DeFi Technologies reported third-quarter revenue of $18.3 million, down from $22.3 million in the same quarter of 2025. However, the Nasdaq-listed firm's net income reached $22.3 million, bolstered by significant gains tied to asset management rather than core operations.
The company's exchange-traded product subsidiary, Valour, recorded $26.1 million in net inflows during the quarter and grew assets under management to $643.7 million by September 30, representing approximately 62% growth from the previous quarter.
Operating Performance
Core operating revenue, which excludes unrealized gains and losses, fell to $6.1 million from $10.3 million in the prior-year quarter. Operating income declined to $7.0 million from $9.0 million.
DeFi Technologies' trading arm, Stillman Digital, contributed $2.2 million in commissions during the quarter. For the first nine months of 2026, Stillman Digital's commissions totaled $7.6 million, up approximately 22% compared with the same period a year earlier.
Valour's Performance and Fee Generation
Valour's average assets under management for the third quarter stood at $492.8 million and generated $3.8 million in combined fees. This comprised $2.6 million from staking and lending and $1.2 million from management fees.
For the first nine months of 2026, Valour attracted net inflows of $48.9 million, with the third quarter accounting for more than half of that total.
Balance Sheet and Strategic Moves
DeFi Technologies ended the quarter with approximately $159 million in liquid assets and investments, including cash, stablecoins, and treasury digital assets valued at roughly $48.2 million. Shareholders' equity stood at $165.8 million as of September 30.
Following the quarter's close, the company launched eight new exchange-traded products and introduced the Valour Funds SPC, a new structure under the Valour brand.
