DeFi Technologies Announces Audited Full Year 2025 Financial Results with Record Revenue of $99.1 Million and Record Net Income of $62.7 Million

Executive Summary

• DeFi Technologies reported record FY 2025 revenue of $99.1 M and record net income of $62.7 M, a $90.3 M YoY increase and a 215% rise in revenue.
• Cash, digital‑asset treasury, and venture portfolio combined to ≈ $178.7 M at year‑end, providing a strong balance sheet for growth initiatives.
• Subsidiary contributions were highlighted: Valour’s AUM reached ≈ $809.9 M, Stillman Digital generated $9.6 M in trading commissions (355% YoY), and the newly launched DeFi Advisory contributed $0.3 M.

Key Details

• Revenue: $99.1 M FY 2025 vs. $31.4 M FY 2024 (+215%). Q4 2025 revenue $20.0 M vs. $(19.3) M in Q4 2024.
• Net Income: $62.7 M FY 2025 (record) vs. a loss of $(27.6) M FY 2024; Q4 2025 net income $28.9 M vs. loss of $(22.3) M in Q4 2024.
• Operating Expenses: Decreased 14% to $52.6 M (down from $61.3 M), driven by a $6.0 M reduction in share‑based payments and lower SG&A costs.
• Valour (Asset Management):
• Staking & lending income: $13.1 M FY 2025 vs. $13.0 M FY 2024.
• Management fees: $9.7 M FY 2025 vs. $6.4 M FY 2024 (+51%).
• Average AUM: $809.9 M throughout 2025.
• Stillman Digital (Prime Brokerage): Trading commissions revenue $9.6 M FY 2025 vs. $2.1 M FY 2024 (355% growth). First full year of contribution after Oct 2024 acquisition.
• Reflexivity Research: Revenue $0.5 M FY 2025 vs. $1.4 M FY 2024.
• DeFi Advisory (new line): Generated $0.3 M advisory revenue in FY 2025.
• Balance Sheet (12/31/2025):
• Cash & cash equivalents: $113.8 M (including $91.2 M USDT/USDC).
• Digital‑asset treasury holdings: ≈ $35.5 M.
• Venture & private portfolio value: ≈ $29.4 M.
• Total cash, treasury, and venture assets: ≈ $178.7 M.
• Forward‑looking Statements: Management indicated plans to expand Valour’s structured products, pursue UCITS/AMC vehicles, grow Stillman Digital’s institutional infrastructure, and explore strategic acquisitions in 2026.

Notable Quotes

“We ended the year with a much stronger financial position… that fortress balance sheet allows us to be proactive rather than reactionary… We are entering 2026 from a position of strength, with a proven business model, growing monetization, and the financial flexibility to invest in the next phase of growth.” – Johan Wattenström, CEO

The release contains extensive forward‑looking information; materiality is assessed as Material – Positive.