TenX Protocols, a DeFi Technologies Advisory Client and Venture Investment, Debuts on TSX Venture Exchange as "TNX" Following Successful $30 Million Financing

Rhea-AI Summary

DeFi Technologies (Nasdaq: DEFT) announced that advisory client and venture investment TenX Protocols began trading on the TSX Venture Exchange under the ticker TNX on December 10, 2025.

TenX completed a subscription receipt financing as part of its go-public transaction, bringing total capital raised in 2025 to more than C$33 million with participation from Borderless Capital, HIVE Blockchain, Chorus One, and DeFi Technologies.

Stillman Digital, DeFi Technologies' trading subsidiary, will provide institutional trade execution and market intelligence to support TenX's staking, validator, and treasury strategies across Layer 1 networks including Solana, Sui, and Sei.

Positive

• TSX-V listing under ticker TNX on December 10, 2025
• More than C$33 million raised in 2025 via go-public and related financings
• Institutional partners including Borderless Capital, HIVE, Chorus One, DeFi Technologies
• Stillman Digital to provide institutional execution and market intelligence
• Revenue focus on staking and validator services across Solana, Sui, and Sei

Negative

• None.

Key Figures

Financing size $30 million Financing referenced in TenX TSX-V debut headline

Capital raised 2025 more than C$33 million TenX go-public transaction and related financings in 2025

Listing date December 10, 2025 TenX began trading on TSX Venture Exchange as TNX

Market Reality Check

$1.18 Last Close

Volume Volume 6,384,657 is below the 20-day average of 11,670,480, indicating muted pre-news activity. low

Technical Shares traded below the 200-day MA of $2.47 at a pre-news price of $1.17, far off the $4.95 52-week high.

Peers on Argus

Key crypto-linked peers such as HIVE (+4.56%) and BTBT (+8.72%) were positive while DEFT was down 0.85% over 24h pre-news, suggesting stock-specific dynamics rather than a uniform sector move.

Common Catalyst Peer news centered on crypto production and AI-enabled infrastructure (e.g., HIVE’s Bitcoin production and AI data center growth), while DEFT’s headline highlights a venture portfolio company’s TSX-V listing and capital raise.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Brazil ETP expansion	Positive	-3.6%	Valour approval to list four BRL-denominated digital asset ETPs on Brazil’s B3.
Nov 26	Stablecoin milestone	Positive	+20.9%	Stablecorp’s QCAD becomes Canada’s first compliant CAD stablecoin with DeFi support.
Nov 17	Leadership change	Negative	-14.6%	CEO and Chairman resignation with co-founder appointed as new CEO and Chair.
Nov 14	Q3 earnings update	Negative	-15.2%	Q3 results with revenue guidance cut and details on cash, assets, and financing.
Nov 12	Earnings call notice	Neutral	-5.3%	Announcement of shareholder webcast to discuss upcoming Q3 2025 results.

Pattern Detected

Recent news has produced mixed reactions, with notable selloffs following earnings and leadership changes, but a strong gain after a key stablecoin milestone. Neutral or operational updates have sometimes seen negative price reactions.

Recent Company History

Over the last two months, DeFi Technologies has issued multiple crypto-focused updates, including Valour’s planned ETP listings on Brazil’s B3 (Dec 17–19, 2025) and Stablecorp’s QCAD becoming Canada’s first compliant CAD stablecoin, which saw a 20.87% gain. In contrast, Q3 2025 results with reduced revenue guidance and CEO transition triggered double-digit declines of ‑15.17% and ‑14.63%. This TenX TSX‑V listing continues the pattern of ecosystem and venture-building announcements alongside ongoing corporate transitions.

Market Pulse Summary

This announcement highlights DeFi Technologies’ ecosystem approach, with TenX listing on the TSX‑V as TNX and raising more than C$33 million in 2025, while integrating Stillman Digital for execution and treasury support. It extends earlier crypto initiatives such as stablecoin and ETP expansion into a deeper role in staking, validator, and Web3 infrastructure. Investors may track how TenX’s growth, capital access, and Layer 1 exposure eventually flow through DeFi Technologies’ reported revenues and strategic positioning.

Key Terms

staking technical

"support TenX's staking, validator, and treasury strategies across high-performance"

Staking is the practice of locking up digital tokens to help run a blockchain network in return for rewards, similar to leaving money in a time deposit that pays interest while it’s unavailable. It matters to investors because staking can generate regular income and affect a token’s circulating supply and price, but it also ties up assets and can carry risks like lock-up periods, reduced liquidity, or technical and platform failures.

validator technical

"TenX's staking, validator, and treasury strategies across high-performance"

A validator is a person or system that checks and confirms the accuracy and legitimacy of information, transactions, or data before they are accepted and recorded. In the context of digital assets or currencies, validators ensure that transactions follow the rules and are genuine, helping maintain trust and security in the system. For investors, validators are important because they help prevent errors or fraud, ensuring the integrity of the financial network.

web3 technical

"give public investors direct exposure to the growth of emerging Web3 ecosystems"

An approach to the internet that uses decentralized technologies (like blockchains and smart contracts) to give users control over data, identity and digital assets instead of relying on a single company. For investors it matters because it enables new business models—token-based ownership, marketplaces and governance structures—but also brings higher volatility, novel revenue streams and regulatory uncertainty, so investment outcomes can be very different from traditional tech.

digital asset technical

"digital asset treasury strategies that give public investors direct exposure"

A digital asset is a representation of value or rights that exists only in electronic form—like digital versions of cash, stocks, or collectibles kept in a virtual wallet. They are transferred and recorded using computer systems that make copying or tampering difficult, and can include currencies, tokenized shares, or unique digital items. Investors care because digital assets can offer new ways to diversify, trade and raise capital, but they also bring different risks around price swings, custody and regulation.

AI-generated analysis. Not financial advice.

• TSX-V Listing of TenX (TNX): TenX Protocols Inc. ("TenX"), a DeFi Technologies advisory client and venture portfolio company, began trading on the TSX Venture Exchange under the ticker "TNX" on December 10, 2025.
• Over C$33 Million Raised in 2025: TenX's go-public transaction and related financings bring its total capital raised in 2025 to more than $33 million, with participation from leading digital asset investors including Borderless Capital, HIVE Blockchain Technologies, Chorus One, and DeFi Technologies.
• Stillman Digital Integration: Stillman Digital, DeFi Technologies' trading subsidiary, will provide institutional trade execution and market intelligence to support TenX's staking, validator, and treasury strategies across high-performance Layer 1 networks such as Solana, Sui, and Sei.

TORONTO, Dec. 10, 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 TenX Protocols Inc. ("TenX"), one of DeFi Technologies' advisory clients and venture portfolio companies, began trading on the TSX Venture Exchange ("TSX-V") under the ticker symbol TNX today, December 10, 2025. The listing follows the successful completion of a subscription receipt financing that formed part of TenX's go-public transaction and brings total capital raised in 2025 to more than C$33 million.

The financings included participation from leading digital asset investors and institutions, including Borderless Capital, HIVE Blockchain Technologies, Chorus One, and DeFi Technologies.

Stillman Digital, DeFi Technologies' wholly owned trading subsidiary, will work with TenX to provide institutional trade execution services and market intelligence that support efficient treasury deployment across multiple blockchain networks.

"TenX is led by a proven team and is emerging as a leader in blockchain infrastructure. Their TSXV listing is a significant step in their growth," said Andrew Forson, President of DeFi Technologies. "The partnership fits naturally with DeFi's Advisory platform, Stillman Digital's trading infrastructure, and Reflexivity Research's market insights as TenX expands its treasury and staking services across high performance networks."

TenX is focused on generating recurring revenue across high-performance Layer 1 networks including Solana, Sui, and Sei. The company operates institutional-grade staking infrastructure, validator services, and digital asset treasury strategies that give public investors direct exposure to the growth of emerging Web3 ecosystems. The listing expands TenX's access to capital markets and supports its strategy to scale participation across multiple blockchain environments.

TenX is led by industry veterans Mat and Filip Cybula, who previously founded and exited Cryptiv, and by CTO Geoff Byers, a long-time blockchain engineer and former CTO of Tetra Trust. Their experience in custody, infrastructure, and secure systems positions TenX as a strong entrant in the digital asset treasury and staking sector

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 common shares of TenX; the partnership between TenX and Stillman Digital, DeFi Advisory and Reflexivity Research; 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

When did TenX Protocols begin trading on TSX Venture Exchange as TNX?

TenX began trading on TSX-V as TNX on December 10, 2025.

How much capital did TenX raise in 2025 as part of its go-public transaction?

TenX raised more than C$33 million in 2025 through the subscription receipt financing and related financings.

What role will DeFi Technologies' subsidiary Stillman Digital play with TenX (TNX)?

Stillman Digital will provide institutional trade execution and market intelligence to support TenX's treasury and staking strategies.

Which blockchain networks will TenX (TNX) target for staking and validator services?

TenX is focused on high-performance Layer 1 networks including Solana, Sui, and Sei.

Which investors participated in TenX's 2025 financings that support TNX's listing?

Participants included Borderless Capital, HIVE Blockchain, Chorus One, and DeFi Technologies.

What investor exposure does TenX (TNX) offer public investors after the TSX-V listing?

The listing expands access to capital markets and offers public exposure to TenX's staking, validator, and digital asset treasury strategies.