BlackRock for regulated crypto investment products.

Fidelity for digital asset exposure.

ARK Invest for decentralized finance.

• Valour Exchange Traded Products (ETPs): These financial products provide investors with regulated and accessible exposure to digital assets like Bitcoin and Ethereum through traditional brokerage accounts.
• Strategic Investments & Venture Capital (Investment Management Service): Through this service, DeFi Technologies invests in and incubates innovative blockchain and decentralized finance (DeFi) projects to drive their growth and adoption.

DeFi Technologies Inc. (Symbol: DEFT) - Major Customers

DeFi Technologies Inc. (symbol: DEFT) operates primarily through two main business segments: Valour Inc., which offers exchange-traded products (ETPs) based on digital assets, and Minebase, a Bitcoin mining operation. Given these business models, the company does not disclose specific major customers in the traditional sense.

For its Valour ETP business, revenue is generated from management fees calculated as a percentage of the total Assets Under Management (AUM). These ETPs are widely distributed and traded on regulated exchanges, meaning the AUM comes from a broad base of institutional and individual investors. The company explicitly states in its annual filings that no single customer or group of related customers accounts for more than 10% of Valour's consolidated revenues, indicating an absence of identifiable "major customers."

For its Minebase Bitcoin mining operation, the company produces Bitcoin, which is then sold into the open market, typically via exchanges or over-the-counter (OTC) desks. This is a commodity business, and as such, there are no specific "customer companies" to list in this segment.

While DeFi Technologies does not have named major customer companies, its business model heavily relies on and interacts with various categories of other companies for distribution, liquidity, and market access. These entities are crucial partners in the value chain, even if not direct "customers" purchasing a service or product for their own consumption from DeFi Technologies:

• Financial Intermediaries: These include brokers, wealth management firms, and institutional platforms that facilitate their clients' (both institutional and individual) investment in Valour's ETPs. These entities are critical partners in the distribution chain that enable the accumulation of AUM, from which DeFi Technologies derives its revenue.
• Regulated Exchanges: Platforms such as Deutsche Börse XETRA, Nordic Growth Market (NGM), and Euronext (Paris & Amsterdam) list Valour's ETPs, providing a marketplace for their trading. While not customers, these are essential partners for market access.
• Authorized Participants and Market Makers: These are financial institutions that play a crucial role in the ETP ecosystem by ensuring liquidity and facilitating the creation and redemption of ETP units in the primary market.

Therefore, while DeFi Technologies sells its products (ETPs) and commodities (Bitcoin) into markets accessed primarily through other companies and intermediaries, it does not identify or disclose specific "major customer companies" due to the nature of its business and the diversification of its revenue streams.

• Coinbase Custody Trust Company, LLC (part of Coinbase Global, Inc. COIN)
• Komainu
• JTC PLC JTC

Olivier Roussy Newton, Co-Founder & CEO

Olivier Roussy Newton is the Co-Founder and CEO of DeFi Technologies. He was appointed CEO in October 2022. Mr. Roussy Newton is a prolific founder, having established several companies including HIVE Digital Technologies Ltd., Valour Structured Products, Inc., Latent Capital Ltd., EV Technology Group, Inc., and DeFi Holdings, Inc. He also co-founded Valour with Johan Wadenstrom. Notably, he previously served as CEO & Managing Director at BTQ AG and Chairman, CEO & MD at BTQ Technologies Corp., which was acquired by Sonora Gold & Silver Corp. for $6.34 million on February 17, 2023. His background includes early immersion in open-source technology and Bitcoin around 2010.

Paul Bozoki, Chief Financial Officer

Paul Bozoki was appointed Chief Financial Officer of DeFi Technologies on January 6, 2025. He is a seasoned financial executive with approximately 30 years of experience in accounting, tax, and capital markets. Mr. Bozoki has held CFO positions across numerous industries, including private equity, real estate, software, mining, and manufacturing, demonstrating extensive international experience across six continents. He holds CPA designations in both Ontario, Canada, and New Hampshire, USA, and has managed several public companies cross-listed in Canada, the USA, and Australia. He earned an MBA from the Richard Ivey School of Business and a Bachelor of Commerce from Queen's University.

Andrew Forson, President

Andrew Forson serves as the President of DeFi Technologies and Chief Growth Officer of Valour, the company's digital asset ETP business. He joined DeFi Technologies' board of directors in July 2024 and assumed his current full-time leadership roles in April 2025. Prior to this, Mr. Forson was the Head of Ventures and Investments at the Hashgraph Group, where he played a key role in advancing strategic investments and innovation within the Web3 ecosystem. He brings extensive expertise in digital assets, structured finance, and venture strategy, coupled with a financial engineering background.

The key risks to DeFi Technologies (DEFT) primarily stem from the evolving and often uncertain regulatory landscape of decentralized finance, the inherent security vulnerabilities within smart contract technology, and specific operational and financial performance challenges faced by the company.

1. Regulatory Uncertainty and Scrutiny: The decentralized finance (DeFi) sector, in which DeFi Technologies operates, largely exists outside traditional financial regulations. This environment is characterized by a lack of established consumer protection frameworks and significant complexities in implementing anti-money laundering (AML) and know-your-customer (KYC) measures. Governments and financial regulators globally are increasing their oversight of DeFi platforms due to concerns over illicit activities, fraud, and security vulnerabilities. The potential for excessive or restrictive regulation could stifle innovation and impact the unique aspects that make DeFi attractive. Furthermore, the company itself acknowledges "rules and regulations with respect to decentralised finance and digital assets" as a risk.
2. Smart Contract Vulnerabilities and Security Risks: DeFi Technologies, like other entities in the space, relies heavily on smart contracts, which are automated, self-executing agreements on the blockchain. These contracts are prone to technical vulnerabilities, bugs, and design flaws, making them susceptible to exploits, hacks, and scams that can result in substantial financial losses. Unlike traditional financial systems, there is often no mechanism to recover stolen crypto. DeFi Technologies' business model, which involves using underlying assets in on-chain staking and lending protocols to generate returns, inherently exposes it to these smart contract risks.
3. Operational and Financial Performance Challenges: DeFi Technologies has recently faced specific operational and financial hurdles. The company has identified "disproportionate and persistent" imbalances in share ownership records, leading to questions about market data accuracy and trading integrity, and has been subject to allegations of coordinated promotional activities impacting its stock price. More critically, DeFi Technologies is currently embroiled in a securities fraud lawsuit. Allegations include delays in executing its DeFi arbitrage strategy, a key revenue driver, and understating the extent of competition, leading to a high likelihood of not meeting its 2025 revenue guidance. The company has also exhibited significant profitability issues, marked by negative EBIT, EBITDA, and pre-tax profit margins, along with a negative return on equity.

DeFi Technologies Inc. (DEFT) primarily offers regulated and secure access to decentralized finance (DeFi) and digital assets through various products and services, including Exchange Traded Products (ETPs), asset management, arbitrage trading, early-stage investments, and liquidity solutions. The key addressable markets for their offerings are the global Decentralized Finance (DeFi) market, the global Institutional Digital Asset Investment market, and the global Crypto ETP market.

Addressable Markets:

• Decentralized Finance (DeFi) Market:
  • The global Decentralized Finance (DeFi) market was estimated at approximately USD 20.48 billion in 2024 and is projected to grow to USD 231.19 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 53.7% from 2025 to 2030. Other estimates place the global DeFi market at USD 71.00 billion in 2024, expected to reach USD 457.35 billion by 2032 with a CAGR of 26.9%. Another report indicates a global market size of USD 87.3 billion in 2024, projected to reach USD 507.5 billion in 2034 with a CAGR of 19.1%.
  • In 2023, North America held a significant share of over 36% of the global DeFi market, with revenues around USD 7.6 billion. North America's dominance in the DeFi market continued into 2024, holding a 36.32% share.
• Institutional Digital Asset Investment Market:
  • The global Institutional Digital Asset Investment Market, which encompasses cryptocurrencies, tokenized securities, DeFi products, stablecoins, and blockchain infrastructure funds, was valued at approximately USD 1.26 trillion in 2024. This market is projected to grow to around USD 5.8 trillion by 2034, demonstrating a strong CAGR of nearly 16.4% during the forecast period.
  • North America leads this market, accounting for approximately 39% of the global revenue in 2024. Institutional digital asset Assets Under Management (AUM) globally surpassed $235 billion by mid-2025.
• Crypto Exchange Traded Products (ETPs) Market:
  • The global crypto ETP market's Assets Under Management (AUM) surged to approximately $134.5 billion by November 2024, representing a 950% increase year-over-year.
  • The crypto ETP market attracted $48.67 billion in inflows globally in 2025, surpassing the full-year total of $48.557 billion in 2024.
  • As of October 2025, the crypto ETP market reached more than $20 billion in assets.

DeFi Technologies (symbol: DEFT) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Assets Under Management (AUM) and Associated Fees: The company has reported substantial increases in its AUM, reaching C$1.1 billion as of a recent date, with over 900% growth since late 2022. This expansion directly contributes to revenue through staking, lending, and management fees generated from its diverse suite of Exchange-Traded Products (ETPs). DeFi Technologies' Valour brand captures significant yields on assets by combining standard fees with protocol yields, a model expected to continue driving high-margin revenue.
2. Expansion of Product Offerings: DeFi Technologies is aggressively launching new products, with plans to introduce 23 new ETPs by the end of the year and a robust pipeline extending into 2026. This focus on unique, first-mover advantage products, encompassing a broad range of digital assets from Bitcoin to AI tokens, aims to capture strong global demand and further increase AUM.
3. International Market Expansion: The company is actively pursuing strategic international expansion, targeting new markets in North Africa, Asia, the Middle East, and other regions within Europe, including the United Kingdom. This global distribution strategy is designed to boost revenue by extending the reach of its regulated, fully hedged investment products to new investor bases.
4. Proprietary Trading and Arbitrage Strategies: Revenue generation is also significantly driven by the company's proprietary trading desks, DeFi Alpha and Stillman Digital. DeFi Alpha focuses on identifying low-risk arbitrage opportunities within the crypto ecosystem, generating substantial trading gains. Stillman Digital contributes through trading commissions and aims to expand its business development efforts and capabilities in areas like foreign exchange and stablecoin services.
5. Growing Institutional Investor Base: DeFi Technologies has been successful in attracting a growing number of institutional investors, adding 78 institutional shareholders since early July 2025, bringing the reported total to 84. This increasing institutional adoption of its digital asset structured products is anticipated to drive further AUM growth and strengthen its position as a regulated gateway for institutional crypto exposure.

Share Repurchases

• DeFi Technologies announced a Normal Course Issuer Bid (NCIB) on August 22, 2025, authorizing the repurchase of up to 31,673,791 common shares, representing 10% of its public float as of August 18, 2025.
• The company plans to utilize a US$19.8 million cash reserve for the NCIB.
• As of September 30, 2025, 260,000 shares had been repurchased and canceled under the NCIB.
• In Q2 2025, 675,900 shares were repurchased for US$1.88 million at an average price of approximately US$2.78 per share.

Share Issuance

• On September 26, 2025, DeFi Technologies closed a US$100 million registered direct offering with institutional investors, led by Galaxy Digital.
• The offering included the issuance of 45,662,101 common shares and warrants to purchase up to an additional 34,246,577 shares.
• The combined purchase price for the shares and warrants was US$2.19 per share, with the warrants having an exercise price of US$2.63 per share.

Inbound Investments

• DeFi Technologies completed a US$100 million registered direct offering with institutional investors, with Galaxy Digital as a cornerstone investor, on September 26, 2025.
• Since early July 2025, the company has gained 78 institutional shareholders, increasing the total to 84 institutions holding over 31 million shares.

Outbound Investments

• The "DEFI Ventures" arm of the company invests in and incubates blockchain protocols and applications.
• As of June 30, 2025, DeFi Technologies held eight private venture investments with a fair value of US$43.4 million.