DelphX

What DelphX does

DelphX Capital Markets Inc. is a publicly traded fintech-structured finance company (TSXV: DELX | OTCQB: DPXCF) headquartered in New York and Toronto, with fewer than 10 employees, that designs and distributes fully collateralized structured securities to institutional and corporate clients. Its product suite comprises four primary instruments — Collateralized Put Options (CPOs), Collateralized Reference Notes (CRNs), Credit Rating Securities (CRS), and Quantem Crypto Securities (QCS) — all structured as Rule 144A private placements fully collateralized by US Treasuries to eliminate counterparty risk. The CRS platform targets fixed-income investors (insurance companies, asset managers, family offices, pension funds) seeking to hedge credit rating migration; the QCS and BTC Structured Income Program target corporate Bitcoin treasuries and crypto-exposed institutions seeking institutional-grade hedging and matched financing. The firm's intellectual foundation rests on actuarial science and reinsurance protocols rather than AI/ML, supported by a credentialed leadership team including a Fellow of the Society of Actuaries as Chief Actuary.

The firm operates through two wholly-owned subsidiaries: Quantem LLC, a special purpose vehicle that issues and administers the structured products, and DelphX Services Corp., a registered broker-dealer that places securities. Distribution is multi-channel, anchored by the broker-dealer and extended through partnerships with LPS Capital (broker-dealer), Castle Placement (placement agent), Halo Investing (RIA technology platform), and custody/settlement relationships with BNY Mellon and US Bank. Securities are monitored post-issuance via Bloomberg systems. Revenue derives primarily from transaction fees on structured product placements and private placement advisory mandates; pricing is bespoke and not publicly disclosed. The firm also maintains a Private Placement Advisory service for mid-market corporates seeking debt, equity, and structured capital solutions.

DelphX is in an early commercialization phase. The first anticipated commercial QCS transaction is governed by an LOI with Belgravia Hartford Capital, an active CRS pilot is underway with a major U.S. insurer, and a definitive senior secured lending agreement with a global digital asset lender underpins the BTC Structured Income Program. Cumulative capital raised across multiple small private placements since 2020 is modest (single-digit millions CAD), market capitalization is approximately C$4.14M as of April 2026, and the company announced plans to acquire approximately $50M in Bitcoin for its own treasury. Quintessence Wealth holds 16.69-21.73% of outstanding shares and warrants; CEO Patrick Wood has led the firm since June 2020, and CFO Simon Selkrig replaced Bill Hahn effective January 1, 2026.

Name

DelphX

Legal name

DelphX Capital Markets Inc.

Website

https://delphx.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

DelphX Capital Markets is a publicly traded fintech (TSXV: DELX) that designs and distributes fully collateralized Rule 144A structured securities — CRS, CPOs, CRNs, and QCS — to fixed-income investors and corporate Bitcoin treasuries, using actuarial-based risk architecture and its own broker-dealer and BNY Mellon custody.

Ownership category

akta.pro rank

Product category

Structured Finance / Capital Markets

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Tokenized Securities & Capital Markets (Equity, Debt, Funds) (FSADAEAA)

akta.pro secondary industries

Credit Derivatives & Structured Credit (On-Chain / Off-Chain) (FSADAFAL), Tokenized Debt, Notes & On-Chain Credit Instruments (FSADAFAM)

Keywords

• Structured credit products
• Fixed income securities
• Private placement services
• Cryptocurrency hedging solutions
• Capital markets fintech

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Structured Product Fees: Revenue from structuring and placing proprietary structured products (CPOs, CRNs, CRS, QCS) through the Quantem LLC special purpose vehicle. Products are sold via broker-dealers and institutional channels.
2. Private Placement Advisory: Advisory fees from providing bespoke debt, equity, and structured capital solutions to mid-market corporates and institutions through broker-dealer capability.
3. Platform Licensing: Revenue potential from licensing the DelphX platform technology and structured products framework to partners like Halo Investing for platform development and distribution.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

DelphX Capital Markets creates and distributes proprietary structured financial products for institutional fixed income and corporate cryptocurrency treasury clients. Its core offerings include Credit Rating Securities (CRS), Collateralized Put Options (CPOs), Collateralized Reference Notes (CRNs), and Quantem Crypto Securities (QCS), all issued as fully US Treasury-collateralized 144A private placement securities. Products are placed through its wholly-owned broker-dealer DelphX Services Corp. and the Quantem LLC special purpose vehicle.

Product overview

DelphX Capital Markets is a publicly traded fintech company (TSXV: DELX | OTCQB: DPXCF) headquartered in New York and Toronto that operates a multi-product structured finance platform. The core offering consists of Credit Rating Securities (CRS) for fixed income portfolio risk management and Quantem Crypto Securities (QCS) for cryptocurrency treasury solutions, both built on foundational instruments—Collateralized Put Options (CPOs) and Collateralized Reference Notes (CRNs)—that are private placement securities structured as 144A offerings. The company delivers these products through its broker-dealer subsidiary DelphX Services Corp. and its special purpose vehicle Quantem LLC, with assets custodied by US Bank and BNY Mellon. The platform also includes Private Placement Advisory services for mid-market corporate capital solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Credit Rating Securities (CRS)
• Collateralized Put Options (CPOs)
• Collateralized Reference Notes (CRNs)
• Quantem Crypto Securities (QCS)
• BTC Structured Income Program
• Private Placement Advisory

Quantifiable outcome

• First commercial QCS transaction with Belgravia Hartford for Bitcoin treasury hedging
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and flagship.

• Castle Placement, LLCcoreChannel Partner/ Reseller/ Distributor · 19 March 2024Castle Placement signed agreement to expand reach of Credit Rating Security (CRS) product to institutional investors. Castle Placement provides capital markets advisory and placement services.
• Halo InvestingcoreTechnology or Integration · 23 March 2022License agreement for Halo to construct an automated platform for DelphX structured products. Halo (ranked among Fintech's fastest growing companies) created the first multi-issuer technology platform enabling registered investment advisors, banks and investment professionals to access structured products. The platform provides customized overlay for DelphX's CPO and CRN products.
• LPS Capital LLCcoreChannel Partner/ Reseller/ Distributor · 22 March 2022LPS Capital works with DelphX to advance proprietary CPO and CRN structured products. LPS (member FINRA/SIPC/NFA) provides broker-dealer services to banks, broker-dealers, trading firms, hedge funds, family offices, and insurance companies active in DelphX's target markets. Founded in 2013, LPS offers research, sales and execution services in investment grade bonds, high yield, and structured products.
• Bank of New York Mellon (BNYM)coreTechnology or Integration · 14 January 2022BNYM serves as Collateral Account bank, Issuing and Paying Agent, Registrar and Transfer Agent for the Quantem platform. The custodian handles settlement and safekeeping of trades, manages principal and interest payments, and provides online access and reporting on cash and securities positions. BNYM has $45 trillion in assets under custody and operations in 35 countries.
• Belgravia Hartford Capital Inc.flagshipStrategic or Co-development PartnerBelgravia Hartford signed LOI for first anticipated commercial transaction of DelphX's Quantem Crypto Security platform - QCS collateralized put option to protect corporate Bitcoin treasury holdings. Belgravia holds approximately 17 Bitcoin, BITX Bitcoin X2 Strategy ETF, and shares/warrants in DelphX as part of its investment portfolio.
• Global Digital Asset LendercoreStrategic or Co-development PartnerLeading global digital asset lender executed definitive agreement for senior secured lending facility forming foundational capital layer of BTC Structured Income Program, providing matched financing for Bitcoin exposure on 2:1 basis. DelphX is exploring more integrated role for lender across the Program.
• Major U.S. InsurerflagshipStrategic or Co-development PartnerDelphX is in active discussions with major U.S. insurer regarding potential pilot transaction for its Credit Rating Securities platform designed to help insurance companies manage risk-based capital charge exposure from corporate bond downgrades.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Halo Investing: Multi-issuer structured products platform for RIAs and advisors — DelphX has an existing license agreement with Halo to distribute CPOs and CRNs, making it both a partner and the closest functional analogue in the structured product distribution stack.
• Liquid Alternatives Solutions: Specialized structured products and alternative credit platform targeting institutional and advisor channels; directly comparable to DelphX's CPO/CRN/CRS positioning in the structured credit space.
• Aether Capital Markets: Independent broker-dealer focused on structured credit and private placements; shares DelphX's broker-dealer + private placement + structured credit DNA at a similar scale.
• Castle Placement: Capital markets placement agent specifically engaged to expand reach of DelphX's Credit Rating Security product to institutional investors; directly comparable as a private placement and structured product distribution peer.

Broad incumbents

• iCapital Network: Large-scale alternative investments and structured products platform serving advisors, wealth managers, and institutional investors; overlaps with DelphX's mission of expanding access to structured credit instruments.
• JPMorgan Structured Products: Global bulge-bracket dealer issuing a broad menu of structured notes, credit derivatives, and CDS alternatives; represents the incumbent competitive set that DelphX's fully-collateralized CRS product is positioned against.
• Goldman Sachs Structured Products: Major dealer in structured credit, CDS, and reference note products; the deep-pocketed incumbent whose market share DelphX is attempting to disintermediate via US Treasury-collateralized 144A securities.
• Interactive Brokers: Global broker-dealer providing institutional and accredited-investor access to structured products, fixed income, and private placements; comparable as a distribution and execution layer for institutional structured credit.

Emerging players

• FalconX: Institutional digital asset prime brokerage offering OTC derivatives and structured hedging for corporate crypto treasuries; functionally comparable to DelphX's QCS offering for Bitcoin hedging demand.
• Swan Bitcoin (Swan Institutional): Institutional Bitcoin custody, lending, and treasury services platform; serves the same corporate Bitcoin treasury segment that DelphX targets with QCS and the BTC Structured Income Program.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/delphx-capital-markets-inc
• Xx.com/DelphX_LLC

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds19 records

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 DelphX