DeFi Technologies

What DeFi Technologies does

DeFi Technologies Inc. is a Toronto-headquartered, Nasdaq-listed (ticker DEFT) digital asset platform that operates a vertically integrated business spanning regulated exchange-traded product (ETP) issuance, institutional trading infrastructure, proprietary research, opportunistic arbitrage, venture investments, and sovereign finance. The company serves institutional and retail investors seeking regulated exposure to digital assets, structured product issuers, trading firms, and exchanges across Canada, the United States, Europe, the UK, Switzerland, Brazil, Kenya, Turkey, and the APAC region.

Core operating subsidiaries include Valour (100+ listed ETPs across Nasdaq, CBOE Canada, Frankfurt, B3 Brazil, Spotlight, and SIX with $809.9M average AUM and $500M+ cumulative inflows), Stillman Digital (institutional OTC desk and algorithmic market making with $50B+ total volume and 8M+ trade orders), Reflexivity Research (institutional research distributed via Bloomberg Terminals and a 16.4M+ follower KOL network), DeFi Alpha (opportunistic arbitrage desk with $100M+ in historical trade revenue), DeFi Ventures (stablecoin, banking, and mining investments), and SovFi (sovereign finance). The platform monetizes through ETP management fees, trading commissions, arbitrage P&L, research subscriptions, DVIO Index licensing, and venture realizations. Notable technology includes the DVIO institutional benchmark tracking regulated capital allocation across the top 50 crypto assets, full-stack validator/MEV/staking infrastructure, and integrations with Talos, Copper (GoDark), and GSR.

Revenue is generated through multiple recurring and transaction-based streams: ETP management fees on $809.9M average AUM, Stillman Digital trading commissions ($9.6M in 2025), DeFi Alpha arbitrage (a single May 2025 trade returned C$30.3M / US$22M), Reflexivity Research subscriptions, DVIO Index monetization (subscriptions, licensing, analytics terminal), and venture portfolio value ($29.1M as of March 2026). FY2025 revenue reached $99.1M with $62.7M net income, supported by a $178.7M balance sheet (cash + digital asset treasury + venture portfolio). The CEO transition in November 2025, Nasdaq IPO in May 2025, $100M raise in September 2025, and Nasdaq minimum bid price deficiency notice (March 2026) are key governance and capital-markets developments informing the current risk profile.

Name

DeFi Technologies

Legal name

DeFi Technologies Inc.

Website

https://www.defi.tech/

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

DeFi Technologies is a Nasdaq-listed digital asset platform that, through subsidiaries Valour, Stillman Digital, and Reflexivity Research, issues 100+ regulated ETPs, provides institutional OTC and market-making services, and delivers proprietary crypto research to institutional and retail investors globally.

Ownership category

akta.pro rank

Product category

Digital Asset Management

NAICS

Investment Banking and Securities Intermediation (523150), Commodity Contracts Intermediation (523160), Portfolio Management and Investment Advice (523940), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221), Investment Advice (6282)

akta.pro primary industry

Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG)

akta.pro secondary industries

Liquidity Management & Market-Making Protocols (FSADAMAH), Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH), DeFi Asset Management & On-Chain Index Protocols (FSADAMAK)

Keywords

• Digital asset ETPs
• Institutional crypto trading
• Exchange-traded products
• Digital asset management
• Algorithmic market making

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. ETP Management Fees: Revenue from managing exchange-traded products through Valour. Valour has $809.9 million average AUM generating management fee income. Products listed across Nasdaq, CBOE CA, Frankfurt, B3, Spotlight, SIX with 102+ ETPs available.
2. Trading Commissions: Stillman Digital, acquired in October 2024, contributed $9.6 million in trading commissions for first full year in 2025. Global OTC desk and market-making services generate transaction-based revenue with $50B+ total volume and 8M+ trade orders.
3. Arbitrage Trading: DeFi Alpha opportunistic arbitrage desk capturing market inefficiencies. Generated over $100M in historical trade revenue. Reported return of C$30.3M (US$22M) from single arbitrage trade in May 2025.
4. Research Subscriptions: Reflexivity Research delivers institutional-grade research via Bloomberg Terminals, 50K+ newsletters, and KOL network with 16.4M+ followers. Research distributed through institutional channels.
5. Index Monetization: DVIO Index monetized through subscription services, third-party licensing, and analytics terminal. Provides both research engine and commercial platform.
6. Venture Investments: DeFi Ventures invests in stablecoins, regulated banking, and mining infrastructure. Portfolio includes Amina Bank, Luxor, Stablecorp (QCAD stablecoin). Venture portfolio value of $29.1M as of March 2026.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels7 records

Core offering

DeFi Technologies operates a vertically integrated digital asset platform that issues regulated exchange-traded products (ETPs) through its subsidiary Valour (102+ products listed on Nasdaq, CBOE Canada, Frankfurt, B3, Spotlight, SIX, and LSE), provides institutional OTC trading and algorithmic market-making through Stillman Digital, delivers institutional research through Reflexivity Research, captures arbitrage opportunities through DeFi Alpha, and makes strategic venture investments through DeFi Ventures. The platform serves both institutional and retail investors with regulated digital asset access, generating revenue primarily from recurring ETP management fees, trading commissions, arbitrage income, and research subscriptions.

Product overview

DeFi Technologies operates a vertically integrated digital asset platform that captures the full value chain of the digital asset lifecycle through multiple complementary business lines. The core platform is built around Valour (institutional-grade digital asset ETPs with 100+ products listed across Nasdaq, CBOE Canada, Frankfurt, and B3 Brazil, having generated $500M+ in cumulative inflows), Stillman Digital (global institutional OTC desk and market-making with $50B+ total volume), DeFi Alpha (opportunistic arbitrage trading desk with $100M+ in historical trade revenue), Reflexivity Research (institutional market research distributed via Bloomberg Terminals and newsletters), and DeFi Ventures (strategic venture investments). The company also offers the DVIO Index for market intelligence and monetization. In Brazil specifically, Valour lists six BDR-ETP products (Bitcoin/BTCV39, Ethereum/ETHV39, Solana/VSOL39, Ripple/XRPV39, and Sui/VSUI39) and DEFT31 BDRs on B3, with zero management fee on BTC and ETH ETPs. The platform is listed on four exchanges (Nasdaq/DEFT, CBOE Canada/DEFT, Frankfurt/R9B, B3/DEFT31) and offers products covering the full spectrum of digital asset investment needs from retail-accessible ETPs to institutional trading and research services.

Differentiator

Problem solved

Functional benefit

Brands

• Valour: Industry-leading issuer of exchange-traded products (ETPs) enabling retail and institutional investors to access digital assets with simplicity and security.
• Stillman Digital
• Reflexivity Research
• DeFi Alpha
• DeFi Ventures

Products and services

• Valour Digital Asset ETPs Industry-leading issuer of exchange-traded products (ETPs) enabling retail and institutional investors to access digital assets with simplicity and security. Offers 100+ listed ETPs across Nasdaq, CBOE Canada, Frankfurt Stock Exchange, B3 Brazil, Spotlight, SIX Swiss Exchange, and London Stock Exchange, covering Bitcoin, Ethereum, Solana, XRP, Sui, Hedera, and many other digital assets. Products accessible via existing broker or bank like any regular stock.
• Stillman Digital Institutional OTC Trading Global OTC desk providing execution and liquidity services for institutions across the digital asset ecosystem, offering algorithmic market-making, institutional-grade support, customized liquidity solutions, and discreet OTC desk services. Has facilitated over $50B in total volume and 8M+ trade orders, with 24/7 liquidity and real-time execution.
• Reflexivity Research Institutional-grade market research bridging traditional finance rigor with DeFi fluency, distributed via Bloomberg Terminals, 50K+ newsletters, and a KOL network with 16.4M+ followers. Includes DVIO Weekly Reports and DVIO Deep Dive Asset Research.
• DeFi Alpha Arbitrage Desk Opportunistic arbitrage desk capturing market inefficiencies through disciplined, risk-managed arbitrage strategies across digital asset markets. Has generated over $100M in historical trade revenue, including a single arbitrage trade that returned C$30.3M (US$22M) in May 2025.
• DeFi Ventures Venture investment arm that identifies and invests in category-defining companies across stablecoins, regulated banking, and mining infrastructure, with investments including Amina (formerly Bank Frick), Luxor, and Stablecorp (QCAD stablecoin). Portfolio value of $29.1M as of March 2026.
• DEFT Valour Investment Opportunity (DVIO) Index Institutional-grade benchmark tracking regulated investor capital allocation across digital assets using real flows through Valour's ETP platform, covering the top 50 crypto assets by AUM, updated weekly. Monetized through subscription services, third-party licensing, and an analytics terminal.
• DeFi Advisory Business Line Advisory division providing treasury strategy management and strategic advisory services to institutional clients, including managing Nuvve's HYPE treasury strategy and securing mandates with clients such as TenX Protocols.
• Valour Bitcoin (BTCV39) ETP Valour Bitcoin offers direct exposure to Bitcoin through a fully backed ETP traded on B3, Brazil's stock exchange, with 0% management fee available.
• Valour Ethereum (ETHV39) ETP Valour Ethereum offers exposure to Ethereum, the principal global infrastructure for smart contracts, dApps, and Web3 innovation, through a B3-listed ETP with 0% management fee available.
• Valour Solana (VSOL39) ETP Valour Solana offers exposure to the SOL token of the Solana blockchain, known for high-speed processing and low transaction fees, through a B3-listed ETP.
• Valour Ripple (XRPV39) ETP Valour Ripple offers exposure to the XRP digital asset used in the Ripple ecosystem, focused on international payment solutions, through a B3-listed ETP.
• Valour Sui (VSUI39) ETP Valour Sui offers exposure to the SUI token of the Sui blockchain, designed for high-scalability Web3 applications, as the only Sui ETP listed in Brazil.
• DEFT31 Brazilian Depositary Receipts (BDRs) DEFT31 BDRs provide Brazilian institutional investors BRL-denominated exposure to DeFi Technologies' Nasdaq-listed shares, enabling local access to the company's equity through B3.

Quantifiable outcome

• Revenue grew 215% year-over-year to $99.1 million in 2025
• +5 more outcomes

Named customers4 records

Segments4 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

Feature4 records

Partnerships

23 partnerships are on record, tiered core, flagship and minor.

• KrakencoreTechnology or Integration · 21 April 2026QCAD stablecoin now live for trading on Kraken exchange, expanding accessibility of Canada's first compliant CAD stablecoin through major global crypto exchange.
• BTG PactualcoreChannel Partner/ Reseller/ Distributor · 1 April 2026BTG Pactual serves as market maker for Valour ETP products listed on B3 Brazil exchange, providing liquidity for Brazilian institutional investors accessing digital assets through BRL-denominated products.
• Nairobi Securities ExchangeflagshipStrategic or Co-development Partner · 20 February 2026DeFi Technologies and SovFi partnered with Nairobi Securities Exchange to design and launch the Kenya Digital Exchange (KDX), planned for mid-2026 commercial launch. The exchange will tokenize real-world assets under Kenya's Virtual Assets Service Providers Act (VASPA) regulatory framework, positioning Kenya as a leader in digital asset adoption in Africa.
• MERGEcoreGTM or Marketing Partner · 9 February 2026DeFi Technologies and Valour partnered with MERGE to host the DeFi Technologies Insights Symposium in São Paulo on March 16, 2026, part of one of Latin America's leading crypto/fintech conferences. Event expected to draw 5,000+ attendees across four stages with 300+ speakers from regulators, policymakers, and financial institutions. Continued collaboration planned for MERGE Madrid in October 2026.
• VersaBankcoreTechnology or Integration · 4 February 2026VersaBank selected as custodian for QCAD Digital Trust, advancing Canada's first compliant CAD stablecoin. VersaBank provides institutional-grade custody infrastructure for the stablecoin.
• CoppercoreTechnology or Integration · 3 November 2025Stillman Digital partnered with Copper and GSR in launch of GoDark, an institutional dark pool for digital assets. GoDark provides secure, regulated venue for large digital asset trades.
• GSRcoreTechnology or Integration · 3 November 2025Stillman Digital partnered with Copper and GSR in launch of GoDark institutional dark pool for digital assets, providing deep liquidity and execution services for institutional participants.
• MisyonminorChannel Partner/ Reseller/ Distributor · 29 May 2025Agreement with Misyon to launch innovative digital asset investment products in Turkey, expanding Valour's presence into Turkish market.
• Fire LabscoreStrategic or Co-development Partner · 20 May 2025Partnership with Fire Labs to enter RWA space with launch of regulated, bank-issued stablecoin. Kraken joins as strategic integration partner for the stablecoin initiative.
• KrakencoreGTM or Marketing Partner · 20 May 2025Strategic integration partner for Fire Labs stablecoin partnership, providing exchange infrastructure and user access for the regulated bank-issued stablecoin.
• GulfCap Investment BankcoreChannel Partner/ Reseller/ Distributor · 15 May 2025Partnership with GulfCap Investment Bank for cross-listing Valour exchange-traded products on Nairobi Securities Exchange, expanding access to African institutional investors.
• TaloscoreTechnology or Integration · 28 April 2025Stillman Digital strengthened institutional access to deep OTC liquidity through Talos integration, connecting to Talos's trading infrastructure platform for institutional digital asset trading.
• Neuronomics AGminorStrategic or Co-development Partner · 7 March 2025Acquired majority stake in Swiss AI and asset management firm Neuronomics AG, adding artificial intelligence capabilities to DeFi Technologies' research and investment operations.
• CoreFi StrategycoreStrategic or Co-development Partner · 4 February 2025Binding LOI signed with CoreFi Strategy and Orinswift Ventures to launch CoreFi Strategy, a MicroStrategy-inspired approach for amplifying Bitcoin returns with CORE token.
• AsiaNextminorStrategic or Co-development Partner · 22 November 2024MoU with SovFi and AsiaNext in Singapore to expand Valour's ETP offerings across APAC through strategic partnership.
• B3 ExchangecoreStrategic or Co-development PartnerStrategic entry into Brazilian market with listing of DEFT31 BDRs and five Valour digital asset ETPs (Bitcoin, Ethereum, XRP, Solana, Sui) on B3 Exchange in São Paulo. Bell-ringing ceremony marked first expansion outside Europe into Latin American market.
• CepedaminorImplementation/ SI/ Consulting PartnerCepeda serves as legal advisor for DeFi Technologies' Brazilian operations and B3 listing, supporting regulatory compliance and corporate structuring in Brazil.
• LMWminorImplementation/ SI/ Consulting PartnerLMW provides investor relations services for DeFi Technologies Brazil, supporting communication with Brazilian investors and institutional stakeholders.
• Base ComunicaminorGTM or Marketing PartnerBase Comunica serves as press and communications advisor for DeFi Technologies Brazil, handling media relations and press coverage in the Brazilian market.
• Stillman DigitalflagshipStrategic or Co-development PartnerWholly owned subsidiary providing critical liquidity backbone for DeFi Technologies. Global OTC desk and market-making capabilities drive global trading volume with $50B+ total volume and 8M+ trade orders. Contributed $9.6 million in trading commissions for first full year in 2025 following October 2024 acquisition.
• ValourflagshipStrategic or Co-development PartnerWholly owned subsidiary and industry-leading issuer of exchange-traded products enabling retail and institutional investors to access digital assets. Valour has $500M+ cumulative inflows, $5.7B+ trading volume, and 102+ listed ETPs across global exchanges.
• Reflexivity ResearchcoreStrategic or Co-development PartnerSubsidiary delivering institutional-grade market research bridging traditional finance rigor with DeFi fluency. Research distributed via Bloomberg Terminals, 50K+ newsletters, and 16.4M+ follower KOL network.
• The Hashgraph GroupminorStrategic or Co-development PartnerPartnership for Hedera HBAR ETP expansion, including Euronext listing and distribution across European markets.

Scale indicators19 records

Recent moves10 records

Expansion highlights10 records

Direct peers

• 21Shares: One of the largest crypto ETP issuers globally with a broad product range listed on European exchanges. Direct competitor to Valour in single-asset and thematic crypto ETPs and competes for the same institutional and retail broker distribution.
• ETC Group: European crypto ETP issuer focused on institutional and retail access. Comparable to Valour in offering single-asset ETPs on European exchanges with institutional-grade custody.
• GSR: Leading crypto market maker and OTC trading firm that partners with Stillman Digital on the GoDark institutional dark pool. Comparable to Stillman Digital in providing institutional-grade liquidity and execution services across centralized venues.
• Bitwise Asset Management: Crypto-focused asset manager offering spot crypto ETFs in the US and ETP-style products in Europe. Comparable to Valour/DeFi Technologies in targeting institutional adoption of digital assets through regulated wrappers.
• Hashdex: Crypto asset manager issuing diversified and single-asset crypto ETFs/ETPs globally, including in Brazil (B3) and Europe. Direct competitor to Valour in both the Brazilian B3 market and broader institutional crypto index/thematic products.
• CoinShares: European crypto asset manager and ETP issuer offering products on Nasdaq Nordic and other exchanges. Closely comparable to Valour in product structure and distribution strategy; also operates an institutional trading and liquidity business similar to Stillman Digital.

Broad incumbents

• Grayscale Investments: Largest crypto investment product manager in the US with single-asset trusts and ETFs. Competes for institutional digital asset allocations but with a much larger scale and US-centric distribution.
• WisdomTree: Large established ETP/ETF issuer that has expanded into crypto ETPs in Europe. Competes with Valour in mainstream European distribution while offering a much broader traditional finance product lineup.
• VanEck: Diversified asset manager with significant crypto ETF/ETP offerings. Competes with Valour across multiple jurisdictions while operating a much broader product range including commodity and equity ETFs.

Emerging players

• Kaiko: Institutional digital asset market data and index provider that acquired Vinter (former employer of Valour CRO Jacob Lindberg). Comparable to Reflexivity Research and DVIO Index in providing institutional-grade crypto research and benchmarks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DEFI_NEO
• LinkedInlinkedin.com/company/defitechglobal

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries10 records

Funding overview

Funding rounds6 records

Investors2 records

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

M&A6 records

Investments14 records

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

Frequently asked questions about DeFi Technologies