DeFi Technologies Reports Q2 2025 Adjusted Revenues Of US$32.1 Million As AUM Nears US$1 Billion

Digital asset manager and financial technology firm DeFi Technologies Inc. (Nasdaq: DEFT) has reported adjusted revenues of US$32.1 million for the three months ended 30 June 2025, up from US$25.3 million in the same quarter last year. Adjusted EBITDA was US$21.6 million, compared with a negative US$2.5 million in Q2 2024, while adjusted net income reached US$17.4 million, reversing a loss of US$6.1 million a year earlier.

The company’s asset management arm, Valour, recorded approximately US$772.8 million in assets under management (AUM) at the end of June. By 31 July, AUM had increased to US$947 million, representing a 23% month-on-month rise. Net inflows into Valour’s exchange traded products (ETPs) totalled US$25 million for the quarter and US$77.4 million for the first half of 2025, with inflows recorded every month during the period.

Since early July, DeFi Technologies has added a reported 78 institutional shareholders, bringing the total to 84 institutions holding over 31 million shares. The company has raised its 2025 annualised operating revenue guidance to approximately US$218.6 million.

Olivier Roussy Newton, CEO, DeFi Technologies

Commenting on the results, Chief Executive Officer Olivier Roussy Newton said:

“Q2 2025 was proof that our model executes in a softer market. We delivered Adjusted Revenues of US$32.1 million, Adjusted EBITDA of US$21.6 million, and Adjusted Net Income of US$17.4 million. The flywheel is turning—each business line is reinforcing the others and compounding momentum.

At Valour, demand continued to build with net inflows every month year-to-date and US$77.4 million in the first half. AUM ended the quarter at US$772.8 million and reached US$947 million by July 31. Early in Q3, AUM has already surpassed US$1 billion—near all-time highs. Stillman Digital is scaling its institutional footprint through the Talos integration, deeper FX and stablecoin capabilities, and seasoned hires that strengthen execution. DeFi Alpha continues to originate high-conviction, low-risk opportunities—highlighted by a US$17.3 million trade in May—while Neuronomics and Reflexivity Research are expanding our technology, data, and distribution edge.

We’re also seeing a structural upgrade in our shareholder base. Since early July, we’ve welcomed a reported 78 additional institutional investors and funds, bringing us to 84 institutional owners representing over 31 million shares. Despite recent share-price action, the register is deepening with longer-horizon capital, an indicator of quiet rotation toward institutions. We’ve been on the road telling our story to professional investors, and the message is clearly starting to resonate.

We are still early in our growth story, but our businesses are firing on all cylinders, delivering immediate results while compounding long-term value. Backed by a well-capitalised cash and digital-asset treasury, a deepening institutional base, and a robust pipeline, we’ve raised our 2025 annualised operating revenue guidance to US$218.6 million. The focus from here is clear—keep executing, keep compounding, and keep building.”

For the quarter, Valour generated US$6.9 million in staking and lending income and US$2.1 million in management fees. On 5 May, DeFi Alpha, the company’s arbitrage and trading business, announced a trade generating returns of US$17.3 million, including a non-cash valuation adjustment. Stillman Digital reported US$1.9 million in trading commissions for the quarter, while Reflexivity Research generated US$175,750 in research revenue.

The company’s eight private venture investments had a fair value of US$43.4 million at 30 June 2025. During the quarter, 675,900 shares were repurchased for US$1.88 million, at an average price of approximately US$2.78 per share.

As of 30 June, DeFi Technologies held US$26.4 million in cash and US$26 million in digital assets, for a combined total of US$52.4 million. The company said it monitors cash and digital assets on a consolidated basis and allocates part of its digital asset treasury to hedge the market risk of its ETPs.

Strategic developments in the quarter included the appointment of Andrew Forson as President of DeFi Technologies and Chief Growth Officer of Valour, and Dr Manfred Knof, former Chief Executive Officer of Commerzbank, as Chairman of Valour and Strategic Advisor.

The company received approval to list on the Nasdaq Capital Market in May and began trading under the DEFT ticker on 12 May. It also announced plans, through subsidiary SovFi and in partnership with the Nairobi Securities Exchange, to launch the Kenya Digital Exchange for tokenised real-world assets, with phased implementation by Q2 2026.

In Türkiye, DeFi Technologies formed a collaboration with Misyon Bank and Misyon Kripto to introduce regulated ETPs. Stillman Digital completed integration with trading technology provider Talos and appointed Gary Pike, formerly of B2C2 and BlockTower Capital, as Head of Trading.

Valour launched 14 new ETPs during the quarter, including SEK-denominated products for Curve DAO, Litecoin, Mantra, Tron, Stellar, Tether Gold, Bitcoin Cash, Unus Sed Leo, OKB, Polygon, Algorand, Filecoin, Arbitrum, and Stacks. With over 75 products now listed across European exchanges, Valour is aiming for 100 listings by year-end.

Reflexivity Research entered a partnership with Beluga to expand business development, co-branded research, and advisory services, while AMINA Bank, part of the venture portfolio, reported record 2024 growth, with AUM up 136% to US$4.2 billion and revenues up 69% to US$40.4 million.