DeFi Technologies CEO addresses valuation gap in year-end letter

DeFi Technologies Inc. (NASDAQ: DEFT) issued a year-end letter from Chief Executive Officer Johan Wattenström addressing the company's performance and market valuation.

The financial technology company reported $80 million in revenue and $39 million in operating income through the first three quarters of 2025. The company ended the third quarter with $165.7 million in cash, cash equivalents, and digital asset treasury assets, plus $44 million in venture investments and no debt.

Wattenström acknowledged a valuation disconnect, noting the company's market capitalization of approximately $285.8 million as of December 29, 2025. After accounting for cash and investments, the implied value for core operating units including Valour, Stillman Digital, and Reflexivity is approximately $76.1 million.

The company's Valour subsidiary expanded to 102 exchange-traded products during 2025 and broadened its geographic presence through listings on the London Stock Exchange, SIX Swiss Exchange, and B3 Brazil Stock Exchange.

DeFi Technologies raised $100 million in capital during 2025 to support strategic initiatives including treasury optimization, product seeding, regional expansion, and potential acquisitions. The company plans to deploy capital across market making activities and new product development.

For 2026, the company outlined plans to launch "Valour Custody" as a standalone business line and expand into decentralized market infrastructure services. The company also expects to continue geographic expansion across Europe, Latin America, Africa, and the Middle East.

Wattenström stated the company will focus on scaling assets under management, expanding distribution channels, and accelerating institutional product rollout to address the perceived valuation gap.

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