Hashdex Bitcoin Futures ETF

DeFi Technologies reported record full-year 2025 revenue of $99.1 million and full-year net income/comprehensive income of $62.7 million. Fourth-quarter revenue was $20 million, Q4 net income was $28.9 million, and Q4 operating income was $7 million; operating income for the full year was $46.5 million. AUM ended December 31 at $622.3 million, with average fiscal 2025 AUM of approximately $809.9 million and Valour net inflows of $110.1 million. Management said Q4 effective staking and lending income was 4.7% on average Q4 AUM, while Q4 effective management fee yield was 1.2%. The company is not providing 2026 guidance due to market volatility. It said Stillman Digital revenue was $3.3 million in Q4 and $9.6 million for full-year 2025, and it expects Stillman to grow 15% to 20% in 2026. The company also said it ended the year with approximately $178.7 million in total cash, treasury and venture portfolio value, including $113.8 million in cash and USDT/USDC and effectively no debt.

Johan Wattenstrom framed the quarter and full year as evidence that the business has matured into a more diversified and scalable platform. He highlighted the move from $15 million in revenue in 2021 to a record $99 million in 2025, saying the company is no longer reliant on a single product or market environment. His tone was upbeat and strategic, emphasizing Valour’s 100-plus ETP platform, institutional product development, geographic expansion, and the flexibility created by the balance sheet. He also stressed that the company is building for the long term as the gateway between decentralized finance and traditional capital markets.

Paul Bozoki focused on the hard numbers and the balance sheet. He noted $622.3 million of AUM at December 31, average fiscal 2025 AUM of $809.9 million, $110.1 million of net inflows, $99.1 million of full-year revenue, $62.7 million of full-year net income, $28.9 million of Q4 net income, and $46.5 million of full-year operating income. He said Q4 staking and lending income was 4.7% on average Q4 AUM, with management fee yield at 1.2%, and explained the AMINA Bank mark-to-market adjustment of about CHF 11 million as a noncash valuation move tied to lower crypto prices and compressed EV/AUM multiples. He also said the company ended with $113.8 million in cash and USDT/USDC, including $91.2 million of cash, and that it is declining to give 2026 guidance.

Analysts pressed management on cash deployment, AMINA Bank valuation, Nasdaq compliance, 2026 expense levels, breakeven AUM, Brazil traction, and whether DeFi Alpha has fewer opportunities in a crypto winter. Management said cash is being used for organic product build-out, seeding new funds, trading efficiency, and selective acquisitions, not just sitting idle. On breakeven, Paul said the company is targeting about $36 million of 2026 cash burn and estimated roughly $425 million of AUM plus $11.5 million from Stillman would cover the business. On marketing, management said spend is being cut by eliminating expensive, low-return campaigns and shifting to targeted, lower-cost institutional outreach; on Brazil, they said growth will take time but initial traction is already starting.