For all those who were surprised on Friday that $DEFI (-12,26%) was so surprised.
DeFi Technologies Inc. $DEFI (-12,26%) announces financial results for Q3 2025: Revenue of $22.5 million, operating income of $9 million and management change.
- Revenue and operating income: For the three months ended September 30, 2025, DeFi Technologies reported revenue of USD 22.5 million for the quarter. Operating income amounted to $9 millionreflecting the strong profitability of the core business. These results underscore the company's solid operating performance and continued revenue growth.
- Significant growth in AUM: Valour's asset management business recorded AUM of approximately USD 989.1 million as of September 30, 2025, compared to USD 772.9 million as of June 30, 2025. This reflects increasing investor demand and the rise in digital asset prices.
- Continued inflows: Valour saw net inflows into its ETP products each month during the period, totaling USD 38.8 million for the quarter and USD 116.2 million year-to-date through September 30, 2025. amounted to USD 116.2 million.
- 2025 revenue guidance: The company is revising its previously announced revenue guidance for 2025 from 218.6 million US dollars to 116.6 million US dollars. This adjustment reflects a delay in the realization of DeFi alpha arbitrage opportunities due to the increasing proliferation of digital asset treasury companies and the consolidation of digital asset prices in the second half of 2025. This has temporarily led to a decline in arbitrage activity and a reduction in available trading spreads. With a solid balance sheet bolstered by the recent $100 million equity financing, the company is well positioned to compete for future high margin arbitrage opportunities as market conditions change.
- Change in management: Johan Wattenström, co-founder of Valour and DeFi Technologies, will assume the position of Managing Director and Chief Executive Officer of DeFi Technologies, while Olivier Roussy Newton will continue as a strategic advisor.
- Turnover: Revenue was $22.5 million for the quarter ended September 30, 2025, compared to $28.1 million for the quarter ended September 30, 2024. While revenues from staking and lending, trading commissions and management fees increased due to higher assets under management (AUM), total revenues decreased due to lower revenues from realized and unrealized gains (losses) on digital assets and ETPs. This revenue fluctuates depending on market conditions, particularly fluctuations in digital asset prices. Revenue for the nine months ended September 30, 2025 was USD 80 million, compared to USD 51.3 million for the comparable nine months ended September 30, 2024, reflecting increased profitability due to year-to-date AUM growth.
- Operating incomeOperating income amounted to USD 9 million in Q3 2025, a decrease from USD 14.4 million in Q3 2024, as revenues decreased by USD 5.6 million compared to the prior year quarter. Operating income for the nine months ended September 30, 2025 was $39.4 million, compared to an operating loss of $1.6 million for the nine months ended September 30, 2024, reflecting improved profitability due to the growth in our AUM.
- Valour staking/lending and management fees: In Q3 2025, Valour Inc. and Valour Digital Securities Limited (collectively "Valour") generated staking and lending revenues of USD 7.4 million and management fees of USD 2.8 million. Both figures improved compared to Q3 2024 (USD 6.5 million and USD 1.5 million respectively) due to increased AUM.
- Stillman Digital: For the quarter ended September 30, 2025, Stillman Digital generated trading commissions of USD 2.2 million. Stillman was acquired in Q4 2024 and was therefore not owned by the company in the comparative quarter of 2024.
- Reflexivity ResearchReflexivity Research generated research revenue of $109,500 in the quarter ended September 30, 2025, compared to $468,000 in the quarter ended September 30, 2024. Management is focused on revitalizing this business while its research products continue to support the growth of Valour's ETP business.
- Venture portfolio: The company's eight private venture investments had a market value of $44 million as of September 30, 2025.
- Advisory revenue: For the quarter ended September 30, 2025, the new DeFi Advisory business generated $192,407 in revenue with two clients. This is a new business line that the company launched in the third quarter.
- Share buybacks: The company repurchased 935,900 shares for a total of $2,444,880 (approximately $2.61 per share). The company will continue to opportunistically repurchase shares on the open market.
Cash and cash equivalents
- Cash on hand: As of September 30, 2025, DeFi Technologies' consolidated cash balance was $119.5 million.
- Treasury holdings: As of September 30, 2025, the Company's holdings included a mix of digital asset tokens totaling approximately $46.2 million.
Total value of cash and digital assets: USD 165.7 million as at September 30, 2025.
The full press release can be found here:
