$DEFI (-0,08 %)

Hello my dears,

unfortunately I made another mistake in my last post. I put two completely different issues in one post. That was very badly done.

But fortunately, this little mishap gives me another opportunity to go into the main topic in more detail.

Our star investor @Simpson

My dear man,

Once again I thought about why I became such a big fan of yours so quickly.

Perhaps it has something to do with my great enthusiasm for Buffet. But somehow, on reflection, I realized that my enthusiasm for Charlie Munger is even greater.

After all, getting to know Charlie was the best thing that could have happened to Buffet.

Because only through this perfect duo could you become so successful.

But what does all this have to do with you my dear @Simpson to do with you.

I've been following your posts with enthusiasm the whole time and have celebrated your portfolio.

And somehow it always reminded me a little of Buffet.

Unfortunately, we never got to talk about it very much. But I think I can say that I quickly recognized your strategy a little. Feel free to correct me.

FOCUS

• quality

• Moat, great business model

• Long successful history

• Profitable and good margins

• Good dividend history

• Recurring revenues

• Discipline

Buffet and Munger also believed that true wealth is not achieved through excessive risk, but through disciplined thrift and patient investing.

You never got involved in dangerous experiments. And when it came to unprofitable hype stocks, you immediately showed your hand.

And you never really liked alt coins.

Here I would have liked $DEFI (-0,08 %) a little of your strategy.

But in the last year, your strategy has become more and more Charlie.

• Not just focusing on dividends

• Growth instead of dividends

• Quality has its price

Charlie convinced Buffett early on not only to look for the cheapest and most undervalued shares, but also to look for good companies with an outstanding market position - and to pay a little more for them.

Maybe I can persuade you to stay.

Because I would like to hear more about your strategy.

It would be a great added value, especially for younger people and newcomers.

Maybe you could start a wikifolio with your quality ETF in your free time. @Epi I would be happy to have such great competition.

Hello everyone!

Some positive news today for $DEFI (-0,08 %) investors? There was news today that could be extremely exciting for the long-term case of the share? Or how do you see it? @Tenbagger2024

What happened?

Subsidiary Valour has launched the DVIO Index (DEFT Valour Investment Opportunity Index).

Why could this be good news?

Until now $DEFI (-0,08 %) invested heavily on the drip of crypto prices. With the new index, the company is building a bridge to the big money (institutional investors):

• Real signals instead of crypto noise: the index not only tracks prices, but actual capital flows via the Valour platform. This has hardly been available to professional investors until now.
• New revenue streams: DeFi Technologies is building a data business here. This means: revenue through subscriptions and index licenses. This is high-margin business and much more stable than pure trading fees.
• Professionalization: It shows that $DEFT is no longer just a crypto shop, but is building the infrastructure for Wall Street.

Sentiment remains depressed due to regulatory uncertainty. This is currently the biggest problem for many investors. Several US law firms have filed a class action lawsuit. The company is alleged to have made misleading statements about its business - specifically about the arbitrage strategy DeFi Alpha and the sales forecasts for 2025. In November 2025, DeFi Technologies was probably forced to almost halve its sales targets.

Such lawsuits cost time, money and, above all, trust. As long as there is no judgment or settlement, nothing is likely to change.

But why could the new index be an answer or a step in the right direction?

The new DVIO Index is the company's attempt to combat precisely these uncertainties:

Transparency: it provides hard data rather than vague forecasts.

Regulation: It is based on already approved ETPs, so it is "legally secured".

Professionalism: It moves the company away from the image of a speculative crypto shop to a serious data provider.

In short: the uncertainty is the market's mistrust in the company's previous communication. The new index aims to win back this trust through transparency. What about you? Will you stay invested?

With a heavy heart I have liquidated my $DEFI (-0,08 %) liquidated my position at around -60% to do a little reallocation.

New addition for more diversity:

$SE (+0,28 %)

Since I live in Vietnam myself, use Shopee almost every day and can also experience on site how strongly the company is anchored in the everyday life of the people here, I see catch-up potential again after the setback📈

Dear Community,

The Challenge is now in its third month and there have been some minor changes. I would like to tell you about them today.

First of all, some bad news for everyone who finds the experiment interesting, because I'm going to let it come to an end. Not because it has become a financial disaster, but because I don't have the time to look after it in a way that adds value for the community.

So here is something like a final report.

At the last update in November 2025, after the sales of $HIMS (+2,1 %) and $3350 (+2,63 %) and the purchase of $DEFI (-0,08 %) the following stocks were still in the running:

$DEFI (-0,08 %) with 245 shares

$LTMC (+1,41 %) with 23 shares

$AIXA (+4,03 %) with 36 shares

$CRCL (+1,63 %) with 5 shares

Already on 06.01.2026 $LTMC (+1,41 %) had to pack his bags as the regulatory issues had become too confusing for me.

Shortly afterwards, on 19.01.2026, I also had to $AIXA (+4,03 %) had to leave the portfolio with a positive result.

This left only the two stocks $DEFI (-0,08 %) and $CRCL (+1,63 %) remained.

Unfortunately, both stocks were a reach for the ceramics and did not perform satisfactorily.

$DEFI (-0,08 %) -62,21%

$CRCL (+1,63 %) -45,95%

As a punishment, these two positions will be held until they reach € 0 or offer a surprise.

The result of this experiment is therefore sobering, but it was clear from the outset that it was a gamble and, as I wrote in the last post on this experiment, nobody who presented one of the stocks has anything to reproach themselves for!

Here is the final statement before deducting the positions that found a place in the experiment:

$HIMS (+2,1 %) Buy € 546.92 Sell € 496.32 Result - € 50.60 -9.26%

$3350 (+2,63 %) Purchase € 525.00 Sale € 459.00 Result - € 66.00 -12.58%

$LTMC (+1,41 %) Purchase € 518.42 Sale € 522.56 Result +€ 4.14 +0.8%

$AIXA (+4,03 %) Purchase € 503.64 Sale € 666.72 Result +€ 163.08 +32.38%

$DEFI (-0,08 %) Purchase € 1,012.10 Current value € 382.52 Result -€ 629.58 -62.21%

$CRCL (+1,63 %) Purchase € 555.00 Current value € 300.00 Result -€ 255.00 -45.95%

The bottom line is that € 2,827.12 of the € 3,661.08 invested in the course of the experiment, including the securities still in the portfolio of $DEFI (-0,08 %) and $CRCL (+1,63 %) have become.

This means a loss of € 833.96 or 22.78% within the three months of the experiment.

What do I take away from the experiment? That I lost money? No, that's the product, but not the insight, not what I take away.

For me, the insight is that you can be convinced of a share by an idea, but this is no guarantee that the company will perform in the same way.

The tips were not bad, but the market has its own rules. It may well be that each of these stocks will be worth many times more in 3 years' time. That's why I'm simply leaving the two remaining stocks in my portfolio - after all, they don't eat bread ;)

With any investment, you have to be aware that an investment can go either way. Therefore, in addition to a conviction in a company, a precise analysis of the fundamental data is also important. Very often, companies are presented here with an absolutely outstanding performance, including all the data. Many of these companies will certainly become multibaggers in the future with strong growth. Some will need a little more time, others a little less. But some of them may also end in a total loss.

My tips after the experiment:

Decide on stocks that are absolutely convincing to you and the figures "fit"

Set yourself limits up to which you can cope with losses

Don't forget the "safe" stocks, despite all the hope of making big gains in a short space of time

With this in mind, the rabbit wishes you a nice Sunday, even if he is looking a little sad at the moment, he is not in a bad mood and hopes that the experiment has also given you a little added value.

Your rabbit - André

Hi folks,

I am currently wondering whether I should $HOOD (+1,06 %) should I hold or sell. I am currently up almost 110%. Of course, a few months ago it was significantly more, but I think the long-term potential is much lower compared to a few other candidates. I would like to use the capital to increase three to five other positions, which are riskier but more promising in my opinion.

How do you see the potential of $HOOD (+1,06 %) over the next few years? Would you hold or sell?

If I were to sell, the following question arises: I am down $DEFI (-0,08 %) almost 60% in the red. Does it make sense to sell here too, so as not to pay so much tax on $HOOD (+1,06 %) and, if the share price rises accordingly, to get back in at $DEFI (-0,08 %) again if there is a corresponding increase?

I have not yet been in the current situation, hence the second question.

Thanks in advance for any input.

John

We continue with insights into the goings-on of the dividend opi. If you missed the first part, you can find it here: Dividendenopi inside Teil 1 Dividendenopi Rewind2025

As the second part is less about shares, I'll at least start with the rest and the question from @Epi about the Zockeropi. I still have one position each in the, let's say, hidden area of $EKT (+1,38 %) and $NOVO B (+3,06 %) each. Neither trading nor dividend stocks as I see it, so they are bobbing around in the middle of nowhere. Both are currently in negative territory and have a current market value of around €30,000. To be honest, I still don't really know what I'm going to do with them. In my opinion, EKT is still a rock-solid value and clearly undervalued. Despite all my understanding for the delays, which are apparently through no fault of their own, they have to deliver this year. Otherwise I will actually realize the losses, but they are absolutely manageable. And about Novo, well, what more can I say... Ignored the warnings during the high phase and took the crash in its stride. Due to the recovery over the last few days, the share is moderately down by just over 10%. Depending on my mood on the day, however, this could quickly disappear.

And to ensure that my strategy as a whole doesn't get boring and that the gambling child in me is kept in mind so that it doesn't do anything stupid with larger investments, I have turned more intensively to short-term trades since the middle of last year. In June with $DEFI (-0,08 %) and $HIMS (+2,1 %) initial modest successes have encouraged and "hooked" me by, among other things @Multibagger one or two copy trades. My play money is strictly limited to a maximum of 5% of my total capital. I haven't invested that much yet, but despite everything $IREN (+3,39 %) , $CIFR (+3,2 %) and some other trades have brought me nice profits on the side. Most recently I closed yesterday $AII (+1,74 %) closed yesterday with 40% plus. The largest position in the trading portfolio at the moment is again $IREN (+3,39 %) with EK 35€ and a slight plus. The rest, $CA1 (+1,58 %) , $DEFI (-0,08 %) , $LYC (-3,1 %) , $NB (+1,62 %) and $null are not doing so well at the moment, which is why I am currently in the red. I currently have € 20,000 invested there, but the holding period for these shares and the long is also designed for a maximum of 6 months, so I will look again in April.

So far so good.... Now comes the outing and the boring part of my investments, which still make up the majority of the capital invested. Expiring fixed-term deposits have already been and will be put into the market. Due to my age, I tend to be a bit conservative when it comes to choosing my broker and would have a stomach ache with a neo-broker for this amount. For a while I had my investments diversified with S-Broker, ING and Consors. Overnight deposits at various institutions in recent years, where the best new customer offers were available. I'm still hopping and currently have a good €370,000 in call money. The best interest rate for 12 months until mid-26 is with BBVA, where I'm realizing 3.25% thanks to a promotional bonus. Volkswagenbank, Fordbank, Stellantisbank and Renaultbank are always offering special promotions for existing customers with interest conditions to compensate for inflation. The advantage of all the aforementioned banks is the monthly interest payout for regular income, and the trend at the moment is again towards higher offers for new customers of just under 3%, so I will be shifting around a little over the next few days and weeks. Longer-term fixed-term deposits will gradually expire over the next 2 years, where I have conditions from the beginning of 24, e.g. at Kommunal Kredit for 4.5%, the others are between 3.4 and 4.1%. In total, this currently amounts to € 125,000 with annual interest payments for further cash flow.

The third large chunk, and therefore the rest of my capital, is invested in bonds and certificates. More on this in a moment. Where do I have my securities account now? Drum roll... 😇😇At the savings bank, sic!🤷‍♀️ At a large savings bank in the big city around the corner as part of a private banking agreement. I have an all-in-fee that costs really fat fees every year. 1.25% of my average portfolio value p.a. And that's a four-figure sum at the top end. Before everyone faints or thinks I'm out of my depth, a few words of explanation and insight into my decision. I can trade where I want, as much as I want and what I want within the limits of these fees. Of course, I can also pay less for a used small car, but as I mentioned, it's just not for me. One of the reasons I took this route was because of the annual costs I would otherwise incur with ING and S-Broker. Given the trading volumes, that wasn't exactly low either. For me, these costs would have been costs anyway. The decisive advantage, in addition to almost 24-hour all-round support and a personal portfolio manager, lies in trading certificates. I like to use fixed coupon express certificates for cash flow. They are available on many stocks. This year I was / am invested in Siemens, LVMH, BMW, Daimler Truck, Vonovia, Renk, among others. They all had / have interest rates between 6.5% and 9.75%. Latest "deal" a certificate on $R3NK (+2,03 %) on 29.12 with 11.7% and a new one now starting in January with 11.5%. The interest is paid out quarterly on a pro rata basis and makes a not insignificant contribution to my monthly income. I am always offered these certificates for subscription before they are issued, the issue premium is waived as part of my agreement and I receive a large part of the "internal commission" from the savings bank, which is called a customer bonus. I am attaching the statement of my Renk certificate from December 29th to make it easier to understand.

In this case, with an otherwise regular issue price of € 1,010 for a € 1,000 share, I have in any case already "recouped" part of my fees (saved issue premium plus lower subscription price), with other providers and lower interest rates this can be up to 2.5% and more. These express certificates usually come back in the next 6 to 9 months when the early payout levels are reached and I get back the € 1,000 nominal value, plus the interest accrued up to that point. Unfortunately, I have to pay tax on the difference between my cheaper purchase and the nominal value as a profit. The money is then immediately reinvested in corresponding new certificates. This means that I have a regular annual circulation with a corresponding volume, not every certificate is returned, and in total this recoups my fees. Sounds a bit like a milkmaid's calculation, but it works out. We can discuss this in more detail. For now, this is only part of my motivation. However, these certificates are one of the main pillars of my cash flow and are relatively default-proof thanks to downward barriers of 40 to 50%, but of course you have to look at the underlying securities.

Other investments are in capped bonus certificates with a barrier. These offer no ongoing cash flow, but "reward" you with decent returns if they perform well and are particularly suitable for sideways or slightly falling markets. For both variants, it must be said that dividends from the reference stocks are excluded and a strong upward trend in the individual underlying stocks does not lead to overperformance and in the latter case is also limited (capped) or leads to premature liquidation in the case of express certificates. If you keep abreast of the market, the risks are manageable and the maturities are limited to a maximum of 2 years, usually less.

There are other variants of these certificates, if there is interest I would present these in a separate series. They are not performance boosters, but with the right selection they can lead to stability and ongoing cash flow or pre-defined potential price gains even if the markets do not perform as everyone would like.

That's it from my side, I've let my pants down and shown how I, as an old fart with an appropriate amount of capital, try to structure my monthly returns without taking excessive risks and why and how I do it. Perhaps it will help some investors who are not so risk-averse to think about alternatives. I would like to thank everyone who has stuck with me to the end and see you soon. Your Dividend Topi

Dear gq community,

Today I would like to discuss the topic of AI with you and look together at the share $DEFI (-0,08 %) that I bought at a price of € 1.20 and have not been happy with so far.

But first an assessment of the current situation.

1. trend & momentum

The share is in a long-term bear market.

Downward trend: The share price has fallen by over 80 % from its 52-week high of around € 4.05.

Current situation: On December 29, 2025, the share price hit a new 12-month low of € 0.62. Since then, there has been an initial technical counter-reaction (rebound) on Friday to currently around € 0.75.

Moving averages: The share price is trading well below the 200-day line (approx. € 2.04), indicating that selling pressure continues to dominate.

2. supports and resistances

Resistance 1 (near): At €0.85 - €0.88. This is a psychologically important hurdle. A breakout above it could initiate a recovery.

Resistance 2 (strong): The €1.20 mark (your buy price). Many investors will try to exit here without taking a loss, which could depress the price.

Support: The recent low at € 0.62. If this area falls, there is a risk of a further fall towards € 0.40.

Trading recommendations

Buy prices (additional purchase or entry)

A subsequent purchase ("average down") is risky, as the company is currently facing class action lawsuits (deadline January 30, 2026).

Speculative at € 0.65, but with the willingness to accept a total loss under certain circumstances.

Procyclical at > € 0.90: Only if the resistance at € 0.85 is sustainably overcome by the daily closing price.

Sell prices (profit-taking / damage limitation)

Caution: The company has a very low cash position and a low equity ratio of only 1.75% (last report), which makes the share a high-risk investment.

The share is therefore even riskier than when I bought it. A final directional decision can certainly only be expected once the lawsuits have been settled.

🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥

And now to my requested discussion with you.

Most of you know that I want to learn how to evaluate and present shares.

I have not yet been able to do this as fundamentally as our presentation professionals such as @Multibagger
@Tenbagger2024
@SAUgut777 and many others.

However, my goal is to be able to offer the community added value in this area over the course of the year.

Do you remember the title of this post?

Ah, you've just scrolled up again, that's good.

AI in the discussion and if you look at the rabbit's discussion round, you'll find the topic "AI - curse or blessing".

What is that supposed to tell you? Did the rabbit eat a bad carrot?

Not at all, friends. The topic that has been on my mind over the last few days is AI.

You probably realize that the bunny and its scenes are created by AI. Only the plush bunny really exists and with this one I use an AI to create the photos.

But in order to initiate a discussion today, I had the actual share in my portfolio of $DEFI (-0,08 %) by this very AI!

Not to claim that I can suddenly evaluate stocks professionally, but to explore whether AI can be helpful in the evaluation of stocks or whether the risks are predominant.

I had several of my positions from the portfolio evaluated using screenshots and manually searched for data on these shares at Traderfox and elsewhere.

To my understanding, the AI evaluations were conclusive.

Are you scared now?

I am, because I wonder what an AI is capable of compared to analysts who approach these topics with a great deal of specialist knowledge.

I would now be happy to have a lively discussion, but please don't give me hell, as I deliberately made the post look like my own assessment at first and hope you understand my approach, which motivated me to do this.

I am therefore particularly interested in two points:

1. what do you think of the evaluation of the stock?

2. do you see more risks or more opportunities in using AI to analyze stocks?

I am curious!

Yours 🐰

André

$DEFI (-0,08 %)

Source: EQS-News: DeFi Technologies veröffentlicht Jahresabschlussbrief des CEO an die Aktionäre • news • onvista

And here again the complete text below. Definitely exciting to read. Of course, many passages have been specially chosen to create a reassuring impression. Overall, however, I think the statements about the goals are well formulated and generally make sense to me. I'm curious to see what will come of it. For me there are only 2 possibilities: Total loss or a very good investment in the next decade.

Dear shareholders,

At the end of 2025, I would like to base this letter on the core statement that guides all our actions.

DeFi Technologies aspires to be the global leader in wealth management services and investment products, with a scalable, vertically integrated platform of investment vehicles and capital markets infrastructure that aims to revolutionize traditional, over-regulated and inefficient investment, primary and secondary markets. The legacy system is characterized by an outdated infrastructure cluttered with inefficient and costly intermediaries that impose misguided regulations affecting both investors and entrepreneurs.

We are building both centralized and decentralized financial systems and positioning ourselves for the convergence of these paradigms over time. Many politicians and bureaucrats remain a destructive force, but they cannot stop the rapid evolutionary pressures of free markets that are shaping an objectively better way for payments, value storage and frictionless capital markets.

We plan to introduce a series of internally developed innovations in these areas that will reduce costs, increase value and scalability, and deliver unprecedented customer value.

We are focused on creating, protecting and returning long-term shareholder value, and we remain disciplined despite market volatility as we build a world-class company. Daily share price fluctuations are just noise. We focus on the real signal: execution.

This isn't rhetoric - it's a blueprint. And in 2025, we have significantly advanced that plan in terms of products, geography, institutional infrastructure and balance sheet strength.

2025: laying the foundation for scalability

Valour reached 102 ETPs and built the world's most diversified regulated digital asset portfolio

Valour's growth to more than 100 listed ETPs is not just a milestone in terms of products. It reflects a simple strategic goal: to provide investors with options and the ability to invest in the world's leading digital assets in a regulated, exchange-traded format, using the same brokerage and custody services they already trust.

This is not just spot products for Bitcoin and Ether. Our offering spans many of the key networks and themes shaping digital assets, giving investors the ability to express their views across the sector, with no wallets, no private keys and no unregulated trading venues. Valour now offers the most diverse range of regulated digital asset ETPs in the world, and this breadth is a lasting competitive advantage.

Just as importantly, we operate this platform with a level of capital efficiency that we believe is second to none. We don't just list products and charge an administration fee. We have monetized the entire issuance process from start to finish:

• Innovation and product structuring
• Listing and distribution in regulated markets
• Trading the inflows and outflows of our products
• Market making and provision of liquidity
• Staking and revenue generation on underlying assets, where applicable, using our proprietary technology and infrastructure

That's the difference between a wrapper and a platform. When you monetize across issuance, trading, liquidity and yield, you create multiple revenue streams from the same underlying growth engine. That's why we believe we are building one of the most capital-efficient asset management businesses in the world.

Geographic expansion from "potential" to "operational reality"

We have built DeFi Technologies to be global, not local. In 2025, we confirmed this focus with significant progress in key markets and listings.

We have expanded our presence through the following measures:

• London Stock Exchange
• SIX Swiss Exchange
• B3 - Brazilian Stock Exchange, including listings that have established a strategic bridgehead in Latin America

Brazil is important because it is not just another listing. It is proof that we can take our platform into new regulatory environments, connect with local market infrastructure and build distribution channels beyond our historical base.

Looking ahead, we expect to add more locations and distribution channels in 2026, with a particular focus on expanding our presence in Europe and Latin America and bringing new regions into the platform, including Africa and the Middle East, as we build the structures, partnerships and market access needed to scale.

Stillman Digital has further strengthened the institutional layer of our platform

While Valour is the distribution engine for investment products Stillman Digital is an important part of the institutional stack, enabling DeFi Technologies to monetize flows, deepen liquidity and build lasting relationships with sophisticated counterparties.

In 2025, Stillman continued to grow its institutional execution capabilities and expand its footprint. This is important because institutional activity is not just about trading. It's about infrastructure:

• Execution quality and reliability
• Access to liquidity and block workflows
• Market intelligence and feedback loops that feed into product design and distribution
• Connectivity that extends our offering beyond a single wrapper

This is vertical integration in practice. Not just issuing products, but strengthening the infrastructure that makes those products more competitive and scalable.

We are developing second generation products for larger pools of capital

We're proud of what we've built with ETPs, but we're equally focused on what's next.

The next phase involves second-generation products that are more institutionally compatible and better suited to large allocators and stricter mandates, which will accelerate the growth of Valour's assets under management and therefore our core revenues. In addition to significantly expanding our distribution, our next generation products are designed to add value through active strategies and purpose-built portfolios. These include:

• UCITS-like fund structures
• Actively managed certificates and exchange traded notes
• Tokenization for the benefit of the native crypto community
• Hedge fund structure for institutions and fund of funds
• Additional institutionally focused vehicles designed to broaden distribution and increase the persistency of assets under management

This development is not a departure from our strategy, but the strategy itself. If we believe in convergence, we need to create the frameworks and structures that allow capital to move safely, efficiently and at scale between paradigms.

We have strengthened our balance sheet to increase the momentum of execution, broaden our scope and enable larger transactions and potential acquisitions

In 2025, we also strengthened our ability to act rather than react.

We have raised USD 100 million in capital, which has significantly improved our strategic flexibility. We also ended the third quarter of 2025 with USD 165.7 million in cash, cash equivalents and digital assets as well as USD 44 million in venture investments and without debt ended.

This balance sheet strength is not for peace of mind. It is for capital growth.

As stated in our investor communications, we intend to deploy capital in a way that strengthens the platform:

• Optimize treasury and liquidity deployment
• Support DeFi alpha and market-making activities where they improve product competitiveness and monetization
• Seeding and scaling products and vehicles where capital unlocks institutional flows
• Financing expansion into new regions and distribution channels
• Pursuing selective strategic opportunities that deepen vertical integration or accelerate capabilities

In short, we aim to achieve high returns on liquidity by deploying it across the system and not leaving it unutilized.

The valuation gap and our focus for the future

It is worth taking a step back and recognizing what many shareholders and we as management have clearly stated.

We are building in a young industry that is volatile and rapidly evolving. Over the course of the year, we have made deliberate price changes in response to changing market conditions, regulatory developments and general macroeconomic factors. Many market participants and analysts expected a more favorable environment for Bitcoin and the crypto market as a whole in 2025, and we shared this view.

Even with this in mind, the current market valuation implies a skepticism that we believe is disproportionate to our profitability, our balance sheet strength and the platform we have built. Simply put, the market is not valuing our core operating businesses, which generate real revenue and earnings power, at their fair market value.

Based on current data as of December 29, 2025: Market capitalization is approx. USD 285.8 million. (Nasdaq.com)

• Less USD 165.7 million in cash, cash equivalents and digital assets as at September 30, 2025
• Less USD 44.0 million in private venture capital investments at fair value as at September 30, 2025.
• The implied value for the core operating businesses, including Valour, Stillman and Reflexivity, is approximately USD 76.1 million

In view of sales of around USD 80 million and an operating result of USD 39 million in the first three quarters and no debt this implied operating value does not reflect what we believe we have built.

As benchmark analyst Mark Palmer put it:

"The market is effectively valuing the company as if it were a distressed asset rather than a profitable, well-capitalized and structurally advantaged gateway to digital assets."

We understand that. And we agree that this discrepancy is real.

Markets can remain mispriced for longer than desired, especially in a sector where narratives can change quickly and many participants do not yet fully understand how a vertically integrated digital asset platform makes money across multiple tiers.

Our answer is not to argue with the market. Our answer is to continue to act, to show more clearly what gives us our edge and to gain trust through consistent performance.

In 2026, we will work tirelessly to close the gap between what we build and what the market values by:

• continuing to scale AUM and monetization in a disciplined way
• Expanding geographically so that our distribution is broader and less concentrated
• Accelerating the launch of second generation institutional products
• strengthen institutional execution and infrastructure through Stillman
• Maintain transparency and credibility through consistent communication and measurable results
• Productize our technology: Valour Custody and Market Infrastructure Launch Valour Custody as a standalone business Opening our internal custody platform to retail and institutional clients and as a backend infrastructure for wallets and third-party financial services. Expanding into decentralized market services Introducing new market infrastructure offerings, including dark pool-like execution venues, as an extension of our broader platform. Why it matters: These initiatives deepen vertical integration, reduce reliance on traditional intermediaries and create a new revenue stream through the monetization of our technology stack.

Trust and credibility are earned through performance and execution, not words. We intend to win this back in the only way that matters: by building a world-class company and increasing shareholder value.

2026: The next phase of growth

We are still a company in the early stages of its growth, which is precisely why the opportunity is so attractive.

Diverse, mutually reinforcing growth paths

• Product expansion and growth of assets under management through Valour Expanding regulated access to the world's leading digital assets, expanding distribution and scaling assets under management through an increasingly diversified ETP offering.
• Institutional execution and infrastructure expansion through Stillman Digital Deepening institutional client service, expanding execution capabilities and strengthening market structure and liquidity infrastructure.
• Expand research and analytics through Reflexivity Expand research, data and market intelligence to support product development, distribution and institutional collaboration.
• Capital markets and monetization of funds through DeFi alpha and disciplined use of liquidity Deploy capital into financial and trading strategies with a focus on risk management, liquidity efficiency and sustainable returns.
• Product and service innovation and expansion Productizing our internal capabilities into external offerings, including custody and broader market infrastructure services, to create new revenue streams beyond management, trading and staking fees.
• Strategic acquisitions and investments Pursue selective M&A and venture investments that expand capabilities, accelerate distribution, deepen vertical integration or add complementary revenue streams.
• Expand into new regions as additional markets come online Expand presence and distribution in Europe, Latin America, Africa and the Middle East, with a repeatable market access playbook to bring new regions onto the platform.

Our mission remains clear. We will continue to drive innovation, reduce costs, increase value and improve scalability. We will continue to work towards the convergence of traditional capital markets and decentralized financial services and not be distracted by short-term fluctuations. The rest is secondary. Concentrate on the essentials.

To our shareholders: Thank you for your patience, your support and your trust. We do not take your trust for granted and strive to earn it every day through our work. To our partners: Thank you for working with us and expanding the capabilities of our platform. And to our team: thank you for your tireless work behind the scenes. This progress is the result of your discipline, creativity and perseverance.

I look forward to sharing more details with you in the coming weeks.

Yours sincerely

Johan WattenströmChief Executive Officer and Chairman

DeFi Technologies Inc.

$DEFI (-0,08 %) celebrates its strategic entry on the Brazilian stock exchange B3 in São Paulo with its subsidiary Valour, funnily enough with a bell ringing at the end of the trading day on Friday, December 19, 2025.

What was introduced?

• DEFT31 BDRs from $DEFI, representing the DEFT shares listed on NASDAQ
• 5 digital ETPs from Valour (BTC, ETH, XRP, SOL, SUI)

This is Valour's first step outside of Europe. $DEFI (-0,08 %) This marks Valour's strategic entry into an important market with a population of over 200 million.

$DEFI (-0,08 %) is the biggest loss-maker in my portfolio. How do you see the potential in 2026 for $DEFI (-0,08 %) ? Has the bottom already been reached?

@Tenbagger2024 As far as I know, you are also invested, so I would be very interested in your opinion. I should actually realize the losses, but I still have hope that the turnaround will come next year.

Merry Christmas to everyone and a peaceful, contemplative holiday season (in Germany without the stock market).