DeFi Technologies Announces Launch of Brazilian Depositary Receipts for Institutional Investors on B3 Exchange

Rhea-AI Summary

DeFi Technologies (Nasdaq: DEFT) will list Brazilian Depositary Receipts under the ticker DEFT31 on B3, with trading expected to begin on December 17, 2025 and a market-close event planned for December 19, 2025. The DEFT31 BDRs provide Brazilian institutional and qualified investors with BRL-denominated, locally settled exposure to DeFi Technologies' common shares via existing brokers and custodians without transacting on foreign exchanges. The underlying shares will continue trading on Nasdaq (DEFT), Cboe Canada (DEFI) and Frankfurt (R9B). The announcement accompanies Valour's approval to list four digital asset ETPs on B3 (BTCV, ETHV, XRPV, VSUI) starting December 17, 2025, targeting broader institutional access in Brazil's sizable crypto market.

Positive

• BDR listing DEFT31 expected to start on Dec 17, 2025
• Provides BRL-denominated local access for Brazilian institutional investors
• Underlying shares remain listed on Nasdaq, Cboe Canada, Frankfurt
• Supports Valour's four ETP listings on B3 (BTCV, ETHV, XRPV, VSUI) on Dec 17
• Targets Brazil, a large crypto market (~US$318.8–319B crypto activity July 2024–June 2025)

Negative

• None.

Key Figures

BDR trading start December 17, 2025 DEFT31 BDRs expected to begin trading on B3

Launch event date December 19, 2025 Market close event at B3 for DEFT31 launch

Brazil population 213 million People in Brazil cited as Latin America’s largest financial market

Crypto value received US$318.8–319 billion Crypto value received in Brazil July 2024–June 2025

Global crypto rank 5th Brazil’s rank on 2025 Global Crypto Adoption Index

Virtual Assets Law Law No. 14,478/2022 Brazilian law establishing rules for virtual asset service providers

Current share price $1.09 Price before B3 BDR announcement

52-week range $0.91–$4.95 52-week low and high before this news

Market Reality Check

$3.98 Last Close

Volume Volume 7,928,402 is below 20-day average 11,512,908 (relative volume 0.69) ahead of this Brazil BDR news. low

Technical Shares at $1.09 are trading below the 200-day MA of $2.44 and sit closer to the 52-week low of $0.91 than the high of $4.95.

Peers on Argus

Several crypto-adjacent peers were weak pre‑announcement (e.g., HIVE -6.13%, BTBT -7.41%, FUFU -1.38%), while AMRK gained 2.17%. With the scanner flagging no sector-wide momentum and mixed peer moves, the Brazil BDR listing appears more company-specific than part of a broad Financial Services rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 10	Venture listing	Positive	+0.8%	TenX Protocols TSX-V debut and >C$33M 2025 capital raised.
Dec 04	Brazil ETP approval	Positive	-3.6%	Valour wins B3 approval for four BRL-denominated crypto ETPs.
Nov 26	Stablecoin milestone	Positive	+20.9%	Stablecorp’s QCAD becomes Canada’s first compliant CAD stablecoin.
Nov 17	Leadership change	Negative	-14.6%	CEO/Chairman resignation with co‑founder Johan Wattenström appointed.
Nov 14	Earnings and guidance	Negative	-15.2%	Q3 results with revenue guidance cut and note of equity financing.

Pattern Detected

Recent crypto/strategic updates have produced mixed reactions: some partnership and product launches led to gains, while Brazil ETP expansion and trading/arbitrage updates saw negative moves. Leadership change and guidance cut triggered double‑digit declines.

Recent Company History

Over the last two months, DeFi Technologies has reported multiple crypto-focused milestones. These include Q3 2025 results with $22.5M revenue and $9M operating income on Nov 14, followed by lowered 2025 guidance and a $100M equity financing. A leadership transition on Nov 17 coincided with a sharp share-price drop. Subsequent news highlighted Stablecorp’s compliant CAD stablecoin, Brazil ETP approvals for Valour, and TenX Protocols’ TSX-V debut, underscoring a strategy of global digital-asset infrastructure expansion that this B3 BDR listing continues.

Market Pulse Summary

This announcement adds a new access point for DeFi Technologies by introducing DEFT31 Brazilian Depositary Receipts on B3, giving institutional investors BRL‑denominated exposure from December 17, 2025. It builds on earlier Brazil-focused ETP approvals and other crypto initiatives, while the shares trade at $1.09, between a $0.91 low and $4.95 high. Investors may watch subsequent trading volumes in Brazil and any follow‑on regulatory or product updates tied to the company’s Latin American strategy.

Key Terms

brazilian depositary receipts financial

"DeFi Technologies has received approval from the B3 Exchange to list Brazilian Depositary Receipts"

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

"The BDRs are expected to begin trading on B3 on December 17, 2025"

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.

etps financial

"Valour's digital asset ETPs on the B3 Exchange and reinforcing the Company's broader"

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.

decentralized finance financial

"bridging the gap between traditional capital markets and decentralized finance ("DeFi")"

Decentralized finance, often called DeFi, is a way of using digital technology to offer financial services like lending, borrowing, and trading without relying on traditional banks or institutions. It operates on open networks where anyone can participate, much like a digital marketplace that runs on shared computer systems. For investors, DeFi provides more direct control over their assets and access to financial activities outside conventional systems.

virtual assets law regulatory

"Brazil's Virtual Assets Law (Law No. 14,478/2022) and subsequent Central Bank resolutions"

A virtual assets law is a set of rules that govern creation, trading, custody and use of digital assets such as cryptocurrencies and tokenized securities. It acts like traffic regulations for the digital-asset world, deciding who can operate exchanges, how assets must be safeguarded, and what disclosures are required. For investors, these laws influence risk, market access, custody safety and legal recourse, so changes can affect asset values and how easily capital can move in and out.

aml/ctf regulatory

"aligning crypto oversight with traditional financial-sector standards for governance, customer protection, AML/CTF controls"

Aml/CTF stands for anti-money laundering and counter-terrorist financing, a set of laws, checks and controls that stop criminals and terrorist groups from moving or hiding illicit funds through banks, companies and markets. For investors it matters because strong Aml/CTF reduces legal, financial and reputational risk—similar to a business having good locks and cameras—while failures can lead to heavy fines, restrictions on operations, and sudden value loss.

AI-generated analysis. Not financial advice.

• DEFT access via BDRs: DeFi Technologies has received approval from the B3 Exchange to list Brazilian Depositary Receipts ("BDRs") representing its common shares under the ticker DEFT31, expected to begin trading on December 17, 2025, giving Brazilian institutional investors BRL-denominated, locally traded exposure via their existing brokerage and custody rails.
  
  
• Strategic Brazil footprint: The "DEFT31" BDR program is a strategic step to expand DeFi Technologies' visibility and institutional investor base in Brazil, aligning with the listing and availability of Valour's digital asset ETPs on the B3 Exchange and reinforcing the Company's broader international expansion strategy.
  
  
• Complementing global listings: Trading on B3 complements DeFi Technologies' existing Nasdaq listing (DEFT), integrating the Company more deeply into global capital markets while offering Brazilian investors a familiar, locally settled structure to access its growth.

TORONTO, Dec. 15, 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 is pleased to announce that B3 S.A. – Brasil, Bolsa, Balcão ("B3") has approved the listing of Brazilian Depositary Receipts ("BDRs") representing DeFi Technologies' common shares, for institutional investors in Brazil.

The BDRs are expected to begin trading on B3 on December 17, 2025, under the ticker "DEFT31". DeFi Technologies intends to commemorate the launch with a market close event at B3 on December 19, 2025.

The DEFT31 BDRs will provide Brazilian institutional and qualified investors with local, BRL-denominated exposure to DeFi Technologies' common shares through the same brokers, custodians and post-trade infrastructure they already use for domestic securities, without the need to transact directly on international exchanges. BDRs are certificates issued in Brazil that represent shares of foreign companies and are traded and settled according to Brazilian market procedures.

The underlying DeFi Technologies common shares will continue to trade on Nasdaq (DEFT), Cboe Canada (DEFI) and the Frankfurt Stock Exchange (R9B).

This announcement follows the approval received by DeFi Technologies' subsidiary, Valour, from B3 to list four digital asset ETPs: Valour Bitcoin (BTCV), Valour Ethereum (ETHV), Valour XRP (XRPV), and Valour SUI (VSUI). These ETPs are expected to begin trading on December 17, 2025, giving Brazilian investors BRL-denominated, locally listed exposure via their existing brokerage and custody rails.

Strategic Significance of the DEFT31 BDR

Brazil has emerged as Latin America's largest and most cohesive financial market, with more than 213 million people connected through a single language (Portuguese) and a unified regulatory and capital-markets infrastructure. It is also the region's largest crypto economy, with an estimated US$318.8– US$319 billion in crypto value received between July 2024 and June 2025, accounting for nearly one-third of all activity in Latin America. Brazil also ranks 5th globally on the 2025 Global Crypto Adoption Index published by Chainalysis, with growth driven by both retail users and institutional-sized transactions. 

This rapid expansion is occurring under a formal regulatory framework. Brazil's Virtual Assets Law (Law No. 14,478/2022) and subsequent Central Bank resolutions have established clear rules for virtual asset service providers, aligning crypto oversight with traditional financial-sector standards for governance, customer protection, AML/CTF controls and reporting. 

Against this backdrop, the DEFT31 BDR program is intended to:

• Broaden access for Brazilian institutional investors that may be restricted from direct foreign equity investments, enabling them to participate in DeFi Technologies' growth through a local instrument.
  
  
• Increase visibility for DeFi Technologies within Brazil's sophisticated capital markets ecosystem, centred on B3, one of Latin America's most dynamic exchanges.
  
  
• Align corporate access with digital asset adoption, offering institutional investors a way to gain exposure not only to crypto assets themselves, but also to a listed technology company building infrastructure, ETPs and solutions around them.
  
  
• Accelerate Valour's Brazilian Expansion by providing institutional exposure to Valour, the wholly owned subsidiary of DeFi Technologies, that will list four digital asset ETPs on the B3 Exchange on December 17th 2025

Management Commentary

"Launching the DEFT31 BDRs on B3 is an important next step in our international capital markets strategy," said Johan Wattenström, Chief Executive Officer and Executive Chairman of DeFi Technologies. "Brazil is one of the world's most advanced and rapidly growing digital asset markets. By listing BDRs in São Paulo, we are giving Brazilian institutional investors a straightforward, locally traded way to participate in DeFi Technologies' growth as we continue to build regulated access to digital assets globally."

"Brazilian investors have already demonstrated strong demand for digital asset exposure, supported by a maturing regulatory environment and sophisticated market infrastructure," said Andrew Forson, President of DeFi Technologies. "The DEFT31 BDR program is designed to meet that demand at the corporate level. For institutions that already use B3 as their primary venue, DEFT31 provides a familiar structure, local settlement and governance standards they know, while delivering exposure to a company focused on bridging traditional markets and decentralised finance."

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 the BDRs on B3; geographic expansion of the Company;  investor interest and demand for Valour's ETP; investor confidence in digital assets generally; 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 and common shares and BDRs of the Company 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 is DEFT31 and when will it start trading on B3?

DEFT31 are BDRs representing DeFi Technologies common shares and are expected to begin trading on December 17, 2025.

How can Brazilian institutional investors buy DEFT31 on B3?

Institutions can buy DEFT31 through their existing brokers and custodians on B3 using BRL settlement and local custody rails.

Does the DEFT31 listing change DeFi Technologies' other listings (DEFT)?

No; the underlying common shares will continue trading on Nasdaq (DEFT), Cboe Canada (DEFI) and Frankfurt (R9B).

What other DeFi Technologies-related products will list on B3 on Dec 17, 2025?

Valour, a DeFi Technologies subsidiary, will list four digital asset ETPs on B3: BTCV, ETHV, XRPV, VSUI, also starting Dec 17, 2025.

Why is listing DEFT31 on B3 strategically important for investors?

The BDR listing gives Brazilian institutions a familiar, locally settled instrument to gain BRL exposure to a company building regulated digital-asset infrastructure.