DeFi Technologies and Valour Mark Strategic Entry into Brazil With Bell-Ringing Ceremony at B3 Exchange

Rhea-AI Summary

DeFi Technologies (Nasdaq: DEFT) and subsidiary Valour marked their entry into Brazil with a bell-ringing ceremony at B3 in São Paulo on Dec 19, 2025, launching DEFT31 BDRs plus five BRL‑denominated Valour ETPs (BTCV, ETHV, XRPV, VSOL, VSUI).

The listings give Brazilian investors local, regulated access to DeFi Technologies equity and major digital assets via existing brokerage and custody rails and represent Valour's first listing outside Europe, establishing a platform for wider Latin American expansion.

Positive

• Listed on B3 on Dec 19, 2025 (bell-ringing ceremony)
• Launched DEFT31 BDRs plus five BRL ETPs (BTCV, ETHV, XRPV, VSOL, VSUI)
• Valour's first move outside Europe, leveraging >100 European ETP track record

Negative

• None.

Key Figures

Q3 2025 revenue $22.5 million Reported on Form 6-K dated Nov. 14, 2025

Q3 2025 operating income $9 million Reported on Form 6-K dated Nov. 14, 2025

TenX capital raised 2025 C$33 million Total capital raised by TenX in 2025

TenX financing $30 million Financing noted in Dec. 10, 2025 Form 6-K

Valour ETP lineup About 100 digital asset ETPs Valour’s global product count across major exchanges

Brazil crypto transactions US$318.8–319 billion Estimated crypto transaction volume Jul 2024–Jun 2025

ETP leverage 2x daily exposure Bull Bitcoin X2 and Bull Ethereum X2 products

ETP management fee 1.9% Annual fee on leveraged BTC and ETH ETPs

Market Reality Check

$0.9883 Last Close

Volume Volume 8,210,000 is 0.81x the 20-day average of 10,159,213, indicating subdued trading before this news. normal

Technical Price 0.9883 is below the 200-day MA of 2.39 and 80.03% under the 52-week high.

Peers on Argus

DEFT was down 8.49% while key peers showed mixed moves: HIVE -1.35%, BTBT -3.07%, FUFU +3.03%, AMRK +2.17%, OPY +2.14%, suggesting a stock-specific decline rather than a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 17	Leveraged ETP launch	Positive	-3.8%	Valour launched 2x leveraged BTC and ETH ETPs in Sweden.
Dec 16	Brazil VSOL approval	Positive	+4.0%	B3 approval for Solana ETP listing in Brazil via BDR on ETP.
Dec 15	DEFT31 BDR launch	Positive	-7.3%	Plan to list DEFT31 BDRs for Brazilian institutional investors.
Dec 10	Portfolio IPO update	Positive	+0.8%	TenX Protocols debuted on TSX Venture after major financing.
Dec 04	Brazil ETP approvals	Positive	-3.6%	Valour gained B3 approval for four BRL-denominated crypto ETPs.

Pattern Detected

Recent crypto-related announcements have been generally positive in content but often met with negative or muted price reactions, with 3 divergences versus 2 alignments.

Recent Company History

Over the past month, DeFi Technologies has focused on expanding its crypto-linked product suite and geographic reach. Valour has added leveraged BTC and ETH ETPs in Sweden and pursued multiple B3 approvals in Brazil for Bitcoin, Ethereum, XRP, Sui and Solana products, alongside DEFT31 BDRs for Brazilian investors. The TenX Protocols listing and financing also highlighted DeFi’s advisory and venture activities. Today’s Brazil bell‑ringing news reflects execution of this previously signaled expansion path.

Market Pulse Summary

This announcement highlights DeFi Technologies’ formal entry into Brazil via DEFT31 BDRs and multiple Valour crypto ETPs on B3, advancing a strategy already telegraphed in prior approvals and launch notices. Context from recent filings shows the company generating Q3 2025 revenue of $22.5 million and operating income of $9 million, while also supporting portfolio companies like TenX. Investors may track Brazilian trading uptake, further Latin American listings, and additional product launches under the crypto expansion theme.

Key Terms

brazilian depositary receipts financial

"successfully launched Brazilian Depositary Receipts ("BDRs") representing its Nasdaq-listed common shares"

Brazilian Depositary Receipts (BDRs) are certificates traded on Brazilian exchanges that represent ownership of shares in foreign companies, allowing local investors to buy and sell exposure to those overseas stocks without opening foreign brokerage accounts. They matter because they let investors diversify across global companies using local currency and trading hours, similar to buying a locally issued voucher for a foreign product, while still exposing portfolios to the performance and risks of the underlying foreign shares.

bdrs financial

"DEFT31 – BDRs representing DeFi Technologies' Nasdaq-listed DEFT shares"

BDRs are securities traded in one country that represent shares of companies based elsewhere, allowing local investors to buy exposure to foreign stocks without directly purchasing them abroad. Think of them as a local storefront selling products made in another country: they broaden investment choices and diversification but can carry extra layers of risk from currency swings, different rules, and potential limits on shareholder rights, all of which matter for portfolio decisions.

exchange traded products financial

"five digital asset exchange traded products ("ETPs") issued by its subsidiary, Valour Inc."

Exchange traded products are securities that trade on stock exchanges and are designed to track the price of an asset, index, or investment strategy—think of them as a single basket you can buy that represents many underlying things like stocks, bonds, or commodities. They matter to investors because they offer an easy, often lower-cost way to get broad or targeted market exposure and can be bought or sold throughout the trading day like a regular share, making diversification and tactical moves simpler.

etps financial

"Brazilian investors can now access BRL-denominated, locally listed exposure to DeFi Technologies' Nasdaq-listed shares (DEFT31) and Valour's BTCV, ETHV, XRPV, VSOL and VSUI ETPs"

ETPs are investment products that trade on stock exchanges like individual shares but represent exposure to a basket of assets, a commodity, a market index, or a debt note. They matter to investors because they offer easy, intraday access to diverse markets or specific themes—like buying a single slice of a larger pie—while carrying costs and risks (including tracking error and, for some types, issuer credit risk) that can affect returns.

AI-generated analysis. Not financial advice.

• Bell-ringing marks Brazil entry: DeFi Technologies and its subsidiary Valour celebrated the launch of DEFT31 BDRs and five digital asset ETPs on the B3 Exchange with a bell-ringing ceremony in São Paulo, signaling a strategic foothold in one of the world's most important emerging markets.
• Local rails, global access: Brazilian investors can now access BRL-denominated, locally listed exposure to DeFi Technologies' Nasdaq-listed shares (DEFT31) and Valour's BTCV, ETHV, XRPV, VSOL and VSUI ETPs through the same brokerage and custody infrastructure they already use for equities and ETFs.
• First step beyond Europe, powered by strong local partners: For Valour, which offers more than 100 ETPs across major European exchanges, the B3 listings represent its first move outside Europe and, with the support of B3 Exchange, Cepeda Advogados and BTG Pactual, establish a scalable platform for further expansion across Latin America and other high-growth regions.

TORONTO, Dec. 23, 2025 /PRNewswire/ - DeFi Technologies Inc. (the "Company" or "DeFi Technologies") (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B), a financial technology company bridging the gap between traditional capital markets and decentralized finance ("DeFi"), is pleased to announce that it has successfully launched Brazilian Depositary Receipts ("BDRs") representing its Nasdaq-listed common shares, together with five digital asset exchange traded products ("ETPs") issued by its subsidiary, Valour Inc. and Valour Digital Securities Limited (together, "Valour"), on B3 S.A. – Brasil, Bolsa, Balcão ("B3" or the "B3 Exchange").

The listings were formally celebrated with a bell-ringing ceremony at market close on the B3 Exchange in São Paulo, Brazil, on Friday, December 19, 2025, marking a significant milestone in DeFi Technologies' and Valour's international expansion strategy.

DeFi Technologies' BDRs and Valour's ETPs now trading on B3 are:

• DEFT31 – BDRs representing DeFi Technologies' Nasdaq-listed DEFT shares
  
  
• BTCV – Valour Bitcoin
  
  
• ETHV – Valour Ethereum
  
  
• XRPV – Valour XRP
  
  
• VSOL – Valour Solana
  
  
• VSUI – Valour Sui

The products provide Brazilian investors with BRL-denominated, locally listed exposure to both DeFi Technologies' equity and leading digital assets via the same brokerage and custody infrastructure used for equities and ETFs.

Strategic Entry Into a Key Global Market

Brazil is the world's seventh most populous country, with approximately 213 million people, the most populous nation in South America and the second most populous in the Americas after the United States. With a unified language, regulatory framework and capital markets infrastructure, Brazil represents a core pillar of DeFi Technologies' and Valour's global expansion strategy.

As Latin America's largest crypto economy with an increasingly mature regulatory environment for digital assets and market intermediaries, Brazil provides a strong foundation for expanding institutional grade, exchange traded access to digital assets. With the launch of DEFT31 and Valour's ETPs on B3, Brazilian investors can now access regulated crypto exposure through familiar, local rails.

For Valour, which already offers more than 100 digital asset ETPs listed across major European exchanges, the B3 listings represent its first move outside Europe and establish a scalable platform for further growth across Latin America and other high growth markets.

Management Commentary

"Ringing the bell at B3 to celebrate the launch of DEFT31 and Valour's ETPs was an important milestone for our entire organization," said Johan Wattenström, Chief Executive Officer and Executive Chairman of DeFi Technologies and Co Founder of Valour. "Brazil is a strategically important market for us. With these listings on the B3 Exchange, we are one step closer to our goal of making regulated, exchange traded digital asset exposure available to investors in the world's most significant financial centres."

"This launch is our first step outside Europe for Valour and a template for our broader global expansion," said Andrew Forson, President of DeFi Technologies and Chief Growth Officer of Valour. "By offering Brazilian investors BRL denominated, locally listed access to Bitcoin, Ether, XRP, Solana and Sui ETPs, alongside BDRs in DeFi Technologies, we are aligning product access and corporate access in a single market. We are grateful to our partners in Brazil and to the teams across DeFi Technologies and Valour whose execution made this launch possible."

"We would like to thank B3 Exchange, Cepeda Advogados and BTG Pactual for their partnership and support in bringing this initiative to market, as well as the teams across DeFi Technologies and Valour whose commitment and hard work made this launch a reality," added Mr. Forson.

About B3 Exchange
B3 S.A. – Brasil, Bolsa, Balcão ("B3" or the "B3 Exchange") is the Brazilian stock exchange and one of the main financial market infrastructure companies in the world. Headquartered in São Paulo and listed on its Novo Mercado premium segment under the ticker B3SA3, B3 organizes and enables trading, clearing, settlement, registration and depository services across equities, derivatives and over-the-counter markets, as well as data and technology services. For more information please visit https://www.b3.com.br/en_us/ 

About DeFi Technologies
DeFi Technologies Inc. (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B) is a financial technology company bridging the gap between traditional capital markets and decentralized finance ("DeFi"). As the first Nasdaq-listed digital asset manager of its kind, DeFi Technologies offers equity investors diversified exposure to the broader decentralized economy through its integrated and scalable business model. This includes Valour, which offers access to one hundred of the world's most innovative digital assets via regulated ETPs; Stillman Digital, a digital asset prime brokerage focused on institutional-grade execution and custody; Reflexivity Research, which provides leading research into the digital asset space; Neuronomics, which develops quantitative trading strategies and infrastructure; and DeFi Alpha, the Company's internal arbitrage and trading business line. With deep expertise across capital markets and emerging technologies, DeFi Technologies is building the institutional gateway to the future of finance. Follow DeFi Technologies on LinkedIn and X/Twitter, and for more details, visit https://defi.tech/ 

DeFi Technologies Subsidiaries

About Valour
Valour Inc. and Valour Digital Securities Limited (together, "Valour") issues exchange traded products ("ETPs") that enable retail and institutional investors to access digital assets in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies. For more information about Valour, to subscribe, or to receive updates, visit https://valour.com.

About Stillman Digital
Stillman Digital is a leading digital asset liquidity provider that offers limitless liquidity solutions for businesses, focusing on industry-leading trade execution, settlement, and technology. For more information, please visit https://www.stillmandigital.com

About Reflexivity Research
Reflexivity Research LLC is a leading research firm specializing in the creation of high-quality, in-depth research reports for the bitcoin and digital asset industry, empowering investors with valuable insights. For more information please visit https://www.reflexivityresearch.com/ 

Cautionary note regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the listing of Valour's ETPs and DeFi Technologies' BDRs on B3; future expansion plans into Brazil and other regions; anticipated investor demand for digital asset ETPs and BDRs; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by the Company and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour exchange traded products by exchanges; growth and development of decentralised finance and digital asset sector; rules and regulations with respect to decentralised finance and digital assets; fluctuation in digital asset prices; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE CBOE CANADA EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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SOURCE DeFi Technologies Inc.

FAQ

What did DeFi Technologies (DEFT) list on B3 in Brazil on Dec 19, 2025?

DeFi Technologies listed DEFT31 BDRs representing its Nasdaq shares and Valour listed five BRL ETPs: BTCV, ETHV, XRPV, VSOL, VSUI.

How can Brazilian investors access DEFT31 and Valour ETPs (DEFT)?

Investors can buy the BRL‑denominated BDRs and ETPs through existing B3 brokerages and custody infrastructure used for equities and ETFs.

Why is the B3 listing significant for Valour and DeFi Technologies (DEFT)?

The listings mark Valour's first expansion outside Europe and create a scalable platform for growth across Latin America.

Which digital assets are covered by Valour's ETPs on B3 (symbol DEFT)?

Valour's B3 ETPs provide exposure to Bitcoin (BTCV), Ethereum (ETHV), XRP (XRPV), Solana (VSOL) and Sui (VSUI) in BRL.

When did DeFi Technologies announce its Brazil market entry (DEFT)?

The company announced the B3 listings and bell‑ringing on Dec 23, 2025, noting the listings occurred at market close on Dec 19, 2025.

Who supported DeFi Technologies and Valour for the B3 listing (DEFT)?

The launch was supported by B3 Exchange, Cepeda Advogados and BTG Pactual.