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DeFi Technologies
(NEO-L:DEFI)
DeFi Technologies (DEFI) vs. iShares MSCI Canada ETF (EWC)
DeFi Technologies Business Overview & Revenue Model
DeFi Technologies Earnings Call Summary
DeFi Technologies Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 78.03M | 97.61M | 14.76M | 1.70M | 15.08M | -46.78K |
| Gross Profit | 63.31M | 90.82M | 13.98M | 1.25M | 10.13M | -46.78K |
| EBITDA | -85.97M | -33.05M | ― | -45.98M | -43.22M | 2.07M |
| Net Income | -90.48M | -39.04M | ― | -65.90M | -71.50M | 2.07M |
Balance Sheet | ||||||
| Total Assets | 1.20B | 1.32B | 591.96M | 142.94M | 360.54M | 5.72M |
| Cash, Cash Equivalents and Short-Term Investments | 1.31B | 551.18M | 6.73M | 3.63M | 73.00M | 782.50K |
| Total Debt | 16.05M | 13.95M | 56.21M | 40.18M | ― | 0.00 |
| Total Liabilities | 1.51B | 1.30B | 573.52M | 122.38M | 288.55M | 778.14K |
| Stockholders Equity | 116.33M | 23.15M | 18.45M | 20.56M | 71.98M | 4.94M |
Cash Flow | ||||||
| Free Cash Flow | -185.42M | -129.96M | ― | ― | -326.95M | -2.19M |
| Operating Cash Flow | -185.40M | -129.96M | ― | ― | -326.92M | -1.55M |
| Investing Cash Flow | -53.10M | 14.55M | 0.00 | ― | 3.78M | -782.38K |
| Financing Cash Flow | 373.38M | 131.08M | 71.32M | 64.88M | 332.01M | 2.68M |
DeFi Technologies Technical Analysis
DeFi Technologies Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
52 Neutral | C$29.76M | -2.14 | -63.28% | ― | 36.80% | 9.34% | |
52 Neutral | C$71.88M | -6.47 | -10.10% | ― | 39.64% | -70.96% | |
49 Neutral | C$95.39M | -2.04 | -6.67% | ― | ― | -90.34% | |
49 Neutral | C$144.96M | 382.76 | 0.60% | ― | -21.21% | -84.82% | |
45 Neutral | C$86.46M | -2.96 | -90.12% | ― | 972.76% | -192.94% | |
45 Neutral | C$29.90M | -7.82 | -13.56% | ― | 40.83% | -123.25% |
DeFi Technologies Corporate Events
DeFi Technologies reported that its Valour unit achieved record estimated net inflows of approximately $138.2 million into its digital asset ETPs in 2025, including $116.2 million through the end of the third quarter and an estimated $22.0 million in the fourth quarter, despite a challenging bear-market environment. Management emphasized that Valour has never recorded a month of net outflows, highlighting steady client adoption and positioning net inflows as a clearer indicator of operating momentum than assets under management (AUM), which stood at about $989.1 million as of September 30, 2025. By year-end, Valour had expanded its lineup to 102 listed ETPs—described as one of the most diversified regulated digital asset product suites globally—allowing investors broad exposure beyond Bitcoin and underpinning scalable economics with blended management and staking yields of roughly 5–7%, plus additional revenue from trading and proprietary infrastructure. The record inflows, coupled with the breadth of its product shelf and vertically integrated model, underscore Valour’s competitive positioning in regulated digital asset management and suggest growing, durable demand from investors seeking compliant access to the crypto economy.
The most recent analyst rating on (TSE:DEFI) stock is a Hold with a C$0.83 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies’ Valour unit reported an estimated US$138.2 million in net inflows into its digital asset ETPs for 2025, its highest annual total on record, despite a challenging bear market for cryptocurrencies. The company emphasized that net inflows, which have been positive every month, provide a clearer signal of underlying business momentum than price-sensitive assets under management, which stood at about US$989.1 million at the end of the third quarter. Valour’s expansion to 102 listed ETPs, described as one of the most diversified regulated digital asset product suites globally, underpins a scalable economics model targeting blended management and staking yields of roughly 5–7%, with additional upside from trading and its vertically integrated infrastructure. The record inflows and broad product shelf highlight resilient investor demand for regulated, exchange-traded access to digital assets via traditional brokerage channels, reinforcing DeFi Technologies’ competitive position in digital asset management.
The most recent analyst rating on (TSE:DEFI) stock is a Hold with a C$0.83 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
In its year-end CEO letter, DeFi Technologies outlined its ambition to become a leading global provider of asset management services and investment products, built on a vertically integrated platform that spans both centralized and decentralized finance. The company highlighted 2025 as a foundation year for scale, with Valour expanding to 102 listed digital asset ETPs, positioning it as one of the most diversified regulated providers worldwide and enabling multiple revenue streams across issuance, trading, liquidity provision and yield generation. DeFi Technologies also emphasized its shift from potential to operating reality in global expansion, citing new listings on the London Stock Exchange, SIX Swiss Exchange and Brazil’s B3, which it views as a strategic entry point into Latin America and a proof of its ability to adapt to new regulatory regimes, with further geographic growth planned in Europe, LATAM, Africa and the Middle East as it builds out partnerships and market access.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies and its ETP-focused subsidiary Valour have made a strategic entry into Brazil by launching Brazilian Depositary Receipts (DEFT31) tied to DeFi Technologies’ Nasdaq-listed shares and five digital asset ETPs on the B3 Exchange in São Paulo, marked by a bell-ringing ceremony. The listings give Brazilian investors BRL-denominated, locally listed access to DeFi Technologies’ equity and to Bitcoin, Ether, XRP, Solana and Sui via existing brokerage and custody infrastructure, embedding the company more deeply into Latin America’s largest crypto economy. For Valour, the move represents its first expansion beyond Europe and establishes Brazil as a core platform for scaling regulated, institutional-grade digital asset products across Latin America and other high-growth markets, reinforcing the group’s global ambitions in exchange-traded digital asset access.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies issued a clarifying update on persistent discrepancies it has identified between reported share positions across various intermediaries, including DTC, CDS and Broadridge, based on multiple analytical reports obtained since June 2025 from Shareholder Intelligence Services. The company has contacted 14 broker-dealers with the largest reported imbalances and, from five responses so far, has been told that the differences largely stem from settlement timing, reporting variations between intermediaries, securities lending and currency-related reporting differences; management said that, based on information reviewed to date, these imbalances are not believed to have affected voting outcomes at the 2025 shareholder meeting, and it plans to continue its inquiries and monitoring. Separately, DeFi Technologies announced the immediate resignation of director Stefan Hascoet, who had served on the board since June 2023, marking a change in its board composition as it continues to address questions around trading irregularities and share ownership transparency.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
Valour Inc., a subsidiary of DeFi Technologies, has launched new exchange traded products offering leveraged exposure to Bitcoin and Ethereum on Sweden’s Spotlight Stock Market. These products, designed for Nordic investors familiar with Bull and Bear certificate structures, aim to broaden access to enhanced digital asset exposure in a regulated format, supporting both retail and institutional demand for amplified investment opportunities.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies’ subsidiary Valour has received approval to list its Valour Solana (VSOL) exchange-traded product (ETP) on Brazil’s B3 Exchange, marking a significant expansion of its digital asset offerings in Brazil. This move positions Valour to provide Brazilian investors with institutional-grade access to Solana, alongside Bitcoin, Ethereum, XRP, and Sui, leveraging Brazil’s cohesive financial market and growing demand for diversified digital asset exposure.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies has announced the launch of Brazilian Depositary Receipts (BDRs) on the B3 Exchange, under the ticker DEFT31, starting December 17, 2025. This strategic move aims to expand the company’s visibility and investor base in Brazil, offering local institutional investors BRL-denominated exposure to its shares without needing to transact on international exchanges. The BDR program aligns with Brazil’s growing crypto economy and regulatory framework, enhancing DeFi Technologies’ integration into global capital markets and supporting its subsidiary Valour’s expansion with digital asset ETPs on the B3 Exchange.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
TenX Protocols Inc., a client and venture portfolio company of DeFi Technologies, has successfully debuted on the TSX Venture Exchange under the ticker ‘TNX’ after raising over C$33 million in 2025. This listing marks a significant milestone for TenX, enhancing its access to capital markets and supporting its strategy to expand its blockchain infrastructure services across high-performance networks like Solana, Sui, and Sei. The collaboration with Stillman Digital will further bolster TenX’s institutional trade execution and market intelligence capabilities, positioning it as a leader in the digital asset treasury and staking sector.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
Valour, a subsidiary of DeFi Technologies, has received approval to list four digital asset ETPs on Brazil’s B3 Exchange, marking its first major expansion outside Europe. This strategic move leverages Brazil’s position as Latin America’s largest crypto economy and aims to provide institutional-grade, exchange-traded access to digital assets, aligning with the growing demand from both retail and institutional investors. The listing is expected to enhance Valour’s international presence and capitalize on Brazil’s maturing regulatory framework, offering Brazilian investors BRL-denominated exposure to digital assets through familiar brokerage and custody systems.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies announced that its venture portfolio company, Stablecorp, has achieved a significant milestone with the approval of QCAD as Canada’s first compliant CAD stablecoin. This development marks a new benchmark for compliant, CAD-denominated digital money, potentially facilitating broader adoption across payments and capital markets. DeFi Technologies plans to support QCAD’s growth through product development, liquidity provision, and security enhancements, positioning it as a key component of Canada’s digital financial infrastructure. This milestone aligns with DeFi Technologies’ strategy to back category-defining infrastructure and create new revenue streams while adhering to Canada’s evolving regulatory framework for digital assets.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies announced a leadership transition with Olivier Roussy Newton resigning as CEO and Chairman, succeeded by Co-Founder Johan Wattenström. Under Roussy Newton’s leadership, the company expanded its ETP platform, increased revenues significantly, reduced debt, and strengthened its market position. Wattenström, with extensive experience in digital assets and financial infrastructure, is expected to lead the company into its next growth phase, leveraging his background in establishing secure, exchange-listed Bitcoin exposure.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$5.50 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies announced a successful arbitrage trade executed by its DeFi Alpha trading desk, generating a return of approximately $3.2 million. This trade highlights DeFi Alpha’s ability to capitalize on market inefficiencies and will strengthen the company’s financial position in Q4 2025. The trade reflects a shift in the digital asset market, with a more balanced environment expected to renew arbitrage activity. DeFi Alpha’s disciplined execution and risk management have proven effective in generating non-correlated returns, making it a crucial part of DeFi Technologies’ revenue strategy.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies’ subsidiary, Stillman Digital, has partnered with GoDark, an institutional dark pool for digital assets, enhancing its execution capabilities with off-exchange block liquidity and non-custodial settlement. This partnership strengthens Stillman Digital’s role as an institutional execution partner, expanding its counterparty network and offering discreet block liquidity, which reduces signaling risk and supports better execution quality for large orders. As GoDark plans to expand into derivatives, Stillman Digital will gain a deeper product set, enhancing its comprehensive execution offerings within the DeFi Technologies ecosystem.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
Valour Inc., a subsidiary of DeFi Technologies, has launched its 100th exchange-traded product (ETP), the Valour Sky (SKY) SEK ETP, on Sweden’s Spotlight Stock Market. This milestone solidifies Valour’s position as the leading issuer of digital asset ETPs globally, offering a wide range of products across major European exchanges. The new ETP provides regulated access to the Sky ecosystem’s governance token, enhancing Valour’s portfolio and meeting the growing demand for transparent, exchange-traded crypto exposure.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.
DeFi Technologies Inc. announced its participation in the 2025 Maxim Growth Summit, a prestigious event that gathers industry leaders and innovators to discuss trends across various sectors. By engaging with institutional investors and senior analysts at the summit, DeFi Technologies aims to strengthen its industry positioning and explore new opportunities for growth in the decentralized finance space.
The most recent analyst rating on (TSE:DEFI) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on DeFi Technologies stock, see the TSE:DEFI Stock Forecast page.