Defi Technologies earns $62.7-million (U.S.) in 2025

Executive Summary

• Defi Technologies reported record audited full-year 2025 financial results, with total revenue surging 215% to $99.1 million and net income flipping to a record $62.7 million from a $27.6 million loss in fiscal 2024.
• Growth was driven by a diversified business model, including strong performance from Valour’s staking/lending and management fees, Stillman Digital’s first full year of contribution post-acquisition, and the successful launch of the Defi Advisory segment.
• The company concluded the year with a robust fortress balance sheet, holding approximately $178.7 million in combined cash, digital asset treasury holdings, and venture portfolio value, providing capital flexibility for 2026 growth and strategic initiatives.

Key Details

• Full-Year Revenue: $99.1 million (up 215% from $31.4 million in 2024); Q4 2025 revenue was $20.0 million (vs. negative $19.3 million in Q4 2024).
• Full-Year Net Income: Record $62.7 million (vs. net loss of $27.6 million in 2024); Q4 2025 net income was $28.9 million (vs. net loss of $22.3 million in Q4 2024).
• Operating Expenses: Decreased 14% to $52.6 million (from $61.3 million in 2024), primarily due to a $6 million reduction in share-based payments and lower G&A costs.
• Valour Segment: Generated $13.1 million in staking/lending income (vs. $13.0 million in 2024) and $9.7 million in management fees (up 51% from $6.4 million in 2024); average AUM was ~$809.9 million.
• Stillman Digital: Generated $9.6 million in trading commissions revenue (vs. $2.1 million in 2024), marking the first full year of consolidated results following the October 2024 acquisition.
• Reflexivity Research: Generated $500,000 in research revenue (down from $1.4 million in 2024); management is focusing on expanded distribution partnerships and new sponsorship channels.
• Defi Advisory: Launched in Q3 2025, generating $300,000 in advisory revenue for the fiscal year.
• Cash & Treasury Position: Consolidated cash (including USDT/USDC) stood at $113.8 million ($91.2 million fiat); digital asset treasury holdings totaled ~$35.5 million; venture/private portfolio valued at ~$29.4 million.
• Total Liquidity/Portfolio: Combined cash, treasury, and venture portfolio value reached ~$178.7 million as of Dec. 31, 2025.
• Earnings Call: Scheduled for Tuesday, April 7, 2025, at 11:00 a.m. EST.

Notable Quotes

• Johan Wattenstrom, CEO: "These results reflect the strength of the business model we have built... We ended the year with a much stronger financial position, including more than $113-million in cash, alongside digital asset treasury holdings and a valuable venture portfolio. That fortress balance sheet allows us to be pro-active rather than reactionary."
• Johan Wattenstrom, CEO: "We believe Defi Technologies is one of the few profitable companies in the digital asset sector, across both public and private markets, with demonstrated earnings power and a platform built to generate revenue across cycles."