DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF), a financial technology innovator at the intersection of traditional capital markets and decentralized finance (DeFi), has announced its financial results for the three and twelve months ended December 31, 2024. The company delivered record-breaking performance across key metrics, driven by robust growth in assets under management (AUM), strategic acquisitions, global expansion, and strong operational execution.
Financial Highlights: Strong Revenue, Profitability, and Cash Flow
DeFi Technologies achieved exceptional financial results in 2024, reinforcing its position as one of the few profitable public companies in the digital asset sector.
- Adjusted Revenue: C$204.4 million (US$144.8 million) for the full year
- Adjusted Net Income: C$115.07 million (US$84 million)
- Adjusted EBITDA: C$116.1 million (US$80.4 million)
For the fourth quarter alone, the company reported:
- Adjusted Revenue of C$42.6 million (US$31.1 million)
- Adjusted Net Income of C$19.1 million (US$13.9 million)
- Adjusted EBITDA of C$20.08 million (US$14.6 million)
These figures reflect the strength of DeFi Technologies’ diversified business model and its ability to generate consistent earnings through multiple revenue streams.
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Assets Under Management Surge by 132%
One of the most significant achievements in 2024 was the dramatic growth in AUM, which increased 132% year-over-year to reach C$1.18 billion (US$819 million) by December 31, 2024. This surge was fueled by rising institutional and retail demand for regulated digital asset exposure, successful product launches, and strategic corporate initiatives that enhanced trading volumes.
Valour, the company’s exchange-traded product (ETP) arm, played a central role in this expansion. Its ETPs now offer investors simple, secure access to digital assets like Bitcoin, Solana, and Dogecoin through traditional brokerage accounts—bridging the gap between legacy finance and Web3.
Institutional Recognition and Index Inclusion
DeFi Technologies has gained increasing recognition from major financial institutions and index providers, underscoring its growing credibility in the market. The company is now included in several prominent indices, including:
- MVIS Global Digital Assets Equity Index
- VanEck Digital Transformation ETF
- MSCI Canada Small Cap Index
- Bitwise, Vanguard, and Melanion Capital portfolios
This institutional validation reflects confidence in DeFi Technologies’ long-term strategy and its leadership in integrating digital assets into mainstream investment frameworks.
Segment Performance Breakdown
Valour Staking, Lending & Management Fees
Valour generated substantial income from staking and lending activities:
- Q4 2024: C$12.8 million (US$9.1 million) in staking/lending income + C$2.9 million (US$2.1 million) in management fees
- Full Year 2024: C$35.7 million (US$25.5 million) staking/lending + C$8.8 million (US$6.3 million) management fees
DeFi Alpha Strategy
The DeFi Alpha trading strategy delivered C$132.1 million (US$96.7 million) in returns over the past 12 months—with zero losses recorded to date. This arbitrage-focused approach leverages the company’s balance sheet and exclusive partnerships to capture high-margin opportunities inaccessible to most competitors.
Stillman Digital
Acquired in October 2024, Stillman Digital contributed C$2.9 million (US$2.1 million) in trading commissions during Q4. As a leading OTC desk with over US$15 billion in lifetime trade volume, it strengthens DeFi Technologies’ institutional liquidity offerings.
Reflexivity Research
Reflexivity generated C$861,241 (US$615,964) in research revenue for Q4 and C$2.0 million (US$1.4 million) for the full year—highlighting growing demand for high-quality digital asset intelligence.
Robust Treasury and Balance Sheet Position
As of December 31, 2024:
- Cash Balance: C$22.4 million (US$16.7 million), up from C$6.7 million a year earlier
Treasury Holdings:
- 208.8 BTC
- 121 ETH
- 586,683 ADA
- 131,616 DOT
- Plus SOL, AVAX, UNI, CORE tokens
- Total value: C$58.9 million (US$40.7 million)
- Venture Portfolio Value: C$53.7 million (US$37.3 million), up from C$43.5 million
Total Value of Cash, Treasury & Ventures: C$135 million (US$93.8 million)
This strong financial foundation supports continued investment in innovation, expansion, and strategic acquisitions.
Strategic Acquisitions and Partnerships
DeFi Technologies executed several transformative moves in 2024:
- Acquisition of Stillman Digital, enhancing institutional trading capabilities
- Launch of SolFi Technologies to provide shareholder exposure to the Solana ecosystem
- Announcement of CoreFi Strategy, inspired by MicroStrategy’s Bitcoin strategy
- Letter of Intent to acquire Neuronomics AG, an AI-driven Swiss asset manager
- Crypto Investor Day hosted by Reflexivity in NYC with participation from Coinbase, Ledger, and others
These initiatives diversify revenue streams and position the company at the forefront of next-generation finance.
Global Expansion of Valour ETPs
Valour significantly expanded its international footprint in 2024:
- Transferred crypto ETPs to Spotlight Stock Market in the Nordics
- Launched first-ever Bittensor (TAO) and Dogecoin (DOGE) ETPs in the region
- Announced mega launch of 20 new digital asset ETPs
- Signed MoUs with Nairobi Securities Exchange (Africa) and AsiaNext/SovFi (Singapore)
- Submitted application to list ETPs on Dubai Financial Market
- Expanded Hedera HBAR ETP access via Euronext listing
With over 60 ETPs currently listed across Europe and the UK, Valour aims to grow its portfolio to 100 products by end of 2025, including leveraged and warrant-based offerings.
Nasdaq Listing Progress
DeFi Technologies filed Form 40-F with the U.S. Securities and Exchange Commission (SEC) to pursue a Nasdaq listing—a move that would increase visibility among U.S. investors and enhance liquidity. The application remains under review, with an amended filing submitted January 17, 2025.
FAQ: Understanding DeFi Technologies’ Growth
Q: What is Adjusted Revenue and why is it used?
A: Adjusted Revenue excludes non-cash accounting impacts like the Discount for Lack of Marketability (DLOM) and Genesis collateral adjustments. It provides a clearer view of core operational performance.
Q: Why did DeFi Technologies acquire Stillman Digital?
A: The acquisition strengthens institutional-grade trading infrastructure, enabling new services in FX, custody, and proprietary trading while boosting overall liquidity.
Q: How does DeFi Alpha generate returns without losses?
A: Through low-risk arbitrage strategies and exclusive opportunities derived from ETP-linked holdings and strategic partnerships—minimizing exposure to market volatility.
Q: What is Neuronomics AG and why is it important?
A: Neuronomics is an AI-powered Swiss asset manager acquired to pioneer algorithmic investment strategies combining artificial intelligence with financial modeling.
Q: Is Valour’s debt fully eliminated?
A: Yes—Valour substantially eliminated all outstanding debt in 2024, improving financial flexibility for future growth.
Q: When will DeFi Technologies list on Nasdaq?
A: The listing is pending SEC approval and Nasdaq requirements; no official date has been announced yet.
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2025 Outlook: Building on Momentum
DeFi Technologies forecasts annualized revenue of approximately C$227.2 million (US$159.9 million) for 2025—representing continued growth driven by expanding AUM and new product adoption.
Key priorities include:
- Scaling Valour’s global ETP presence across Africa, Asia-Pacific, Middle East
- Launching AI-powered funds via Neuronomics
- Expanding Stillman Digital’s FX and stablecoin services
- Advancing DeFi Alpha’s systematic trading infrastructure
- Achieving Nasdaq listing approval
Investor inflows have accelerated sharply—from C$101.3M (Jan–Oct 2024) to **C$141.7M between Nov 2024–Feb 2025**, signaling strong momentum heading into the new year.