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Most of Defi Technologies, Inc.’s revenue comes from Valour. Investors buy its exchange-traded products through banks or brokers to follow cryptocurrency prices without handling wallets or custody themselves. Valour holds digital assets directly or indirectly to hedge the exposure created by issuing these products. It charges management fees on most products, although Bitcoin Zero and Ethereum Zero carry no management fee. It also earns rewards by committing assets to blockchain networks to support their operation—called staking—and earns income by lending assets to counterparties. Its DeFi Alpha desk uses Valour’s own capital to trade price discrepancies across digital-asset markets.
A second business, Stillman Digital, executes cryptocurrency trades and supplies liquidity for institutional clients. It earns commissions on executed trades, rather than fees for managing investment products.
The business depends on cryptocurrency prices, particularly Bitcoin, and investor demand: these affect the assets managed by Valour and the fees and staking income it earns. Asset custody and lending are concentrated among a few counterparties. Staked or lent assets may not be available when needed to meet ETP redemptions. Valour’s lending and staking must follow its prospectuses and policy limits, including restrictions to institutional-grade counterparties. Stillman’s Canadian money-services registration covers anti-money-laundering obligations; it is not securities-law approval.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
DeFi Technologies depends on crypto-product inflows and staking yields, with Binance and Copper worth watching because they hold substantial portions of Valour’s digital assets.
Galaxy Digital competes with DeFi Technologies for institutional crypto trading clients, with both also active in crypto investing, lending and asset management. Watch Galaxy’s trading fees and client-loan income for a read on the market served by DeFi’s Stillman Digital trading business and digital-asset lending activities.
Coinbase Global competes with DeFi Technologies’ Stillman Digital to handle crypto trades for institutions, including market makers, asset managers and other financial counterparties. Watch Coinbase’s institutional trading business rather than its consumer trading fees when assessing this overlap.
Metalpha Technology Holding Limited competes with DeFi Technologies’ Stillman Digital by arranging crypto trades directly with clients and providing liquidity, rather than routing every trade through an exchange. Its digital-asset services income is the line to watch, though it also includes trading for its own account.
Bullish overlaps with two DeFi Technologies businesses: it facilitates institutional crypto trading like Stillman Digital and sells information services that overlap with Reflexivity Research’s sponsored content, commissioned reports and conferences. Watch its institutional trading and research-and-events businesses separately, since they speak to different parts of DeFi’s business.
Amber International Holding Limited targets the same broad institutional crypto client market as DeFi Technologies’ Stillman Digital, which executes trades and supplies liquidity. Amber’s institutional financial services under the Amber Premium brand are the business to watch for this overlap.
Sol Strategies Inc. and DeFi Technologies both have exposure to SOL prices and staking yields: Sol Strategies holds tokens and uses its validators to earn network rewards, while DeFi holds substantial staked Solana investments through funds. Sol Strategies’ staking rewards offer a comparison for that income source, but DeFi does not control how its funds stake.
DeFi Development Corp. shares DeFi Technologies’ exposure to SOL prices and staking yields, growing its SOL holdings through staking and validator rewards while DeFi earns staking income through substantial Solana fund investments. Watch the rewards earned on DeFi Development’s SOL holdings, rather than its separate real-estate software business.
Solana Company concentrates its treasury in SOL and seeks native staking rewards, sharing the price-and-yield exposure of DeFi Technologies’ large Solana fund investments. DeFi’s Fund B rewards accrue on locked tokens and become distributable according to the unlocking schedule, so staking income and access to those rewards are not the same thing.
BitGo Holdings, Inc. overlaps with DeFi Technologies in executing institutional crypto trades, supplying liquidity and lending digital assets. Watch BitGo’s trading activity and lending interest and fees, but distinguish its digital-asset sales revenue—which records the total value traded—from fees earned on those trades.
BTCS Inc. and DeFi Technologies both earn token rewards by checking blockchain transactions through validator nodes, tying revenue to rewards earned and token prices. BTCS earns ETH rewards and transaction fees on Ethereum; DeFi’s validator nodes contributed US$6.76 million of its US$13.07 million in direct staking and lending income in 2025.
Sharplink, Inc. shares DeFi Technologies’ exposure to Ethereum prices and staking yields: it delegates its large ETH treasury to validators for rewards, while DeFi earns from staking and offers Ethereum-linked investment products. Watch Sharplink’s ETH staking rewards; DeFi’s ETH products charge no management fee, making staking distinct from fee income.
Strategy Inc’s debt-funded Bitcoin holdings and DeFi Technologies’ crypto investment products both expose shareholders to Bitcoin prices and investor demand for crypto exposure. Strategy’s Bitcoin-related gains, losses and financing costs are more relevant here than its software sales; for DeFi, higher crypto prices generally lift assets under management and fee and staking revenue when product flows stay constant.
Bit Digital, Inc.’s Ethereum holdings and staking activities share DeFi Technologies’ exposure to crypto prices and staking yields, but its high-performance computing business adds a separate driver. Its overall results therefore need not move in step with DeFi’s crypto business.
Coinbase Global, Inc. earningsCOIN
Coinbase Global’s institutional trading business will show how client activity and trading revenue are moving in a market where Defi Technologies’ Stillman Digital earns commissions on trades.
Read Coinbase’s institutional trading activity alongside its trading revenue. If both grow, institutional trade demand is active in a market where Stillman Digital earns commissions on executed trades. If activity grows but revenue lags, fees or business mix may be under pressure. The first outcome points to a supportive market; the second cautions that Stillman’s commission environment may be less favorable, but neither outcome alone shows whether Stillman is gaining or losing clients or share.
BTCS Inc. earningsBTCS
BTCS’s Ethereum validator rewards and transaction fees offer a read on conditions for another business earning income by validating blockchain transactions, a source of income for Defi Technologies too.
Watch BTCS’s Ethereum validator rewards and transaction fees, then set their direction beside DeFi Technologies’ disclosed validator-node income; the companies’ token holdings and business mixes differ, so their amounts are not directly comparable. Stronger BTCS rewards and fees would point to a potentially supportive on-chain reward environment for DeFi Technologies’ validator income; weaker results would suggest less support. The takeaway is the direction of the reward environment, not a substitute for DeFi Technologies’ own results.
Defi Technologies, Inc. earningsThis company
This report will show whether Valour’s management fees and staking and lending income are keeping pace with product assets and trading, or whether swings in digital-asset and ETP-liability values are driving more of Defi Technologies’ reported revenue.
Read Valour’s management fees and staking and lending income alongside net ETP inflows or redemptions and the net changes in the value of digital assets and amounts payable to ETP holders. If fees and rewards grow with assets and flows, without valuation changes dominating revenue, the product business itself is strengthening. If those income lines weaken or valuation changes account for most reported growth, the business is more exposed to crypto-asset price swings.
