DeFi Technologies Announces Audited Full Year 2025 Financial Results with Record Revenue of $99.1 Million and Record Net Income of $62.7 Million
Rhea-AI Summary
DeFi Technologies (Nasdaq: DEFT) reported audited fiscal 2025 results with record revenue of $99.1M and record net income of $62.7M for year ended December 31, 2025. Annual revenue rose 215% year-over-year; average AUM was $809.9M. Cash and stablecoin totaled $113.8M, digital treasury ~$35.5M and venture portfolio ~$29.4M, for combined reserves of ~$178.7M. Stillman Digital delivered $9.6M in trading commissions in its first full year contribution. Operating expenses fell 14% to $52.6M, driven by lower share-based payments and O&G&A.
AI-generated analysis. Not financial advice.
Positive
- Revenue +215% year-over-year to $99.1M
- Net income of $62.7M, $90.3M improvement year-over-year
- Average AUM of $809.9M in 2025
- Cash and stablecoin balance of $113.8M
- Stillman trading commissions +355% to $9.6M
- Operating expenses down 14% to $52.6M
Negative
- Reflexivity Research revenue declined from $1.4M to $0.5M
News Market Reaction – DEFT
On the day this news was published, DEFT gained 8.75%, reflecting a notable positive market reaction. Argus tracked a peak move of +19.4% during that session. Argus tracked a trough of -6.1% from its starting point during tracking. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $24M to the company's valuation, bringing the market cap to $295.76M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
DEFT gained 24.72%, while the only peer in the momentum scanner (FUFU) moved up a modest 1.75% and broader peers like HIVE, OPY, BTBT, and AMRK showed single-digit moves. The magnitude of DEFT’s move points to company-specific reaction to its audited 2025 results rather than a sector-wide rotation.
Previous Crypto,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | Prelim FY 2025 results | Positive | +24.7% | Preliminary record $99.1M revenue and $62.7M net income, strong balance sheet. |
| Nov 14 | Q3 2025 earnings | Negative | -15.2% | Q3 $22.5M revenue and $9M operating income plus reduced 2025 guidance. |
| Nov 12 | Q3 call notice | Neutral | -5.3% | Announcement of timing and logistics for Q3 2025 results shareholder webcast. |
| Aug 14 | Q2 2025 earnings | Positive | -11.7% | Strong Q2 adjusted revenue $32.1M and raised 2025 guidance to $218.6M. |
| Aug 13 | Q2 call notice | Neutral | -2.7% | Scheduled shareholder call and release timing for Q2 2025 financial statements. |
Across 5 prior crypto/earnings-tagged events, 4 price moves aligned with the news tone and 1 diverged, indicating reactions usually track the perceived direction of earnings-related developments.
Over the past year, DeFi Technologies has issued multiple crypto/earnings updates, including Q2 and Q3 2025 results and preliminary full-year 2025 figures. These highlighted strong adjusted revenues, positive income metrics, growing AUM at Valour, and significant cash and digital asset reserves. The November 2025 update included lowered revenue guidance and a large equity financing, which saw a negative share reaction. The March 31, 2026 preliminary full-year release with $99.1M revenue and $62.7M net income coincided with a sharp positive move, providing direct precedent for today’s audited confirmation.
Historical Comparison
Past crypto/earnings releases for DEFT averaged a -2.03% move. The current audited 2025 results with the same core figures as the March 31 preliminary update and a 24.72% move represent a much stronger reaction than typical for this tag.
Series of 2025 quarterly earnings (Q2, Q3) and preliminary full-year results culminating in audited FY 2025 financials and confirmed record revenue and net income.
Market Pulse Summary
The stock moved +8.8% in the session following this news. A strong positive reaction aligns with DeFi Technologies’ audited confirmation of record $99.1M revenue and $62.7M net income for 2025. The 24.72% move and 1.64x average volume suggest investors focused on profitability and a sizable year-end cash and digital asset position. However, the stock still trades far below its $4.95 52-week high and has an outstanding Nasdaq minimum bid-price deficiency, factors that could influence longer-term sustainability of gains.
Key Terms
aum financial
etp financial
usdt/usdc financial
soc 2 type 2 regulatory
management cease trade order regulatory
form 40-f regulatory
ucits regulatory
AI-generated analysis. Not financial advice.
- Record revenue and profitability: DeFi Technologies reported record annual revenue of
$99.1 million $62.7 million $20.0 million $28.9 million 215% increase in annual revenue and a$90.3 million - Substantial AUM growth: Valour's asset management business reported an average AUM of
$809.9 million $110.1 million - Balance sheet transformation: As of December 31, 2025, DeFi Technologies held
$113.8 million $91.2 $35.5 million $29.4 million $178.7 million - Stillman Digital – first full year of contribution: Trading commissions revenue grew
355% to$9.6 million $2.1 million
- Total revenue for the fiscal year ended December 31, 2025, was
$99.1 million $31.4 million 215% increase. - For the three months ended December 31, 2025, revenue was
$20.0 million $(19.3 million )
- Net income and comprehensive income for the fiscal year ended December 31, 2025 was a record
$62.7 million $(27.6 million ) - For the three months ended December 31, 2025, net income was
$28.9 million $(22.3 million )
- For the three months ended December 31, 2025, DeFi Technologies reported revenue of
$20.0 million $28.9 million $(19.3 million )$(22.3 million ) - The year-over-year improvement of
$51.2 million
- Total operating expenses decreased
14% to$52.6 million $61.3 million - The decrease was driven primarily by a
$6.0 million
- For the fiscal year ended December 31, 2025, Valour generated
$13.1 million $13.0 million - Management fees increased to
$9.7 million $6.4 million 51% growth, driven by higher average AUM. - Average AUM throughout fiscal 2025 was approximately
$809.9 million
- For the fiscal year ended December 31, 2025, Stillman Digital generated
$9.6 million - This compares to
$2.1 million
- For the fiscal year ended December 31, 2025, Reflexivity Research generated
$0.5 million $1.4 million - Management is focused on reinvigorating the business through expanded distribution partnerships, new sponsorship revenue channels, and a refreshed product offering.
- The Company launched its DeFi Advisory business line in Q3 2025, generating
$0.3 million - DeFi Advisory is positioned as a full-stack partner for corporate digital asset treasury programs.
- Cash balance: As of December 31, 2025, DeFi Technologies' consolidated cash, including USDT/USDC balance stood at
$113.8 million $91.2 million - Digital asset treasury holdings: As of December 31, 2025, the Company's digital asset treasury holdings totaled approximately
$35.5 million - Venture portfolio: As of December 31, 2025, the Company's venture and private portfolio was valued at approximately
$29.4 million
Together, total cash, treasury, and venture portfolio value stood at approximately
"These results reflect the strength of the business model we have built. Valour continued to scale its global ETP platform with more than 100 listed products and strong inflows throughout the year. Stillman Digital delivered its first full year of contribution and further strengthened the institutional layer of our platform. Across the business, we have demonstrated that DeFi Technologies is not reliant on any single product, revenue stream, or market environment. We have built a durable business with multiple pathways for growth and believe we have never been better positioned to scale the platform and capitalize on the opportunities ahead.
We believe DeFi Technologies is one of the few profitable companies in the digital asset sector, across both public and private markets, with demonstrated earnings power and a platform built to generate revenue across cycles. That distinction matters. It reflects a business designed not only to grow, but to monetize effectively and compound value over time.
We ended the year with a much stronger financial position, including more than
The capital we raised has also enhanced our ability to increase monetization across the platform, particularly by strengthening the trading, hedging, and market-making infrastructure that supports Valour's issuance stack and allows us to earn additional income on AUM more efficiently. As we look ahead to 2026, we intend to build on that momentum by scaling Valour's structured product offerings, advancing institutional fund structures such as UCITS, AMCs, and other regulated investment vehicles, supporting Stillman's institutional execution and infrastructure growth, and broadening our reach across new markets and distribution channels.
More broadly, we are building for the convergence of decentralized finance and traditional capital markets. We see a significant long-term opportunity to create the products, infrastructure, and institutional rails that enable capital to move between these two worlds in a regulated, efficient, and scalable way.
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. We believe we are still in the early stages of building the institutional gateway to the future of finance."
Earnings Conference Call
DeFi Technologies will host a webcast to discuss its 2025 financial results on Tuesday, April 7, 2025, at 11 am EST. Connection details will be provided in a forthcoming release.
Analyst Coverage of DeFi Technologies
A full list of DeFi Technologies analyst coverage can be found here: https://defi.tech/investor-relations#research.
For inquiries from institutional investors, funds, or family offices, please contact: ir@defi.tech
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 over 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 liquidity; Reflexivity Research, which provides leading research into the digital asset space; 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 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, the financial results of the Company; revenue outlook of the Company and its business segments; growth of AUM; geographic expansion of the Company's core businesses; revenue generating opportunities for the Company's digital asset holdings; upcoming ETP launches; revenue generation by DeFi Alpha and competitive factors; integration of Stillman Digital and plans and outlook for 2026; fluctuation in digital asset prices; geographic expansion of the Company; investment and interest in the digital asset sector; development of the DeFi Advisory business line; future collaborations and partnerships; development of ETPs; future acquisitions by the Company; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by DeFi Technologies and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is based on the then current expectations, beliefs, assumptions, estimates, and forecasts about the Company and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the unaudited results that are disclosed in this press release will not differ from the audited results, which shall be released upon completion of the audit review. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future. 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 are not limited to the acceptance of Valour exchange traded products by exchanges; ability of the Company to successfully integrate and grow Reflexivity Research, Stillman Digital, and DeFi Advisory; the proliferation of digital asset treasury companies; growth and development of DeFi and the digital asset sector; rules and regulations with respect to DeFi and digital assets; fluctuation in digital asset price levels; 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
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SOURCE DeFi Technologies Inc.