DeFi Technologies Inc. Q3 2026 Earnings Call Summary Moby Intelligence Fri, November 13, 2026 at 5:00 PM EST 3 min read NVDA -2.72% DEFT +5.47% SOL-USD -3.71% DEFT +5.47% Trade NVIDIA on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Management attributed the 62% quarter-over-quarter AUM growth to a combination of rebounding digital asset prices and $26.1 million in resilient net inflows.
The business model is designed for margin expansion, as the existing scalable infrastructure allows revenue to grow with AUM while operating expenses remain relatively flat.
A strategic shift is underway to move beyond traditional ETPs into actively managed funds and institutional products with higher fee structures and performance upside.
The recovery in altcoin prices, such as Solana and SUI, has improved the average monetization rate as these higher-yielding assets become a larger percentage of total AUM.
Stillman Digital serves as a diversified revenue source, providing institutional liquidity and trading services that are largely uncorrelated with Valour's asset management performance.
Management highlighted a significant valuation disconnect, noting that the company's market capitalization recently traded below its $165.8 million in total shareholder equity.
The Valour Custody platform is targeted for a first-half 2027 launch, following a temporary reallocation of resources to other internal infrastructure priorities.
Management expects to secure UCITS approval in an alternative EU jurisdiction by late 2026 or Q1 2027 to access global pension fund and institutional capital.
Stillman Digital is in the process of acquiring licenses across all U.S. states to market brokerage and asset management services to U.S. retail and institutional clients.
The imminent launch of the DVIO AMC, a fund-of-ETPs, is expected to drive AUM to existing products while enhancing the platform's average management fee.
The company intends to meet the Nasdaq $1 minimum bid price requirement by March 2027, potentially utilizing a reverse split if organic price appreciation is insufficient.
Net income was materially impacted by $20 million in mark-to-market gains from cryptocurrency holdings and venture investments like AMINA.
Operating costs include significant legal expenses related to an ongoing class action lawsuit, which management hopes to resolve in early 2027.
DeFi Alpha trading activity remained dormant as counterparties await higher asset prices, specifically Bitcoin potentially exceeding $90,000, before seeking liquidity.
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Management explained the shift to H1 2027 was due to a short-term reprioritization of resources toward other internal infrastructure projects.
The platform is expected to provide a competitive edge by allowing the company to support its own custody and staking services in-house, protecting margins.
Johan Wattenström noted that counterparties are currently waiting for higher asset prices to engage in trades, as higher prices provide them with more cash and the company with more profit.
Management suggested that Bitcoin may need to reach the $90,000 level before foundations and counterparties become eager to seek cash liquidity again.
Management confirmed they will execute a reverse split if the stock is not organically above $1 by the March deadline to avoid delisting.
The company noted that trading under $1 creates a barrier for institutional funds that are restricted from buying low-priced stocks.
The Q3 monetization rate of 4.6% was driven by a full quarter of dividends from Strategy preferred shares and a recovery in high-yield altcoin prices.
Management expects the rate to remain sensitive to market cycles, as bullish trends increase the proportion of high-yielding volatile assets relative to Bitcoin and Ethereum.
