DeFi Technologies Inc.

DEFT

$0.68

+4.64%

N/A+$0.03

Financial Services

Financial - Capital Markets

NASDAQ

Active Trading

DeFi Technologies Inc. is a technology company specializing in creating exchange-traded products (ETPs) within Canada, which are designed to mirror the value ...

Supply Chain of DEFT

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Bitcoin Suisse AG

AMINA Bank AG (formerly SEBA Bank)

VersaBank

SovFi

justTRADE (JT Technologies GmbH)

ShareIntel

Urvin Consulting LLC

GulfCap Investment Bank

Bitcoin Suisse AG

Crypto-finance partner; co-issuer of ETPs via Valour; provides custody, staking, and trading services for digital asset products

AMINA Bank AG (formerly SEBA Bank)

Regulated Swiss crypto bank (5.07% equity held via DeFi Ventures); provides custody, trading, and banking services for institutional digital asset operations

VersaBank

TSX:VBNK

Federally regulated custodian for QCAD stablecoin reserves via VersaVault platform; earns fees on assets custodied

SovFi

Digital asset capital markets technology partner; co-developer of Kenya Digital Exchange (KDX) with NSE; sovereign finance framework partner

justTRADE (JT Technologies GmbH)

German online brokerage partner distributing Valour ETPs to retail and institutional investors via savings plans

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Spotlight Stock Market (Sweden)

Börse Frankfurt (Frankfurt Stock Exchange)

SIX Swiss Exchange

London Stock Exchange (LSE)

Euronext (Paris & Amsterdam)

Xetra (Deutsche Börse)

B3 Brasil Bolsa Balcão

Institutional Investors (Asset Managers, Pension Funds, Family Offices)

Spotlight Stock Market (Sweden)

Unconfirmed

Primary listing venue for Valour digital asset ETPs in Nordic region; 100+ ETPs listed

Börse Frankfurt (Frankfurt Stock Exchange)

Unconfirmed

Major European listing venue for Valour ETPs; DEFT also trades as GR:R9B on this exchange

SIX Swiss Exchange

Unconfirmed

Valour Digital Securities Ltd. became a recognized ETP issuer on SIX in July 2025; Swiss market distribution

London Stock Exchange (LSE)

Unconfirmed

Listed first Bitcoin Staking ETP in September 2025; UK institutional distribution channel

Euronext (Paris & Amsterdam)

Unconfirmed

Listing venue for Valour Bitcoin Zero and other ETPs; expanded European footprint

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Galaxy Digital Holdings Ltd.

Coinbase Global Inc.

WisdomTree Inc.

Bitcoin Group SE

Galaxy Digital Holdings Ltd.

NASDAQ:GLXY

Closest publicly traded peer: digital asset financial services firm with trading, asset management, and venture investing operations; also listed on Nasdaq; similar business mix and crypto market exposure

Coinbase Global Inc.

NASDAQ:COIN

Largest US-listed crypto exchange and custodian; proxy for crypto market sentiment, regulatory dynamics, and digital asset trading volumes that directly impact DEFT's revenue

WisdomTree Inc.

NASDAQ:WT

Traditional asset manager with growing digital asset ETP offerings; proxy for the regulated crypto ETP/ETF market that Valour competes in across Europe

Bitcoin Group SE

Unconfirmed

German-listed crypto asset manager with ETP products on European exchanges; closest European peer to Valour's business model

Geographic

Region-level exposures that can distort the supply network.

Geographic

Canada (Headquarters)

Europe (Switzerland, Germany, Sweden, UK, France, Netherlands)

Brazil (Latin America)

DeFi Technologies Inc.

SIX Swiss Exchange

Bitcoin Suisse AG

AMINA Bank AG

B3 Brasil Bolsa Balcão

Canada (Headquarters)

Regulatory domicile and primary listing; subject to Canadian securities law and OSFI/Bank of Canada digital asset policy

DeFi Technologies Inc.NASDAQ:DEFTCorporate domicile in Toronto, Ontario

Europe (Switzerland, Germany, Sweden, UK, France, Netherlands)

Primary revenue region; Valour ETPs listed on 6+ European exchanges; Bitcoin Suisse (CH) and justTRADE (DE) key upstream partners

SIX Swiss ExchangeUNCONFIRMEDValour ETP listing venue; Swiss market access

Bitcoin Suisse AGETP co-issuance and custody partner in Switzerland

AMINA Bank AGSeries C venture investment; Swiss-regulated crypto bank

Brazil (Latin America)

Growth market via B3 exchange listing (DEFT31 BDRs and Valour ETPs); expansion partner risk

B3 Brasil Bolsa BalcãoUNCONFIRMEDBrazilian exchange listing DEFT31 and Valour ETPs

Kenya (Africa)

Emerging market via NSE Kenya Digital Exchange (KDX) partnership; sovereign and regulatory risk

Nairobi Securities ExchangeUNCONFIRMEDJoint development of KDX digital asset exchange

SovFiTechnology partner for KDX and sovereign finance framework

Singapore (Asia Pacific)

Expansion via AsiaNext MOU; subject to MAS regulatory framework for digital assets

AsiaNextMOU signed for APAC ETP distribution via Singapore institution-only exchange

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

High

Heavy reliance on institutional investor demand for ETPs; AUM concentration in top crypto assets (Bitcoin, Ethereum) drives management fee revenue

Foundry

Critical

Significant revenue concentration in DeFi Alpha arbitrage trading (est. 35%+ of FY2025 revenue); a single failed trade or loss of market access could severely impact earnings

Other

High

Revenue concentration in staking & lending income (~35%) tied to proof-of-stake blockchain network health, validator rewards, and interest rate environments

Other

Medium

Valour ETP distribution relies on a limited number of European exchange venues (Spotlight, Börse Frankfurt, Euronext, SIX, LSE); loss of any single listing could impact AUM

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Valour — Asset Management (Management Fees)

9.8%

$0.0B

Drives demand for blockchain protocol partnerships, custody services, and exchange listing relationships; fee revenue scales with AUM growth

Valour — Staking & Lending Income

35.3%

$0.0B

Requires relationships with proof-of-stake blockchain networks (e.g., Ethereum, Solana, Hedera) and institutional staking/custody providers

DeFi Alpha — Proprietary Arbitrage Trading

35.3%

$0.0B

Depends on access to centralized and decentralized exchange liquidity, low-latency trading infrastructure, and counterparty credit lines

Stillman Digital — Trading Commissions & OTC Services

9.7%

$0.0B

Requires prime brokerage relationships with exchanges, custodians, and credit facilities for institutional trading flow

Reflexivity Research & Other (Ventures, Advisory)

9.9%

$0.0B

Research arm distributes via Bloomberg Terminal, newsletter (50K+ subs); venture portfolio relies on partnership ecosystem (Stablecorp, AMINA Bank)

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Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer

DeFi Technologies Inc.

Supply Chain of DEFT

Upstream

Bitcoin Suisse AG

AMINA Bank AG (formerly SEBA Bank)

VersaBank

SovFi

justTRADE (JT Technologies GmbH)

ShareIntel

Urvin Consulting LLC

GulfCap Investment Bank

View More

Downstream

Spotlight Stock Market (Sweden)

Börse Frankfurt (Frankfurt Stock Exchange)

SIX Swiss Exchange

London Stock Exchange (LSE)

Euronext (Paris & Amsterdam)

Xetra (Deutsche Börse)

B3 Brasil Bolsa Balcão

Institutional Investors (Asset Managers, Pension Funds, Family Offices)

View More

Proxies

Galaxy Digital Holdings Ltd.

Coinbase Global Inc.

WisdomTree Inc.

Bitcoin Group SE

Geographic

Canada (Headquarters)

Europe (Switzerland, Germany, Sweden, UK, France, Netherlands)

Brazil (Latin America)

View More

Supply Chain of DEFT

Upstream

Bitcoin Suisse AG

AMINA Bank AG (formerly SEBA Bank)

VersaBank

SovFi

justTRADE (JT Technologies GmbH)

ShareIntel

Urvin Consulting LLC

GulfCap Investment Bank

View More

Downstream

Spotlight Stock Market (Sweden)

Börse Frankfurt (Frankfurt Stock Exchange)

SIX Swiss Exchange

London Stock Exchange (LSE)

Euronext (Paris & Amsterdam)

Xetra (Deutsche Börse)

B3 Brasil Bolsa Balcão

Institutional Investors (Asset Managers, Pension Funds, Family Offices)

View More

Proxies

Galaxy Digital Holdings Ltd.

Coinbase Global Inc.

WisdomTree Inc.

Bitcoin Group SE

Geographic

Canada (Headquarters)

Europe (Switzerland, Germany, Sweden, UK, France, Netherlands)

Brazil (Latin America)

View More