Valour Inc. Launches Constant Leveraged Bitcoin and Ethereum ETPs on Spotlight Stock Market

Rhea-AI Summary

DeFi Technologies (Nasdaq: DEFT) announced that subsidiary Valour launched two constant-leverage ETPs on Spotlight Stock Market (Sweden) on Dec 17, 2025: Bull Bitcoin X2 Valour (ISIN: CH1108679809) and Bull Ethereum X2 Valour (ISIN: CH1108679825).

Each product provides 2x daily exposure to BTC or ETH, charges a 1.9% management fee, and is tradable via traditional brokerage platforms without digital wallets or margin accounts. The ETPs expand Valour’s structured crypto offerings for Nordic investors familiar with Bull/Bear certificates.

Positive

• 2x daily exposure to Bitcoin and Ethereum
• Listed on Spotlight Stock Market in Sweden
• Accessible via traditional brokers without wallets or margin
• Adds structured leveraged products to Valour’s ETP lineup

Negative

• 1.9% management fee increases holding costs
• 2x leverage amplifies losses as well as gains
• Daily reset creates path-dependent returns for multi-day holdings

Key Figures

Leverage 2x daily exposure Bull Bitcoin X2 Valour and Bull Ethereum X2 Valour ETPs

Management fee 1.9% Fee for new leveraged Bitcoin and Ethereum ETPs

TenX 2025 capital raised C$33 million Total 2025 financing for TenX Protocols

Arbitrage trade gain $3.2 million One-time DeFi Alpha arbitrage trade, to be recognized over time

DeFi Alpha trades YTD $27 million Total DeFi Alpha trades for 2025 year-to-date

Q3 2025 revenue $22.5 million Reported in Form 6-K for Q3 2025

Q3 2025 operating income $9 million Reported in Form 6-K for Q3 2025

Listed ETPs 100 products Valour’s platform size at leadership transition update

Market Reality Check

$3.98 Last Close

Volume Volume 4,560,208 vs 20-day avg 10,069,702 (relative volume 0.45x). low

Technical Price $1.05 trades below 200-day MA $2.42 and is 78.79% below 52-week high.

Peers on Argus

Peers show mixed, mostly modest moves: HIVE +0.54%, FUFU +2.31%, BTBT +1.94%, AMRK +2.17%, while OPY is -0.07%. No broad sector momentum flagged.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 15	Brazil BDR & ETPs	Positive	-7.3%	Launch of BDRs and multiple Valour ETPs on Brazil’s B3 exchange.
Dec 10	Venture listing	Positive	+0.8%	TenX Protocols TSX-V debut and 2025 capital raise exceeding C$33 million.
Dec 04	Brazil ETP approvals	Positive	-3.6%	Valour approval to list four BRL-denominated crypto ETPs on B3.
Nov 26	Stablecoin milestone	Positive	+20.9%	QCAD recognized as Canada’s first compliant CAD stablecoin with growth plans.
Nov 17	Leadership transition	Negative	-14.6%	CEO resignation, co-founder appointed, plus major growth and financing metrics.

Pattern Detected

Crypto-focused announcements show mixed reactions: several expansion updates saw negative moves, while selected milestones like the QCAD stablecoin and leadership/strategy update drew strong positive or sharply negative responses.

Recent Company History

Over the last two months, DeFi Technologies has focused on crypto infrastructure and market-access milestones. Valour gained B3 approval for four digital asset ETPs and DeFi Alpha reported a $3.2M arbitrage trade. The company highlighted QCAD becoming Canada’s first compliant CAD stablecoin and disclosed rapid revenue growth alongside a CEO transition. Recent BDR and Brazilian ETP listings drew negative reactions, underscoring inconsistent trading responses to generally expansionary crypto news.

Market Pulse Summary

This announcement adds 2x leveraged Bitcoin and Ethereum ETPs on Sweden’s Spotlight market, extending Valour’s lineup beyond spot exposure while using traditional brokerage rails. It follows a series of crypto-access initiatives, including Brazilian ETP listings and stablecoin developments, underscoring DeFi Technologies’ focus on regulated digital-asset products. Investors may watch how assets and trading volumes in these new ETPs evolve alongside broader crypto markets and the company’s ongoing product launches.

Key Terms

etps financial

"a leading issuer of exchange traded products (“ETPs”) has launched two new"

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.

leveraged etps financial

"has launched two new leveraged ETPs on the Spotlight Stock Market in Sweden"

Leveraged ETPs are exchange-traded products designed to amplify the daily movements of an underlying index or asset, typically by a fixed multiple such as two or three times. They matter to investors because they can deliver much larger gains than the market on a single day, but also much larger losses — like using a magnifying glass that enlarges both light and shadows — and their performance can drift from expectations over longer holding periods, especially in volatile markets.

constant daily leverage certificates financial

"Constant daily leverage certificates, also known as Bull and Bear-certificates"

Financial instruments that aim to deliver a fixed multiple (for example 2x or -1x) of an underlying asset’s daily price move, resetting their leverage each trading day. They matter to investors because they can amplify short‑term gains or losses like a lever on a seesaw, but because the leverage resets daily their returns over longer periods can diverge significantly from the expected multiple due to compounding and volatility, making them better suited for short‑term trading and risk-aware strategies.

bull and bear-certificates financial

"also known as Bull and Bear-certificates, have long been a part"

Bull and bear certificates are tradable financial tickets that let an investor take a geared position on whether an underlying asset (like a stock or index) will rise (bull) or fall (bear). They act like a magnifying glass on price moves — small changes in the asset can produce larger gains or losses — so they matter to investors looking for short-term, directional exposure without owning the underlying but who are willing to accept higher risk.

AI-generated analysis. Not financial advice.

• New leveraged ETPs on Spotlight (SEK): Bull Bitcoin X2 Valour and Bull Ethereum X2 Valour deliver 2x daily exposure to BTC and ETH in a regulated, exchange-traded format (no wallets or margin; 1.9% management fee).
• Designed for familiar Nordic workflows: Built for investors who want amplified exposure without digital wallets or margin accounts, leveraging the region’s long standing familiarity with Bull and Bear style products.
• Expanding beyond spot products: Strengthens Valour’s product breadth with structured and enhanced exposure offerings that complement its diversified lineup across next generation crypto themes.
  

TORONTO, Dec. 17, 2025 (GLOBE NEWSWIRE) -- DeFi Technologies (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 its subsidiary, Valour Inc., and Valour Digital Securities Limited (together, “Valour”), a leading issuer of exchange traded products (“ETPs”) has launched two new leveraged ETPs on the Spotlight Stock Market in Sweden:

• Bull Bitcoin X2 Valour (ISIN: CH1108679809)
  
• Bull Ethereum X2 Valour (ISIN: CH1108679825)

These new products offer 2x leveraged daily exposure to the world’s two most prominent digital assets, allowing investors to amplify their exposure using regulated, exchange-traded vehicles without the need to manage digital wallets or margin accounts. Each product carries a 1.9% management fee and is accessible through traditional investment platforms.

Broadening Access to Enhanced Digital Asset Exposure

The launch of constant leverage certificates on Bitcoin and Ethereum represents another step in Valour’s mission to make digital assets more accessible, transparent, and user-friendly for both retail and institutional investors. These offerings are designed for those who seek additional exposure to Bitcoin and Ethereum’s price movements while maintaining the safeguards and familiarity of traditional financial infrastructure.

Elaine Buehler, Head of Products at Valour, commented:

“Bitcoin and Ethereum continue to be the most widely followed and held digital assets globally. By launching 2x ETPs, we’re expanding the range of investment choices available to our clients, allowing for enhanced exposure within a secure, regulated format.”

Johanna Belitz, Head of Nordics at Valour, added:

“Constant daily leverage certificates, also known as Bull and Bear-certificates, have long been a part of the Nordic investment landscape. Many Nordic investors are already familiar with how these leveraged products function and what it takes to use them effectively. That foundation makes it easier to understand and engage with Valour’s new Bull-certificates — especially with Bitcoin and Ethereum as the underlying assets.”

Johan Wattenström, Chief Executive Officer of DeFi Technologies, said:

“Leveraged ETPs are a natural extension of Valour’s platform as we expand beyond spot exposure and give investors more ways to express conviction through regulated, exchange traded products. In markets like the Nordics, where investors are already familiar with Bull and Bear structures, these launches broaden our toolkit and strengthen our ability to meet demand across different risk and return profiles while staying inside traditional brokerage rails.”

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 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 valour.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/

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

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 Bull Bitcoin X2 Valour, Bull Ethereum X2 Valour; the development of the Bitcoin and Ethereum blockchains; development of additional ETPs and the number of ETPs anticipated by end of 2025; investor confidence in Valour’s ETPs; investor interest and confidence in digital assets; 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 ETPs by exchanges; growth and development of decentralised finance and cryptocurrency sector; rules and regulations with respect to decentralised finance and cryptocurrency; 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

For further information, please contact:

Johan Wattenström
Chief Executive Officer
ir@defi.tech
(323) 537-7681

FAQ

What do Bull Bitcoin X2 Valour (DEFT) and Bull Ethereum X2 Valour offer?

They offer 2x daily leveraged exposure to BTC and ETH via exchange-traded products.

When were Valour’s 2x ETPs listed on Spotlight (DEFT)?

Both ETPs launched on December 17, 2025 on the Spotlight Stock Market in Sweden.

What is the management fee for Valour’s Bull X2 ETPs (DEFT)?

Each product carries a 1.9% management fee.

Do investors need crypto wallets or margin accounts to buy DEFT-listed Bull X2 ETPs?

No — the ETPs trade on traditional platforms without wallets or margin.

How does daily leverage affect holding DEFT Bull X2 ETPs beyond one day?

The products provide constant daily leverage, which can cause path-dependent returns for multi-day holdings.

Where can Nordic investors trade Valour’s Bull Bitcoin X2 and Bull Ethereum X2 (DEFT)?

They are available on the Spotlight Stock Market and through participating traditional brokers in the region.