services
• Electronic trading infrastructure
• Custody and execution services

Headquarters

HQ city

Naples

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Trading Commissions Revenue: Stillman Digital generates trading commissions revenue through its institutional trading operations, providing algorithmic market making, OTC desk services, and electronic liquidity solutions. The company contributed $9.6 million in trading commissions for its first full fiscal year following the October 2024 acquisition, growing 355% from $2.1 million in 2024.
2. Trading Commissions (Q1 2026): Stillman Digital contributed $2.9 million in trading commissions revenue in Q1 2026, navigating challenging crypto market conditions as part of DeFi Technologies.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Stillman Digital operates an institutional-grade digital asset trading infrastructure offering deep liquidity across centralized venues. Its core services include algorithmic market making, a stablecoin settlement network, 24/7 electronic liquidity solutions with FIX/WebSocket/REST API access, a discreet OTC desk for block trades, and MPC-based custody and execution infrastructure. The firm serves institutional clients such as trading firms, stablecoin payment networks, family offices, hedge funds, digital asset miners, and ETF/structured product issuers.

Product overview

Stillman Digital is an institutional-grade digital asset infrastructure company and subsidiary of DeFi Technologies Inc. (NASDAQ: DEFT). The company offers a comprehensive suite of trading solutions for institutional requirements, including Algorithmic Market Making, Stablecoin Settlement Network, Electronic Liquidity Solutions, Discreet OTC Desk, and Custody & Execution Infrastructure. In November 2025, Stillman Digital partnered to launch GoDark, an institutional dark pool for digital assets backed by Copper and GSR, expanding off-exchange block liquidity capabilities. The platform provides institutional trading services to sophisticated participants including trading firms, exchanges, stablecoin payment networks, ETF issuers, family offices, and hedge funds across multiple global locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Algorithmic Market Making
• Stablecoin Settlement Network
• Electronic Liquidity Solutions
• Discreet OTC Desk
• Custody & Execution Infrastructure
• GoDark Institutional Dark Pool

Quantifiable outcome

• $50.05 billion in client volume processed across 8,207,010 trade orders
• +2 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature8 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• GoQuantcoreStrategic or Co-development Partner · 3 November 2025Stillman Digital partnered with GoQuant to co-launch GoDark, an institutional dark pool for digital assets. The platform facilitates confidential large-scale digital asset trading off exchange with low latency matching, non-custodial settlement, and US equities NBBO-style protections. This partnership expanded Stillman Digital's institutional execution capabilities with off-exchange block liquidity.
• CoppercoreGTM or Marketing Partner · 3 November 2025Copper is a key institutional partner backing the GoDark dark pool launched in partnership with Stillman Digital and GoQuant. Copper's infrastructure supports the institutional digital asset trading ecosystem.
• GSRcoreGTM or Marketing Partner · 3 November 2025GSR is a market-making and liquidity provider backing the GoDark institutional dark pool, providing institutional execution capabilities for Stillman Digital's client base.
• StablecorpminorStrategic or Co-development Partner · 25 September 2025DeFi Technologies made a strategic investment in and partnered with Canada's Stablecorp to help scale QCAD stablecoin. Stillman Digital provides liquidity provision through this partnership, with plans for product development through Valour and a post-quantum security roadmap with BTQ Technologies. Stablecorp is backed by Coinbase Ventures, Circle Ventures, and Side Door Ventures.
• Reflexivity ResearchminorStrategic or Co-development Partner · 24 September 2025Reflexivity Research provides analytics for the SovFi sovereign finance framework in collaboration with Stillman Digital for liquidity and market-making, Valour for issuance, and BTQ Technologies for settlement.
• TaloscoreTechnology or Integration · 28 April 2025Stillman Digital integrated with Talos, offering institutional clients direct access to its regulated deep OTC liquidity through Talos's trading platform. This integration provides enhanced trading capabilities and tighter execution spreads for Talos users.
• TenX ProtocolsminorGTM or Marketing PartnerTenX Protocols, a DeFi Technologies advisory client and venture investment, debuted on TSX Venture Exchange. Stillman Digital provides institutional trade execution and market intelligence to support TenX's staking, validator, and treasury strategies across Solana, Sui, and Sei networks.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Wintermute: One of the largest centralized crypto market makers providing OTC liquidity and algorithmic trading across hundreds of digital asset pairs — directly comparable to Stillman Digital's algorithmic market making and OTC desk offerings for institutional clients.
• GSR: Global crypto liquidity provider and market maker offering OTC, options, and structured products for institutional clients — directly comparable business model and even a co-partner on Stillman's GoDark dark pool initiative.
• B2C2: Institutional crypto liquidity provider specializing in OTC trading and electronic pricing for hedge funds, miners, and asset managers — directly comparable to Stillman Digital's institutional OTC desk and electronic liquidity solutions.
• Cumberland (DRW): DRW's Cumberland division is one of the largest institutional crypto OTC and market making operations globally — directly comparable in providing deep liquidity and block trading services to sophisticated digital asset market participants.
• FalconX: Institutional digital asset prime brokerage providing execution, credit, and custody to trading firms, hedge funds, and corporates — directly comparable in targeting institutional clients with bespoke liquidity and execution infrastructure.

Broad incumbents

• Flow Traders: Publicly-listed global liquidity provider in ETFs and digital assets — overlaps with Stillman Digital's electronic liquidity provision across venues, but operates a much broader multi-asset liquidity franchise.
• Galaxy Digital: Publicly-traded digital asset financial services platform spanning trading, asset management, and mining — overlaps with Stillman Digital's institutional trading and market making but operates a much broader financial services portfolio.

Others

• Circle: Issuer of USDC stablecoin and a Stillman Digital technology/integration partner — adjacent ecosystem participant providing stablecoin infrastructure integrated into Stillman's Stablecoin Settlement Network.
• Talos: Institutional digital asset trading technology provider and Stillman Digital channel partner — Talos clients access Stillman Digital's OTC liquidity through platform integration, making it a distribution ally rather than a competitor.
• Hidden Road Partners: Institutional prime brokerage for digital assets and Stillman Digital partner — provides prime brokerage infrastructure that complements Stillman Digital's execution and liquidity services rather than directly competing with them.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DigitalStillman

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stillman Digital