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Delisting risk

DEFT · NASDAQ · Financial - Capital Markets

DeFi Technologies

Provides regulated digital-asset ETPs alongside trading, research, venture, and institutional-execution services.

$0.6101

After-hours close−0.01 (−0.94%)

At close$0.6159(−5.44%)

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Profile

DeFi Technologies Inc.DEFTFinancials

Sells regulated digital-asset ETPs through Valour and operates trading, venture, research, and institutional-execution businesses. Activities span market-access products, DeFi Alpha trading and arbitrage, Reflexivity research, and Stillman's liquidity, execution, settlement, and technology services.

Valour issues and lists exchange-traded products that provide indirect exposure to digital assets, related indexes, and other DeFi instruments. DeFi Alpha operates as a trading and arbitrage desk, while its Ventures business invests in the sector.

Reflexivity Research supplies crypto-native research, and Stillman Digital provides institutional liquidity, trade execution, settlement, and technology services to institutional market participants. The platform therefore combines market-access products with trading, research, venture, and execution operations.

Operations span several subsidiaries and exchange listings. Its asset-management business depends on regulated ETP listings that offer investors indirect digital-asset exposure.

Company facts

CEOJohan Wattenström

ListedMay 12, 2025

ExchangeNASDAQ

HeadquartersToronto, Canada

CountryCanada

Employees26

CIK0001888274

ISINCA2449161025

Key statistics

Market cap$240.2M

EPS (ttm)$0.0653

P/E (ttm)9.48

ROE17.7%

P/B1.69

P/S12.18

Dividend yield—

Beta3.98vs XLF 0.42

Year to date −30.0% · Average volume (30d) 2.3M

Analysts

Price target, next 12 months$1.25+101.6%Median of 3 analysts · vs the Aug 28 close

ConsensusBuy2 of 3 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $0.6200

High$1.25+101.6%

Median$1.25+101.6%

Low$1.25+101.6%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 19, 2026	Maxim Group	Downgrade	Buy	Hold
Aug 17, 2026	Northland Securities	Target			$2.50	$1.25
Nov 21, 2025	Coker Palmer	Target				$3
Nov 17, 2025	Northland Securities	Target				$2.50

Earnings

EPS

Estimate$0.00

ReportedDue Nov 13, 2026

Revenue

Estimate$8.7M

ReportedDue Nov 13, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 13, 2026Q2 FY26	−$0.01	−$0.03	−200.0%	$10.2M	$7.6M	−25.7%	+1.77%
May 14, 2026Q1 FY26	−$0.01	$0.01	+198.9%	$16.0M	$11.1M	−30.6%	−12.12%
Apr 2, 2026Q4 FY25	$0.03	$0.08	+201.1%	$22.2M	−$5.5M	−124.6%	+8.75%
Nov 14, 2025Q3 FY25	$0.07	$0.01	−85.7%	$42.7M	$22.5M	−47.2%	−14.63%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$33.9M	$27.1M	$31.7M	−$4.0M	$1.8M	$3.0M
Gross profit	$28.9M	$21.1M	$29.2M	−$28.1M	$353.8K	$1.8M
Operating income	$43.4M	−$620.1K	$12.9M	$29.1M	$5.6M	−$14.3M
Net income	$43.1M	−$1.3M	$5.6M	$29.7M	$4.9M	−$14.7M
Diluted EPS	$0.12	−$0.00	$0.01	$0.08	$0.01	−$0.04
Gross margin	85.3%	78.0%	92.0%	—	19.7%	60.1%
Operating margin	127.7%	-2.3%	40.7%	—	312.3%	-470.8%

Fiscal years (4-quarter sums)FY18 −$2.7M · FY19 −$766.5K · FY20 $2.2M · FY24 $207.1M · FY25 $88.7M

Balance sheet, Jun 30, 2026Cash & short-term investments $483.6M · Total debt $0 · Total assets $572.6M · Shareholders' equity $142.4M

Dividends

No dividends on record.

Ownership

Institutions 8.07%Insiders —

Shares outstanding 387.90M · Float 352.93M · 91.0% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Weiss Asset Management LP	6.17M	1.59%	13F	Aug 14, 2026
Sixth Street Partners Management Company, L.P.	3.10M	0.80%	13F	Aug 14, 2026
Charles Schwab Investment Management Inc	3.10M	0.80%	13F	Aug 14, 2026
Susquehanna International Group, LLP	2.72M	0.70%	13F	Aug 14, 2026
Bank of Montreal /Can/	2.21M	0.57%	13F	Aug 12, 2026

Insider tradesForm 4

Nothing filed in the last 12 months.