DeFi Technologies CEO Year-End Letter: 2025 to Lay Foundation for Scale

DeFi Technologies issued a Year-End Letter to Shareholders from its Chief Executive Officer and Executive Chairman, Johan Wattenstrom. "2025: Laying the Foundation for Scale. Valour reached 102 ETPs and built the most diversified regulated digital asset shelf globally. Valour's growth to more than 100 listed ETPs is not just a product milestone. It reflects a simple strategic goal: to give investors optionality and the choice to allocate to the world's top digital assets in a regulated, exchange-traded format, using the same brokerage and custody rails they already trust... Geographic expansion moved from "potential" to "operating reality" We have been building DeFi Technologies to be global, not local. In 2025, we validated that direction with meaningful progress across key markets and listings... Stillman Digital continued to strengthen the institutional layer of our platform. While Valour is the distribution engine for investment products, Stillman Digital is a critical part of the institutional stack that allows DeFi Technologies to monetize flows, deepen liquidity, and build durable relationships with sophisticated counterparties... We are advancing second-generation products built for larger pools of capital... We strengthened the balance sheet to increase the momentum of execution, broaden our bandwidth, and be able to facilitate larger trades and potential acquisitions... We raised $100 million in a capital raise that materially improved our strategic flexibility. We also ended Q3 2025 with $165.7 million in cash, cash equivalents, and digital asset treasury assets, plus $44 million in venture investments, and no debt... 2026: The Next Phase of Growth. We remain an early-stage growth company, and that is exactly why the opportunity is compelling. Multiple, Reinforcing Paths to Growth: Product expansion and AUM growth through Valour... Institutional execution and infrastructure expansion through Stillman Digital... Research and analytics expansion through Reflexivity... Capital markets and treasury monetization through DeFi Alpha and disciplined liquidity deployment... Product and service innovation and expansion... Strategic acquisitions and investments... New region expansion as additional markets come online."