Defi Technologies, Inc.
For the period ended Dec 31, 2025. Filed Apr 2, 2026.
View on SEC.govAbout this filing
The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Apr 2, 2026
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Contents
EX-99.3 · Operating Segments
Operating Segments
The Company operates in various business lines based on where the subsidiaries operate. Valour operates the Company’s ETPs business line which involves issuing ETPs, hedging against the underlying digital asset, lending and staking of digital assets and management fees earned on the ETPs as well as any DeFi Alpha related transactions. DeFi Alpha is a trading desk designed to identify low-risk arbitrage opportunities within the crypto ecosystem. Reflexivity Research operates the Company’s research firm and Stillman Digital and Stillman Bermuda operate the trading platform.
Information about the Company’s assets by segment is detailed below.
| December 31, 2025 | DeFi | Reflexivity | Stillman Digital | Valour Inc | Total |
|---|---|---|---|---|---|
| Cash | 52,948,491 | 2,101 | 9,203,569 | 29,079,929 | 91,234,090 |
| Client cash deposits | - | - | 5,615,054 | - | 5,615,054 |
| Public investments, at fair value through profit and loss | 272,520 | - | - | - | 272,520 |
| Prepaid expenses | 562,981 | 73,144 | 8,267,050 | 693,747 | 9,596,921 |
| Digital assets, digital assets loaned, and digital assets staked | - | 65,040 | 14,066,946 | 501,454,945 | 515,586,931 |
| Equity instruments | - | - | - | 131,982,050 | 131,982,050 |
| Right-of-use assets | - | - | - | 2,999,253 | 2,999,253 |
| Investment in associate | 2,423,934 | - | - | - | 2,423,934 |
| Other non-current assets | 28,172,752 | - | - | 36,680,278 | 64,853,030 |
| Total assets | 84,380,678 | 140,285 | 37,152,619 | 702,890,202 | 824,563,784 |
| Accounts payable and accrued liabilities | 2,151,846 | 49,421 | 7,754,780 | 1,610,274 | 11,566,321 |
| Loans payable | - | - | - | 2,611,009 | 2,611,009 |
| Trading liabilities | - | - | 21,826,430 | - | 21,826,430 |
| Warrant liability | 13,599,316 | - | - | - | 13,599,316 |
| Lease liability | - | - | - | 3,102,188 | 3,102,188 |
| ETP holders payable | - | - | - | 622,304,667 | 622,304,667 |
| Total liabilities | 15,751,162 | 49,421 | 29,581,210 | 629,628,138 | 675,009,931 |
| December 31, 2024 | DeFi | Reflexivity | Stillman Digital | Valour Inc | Total |
|---|---|---|---|---|---|
| Cash | 1,771,331 | 151,150 | 1,155,607 | 12,853,437 | 15,931,525 |
| Client cash deposits | - | - | 10,665,147 | - | 10,665,147 |
| Prepaid expenses | 547,856 | 72,017 | 701,222 | 476,629 | 1,797,724 |
| Public investments, at fair value through profit and loss | 778,085 | - | - | - | 778,085 |
| Digital assets, digital assets loaned, and digital assets staked | 530,601 | 158,649 | 5,718,748 | 549,430,902 | 555,838,900 |
| Equity instruments | - | - | - | 257,425,063 | 257,425,063 |
| Property, plant and equipment | - | - | - | 103 | 103 |
| Other non-current assets | 36,054,408 | - | - | 40,100,722 | 76,155,130 |
| Total assets | 39,682,281 | 381,816 | 18,240,724 | 860,286,856 | 918,591,677 |
| Accounts payable and accrued liabilities | 2,336,456 | 194,014 | 577,997 | 373,997 | 3,482,464 |
| Loans payable | - | - | - | 9,693,294 | 9,693,294 |
| Trading liabilities | - | - | 15,109,375 | - | 15,109,375 |
| ETP holders payable | - | - | - | 871,162,347 | 871,162,347 |
| Total liabilities | 2,336,456 | 194,014 | 15,687,372 | 881,229,638 | 899,447,480 |
Information about the Company’s revenues and expenses by segment is detailed below
| Year ended December 31, 2025 | DeFi | Reflexivity | Stillman Digital | Neuronomics | Valour Inc. | Total |
|---|---|---|---|---|---|---|
| Staking and lending income | - | 114 | - | - | 13,072,027 | 13,072,141 |
| Trading commissions | - | - | 9,579,010 | - | - | 9,579,010 |
| Management fees | - | - | - | 123,706 | 9,573,286 | 9,696,992 |
| Research revenue | - | 533,000 | - | - | - | 533,000 |
| Advisory revenue | 287,558 | - | - | - | - | 287,558 |
| Revenues excluding realized and net change in unrealized gains (losses) | 287,558 | 533,114 | 9,579,010 | 123,706 | 22,645,313 | 33,168,701 |
| Realized and net change in unrealized (losses) gains on digital assets | (688,965) | (33,658) | 258,220 | - | (233,525,090) | (233,989,493) |
| Realized and net change in unrealized loss on equity investments | - | - | - | - | (51,007,843) | (51,007,843) |
| Realized and net change in unrealized gains on ETP payables | - | - | - | - | 350,965,104 | 350,965,104 |
| Revenues from realized and net change in unrealized (losses) gains | (688,965) | (33,658) | 258,220 | - | 66,432,171 | 65,967,768 |
| Total revenues | (401,407) | 499,456 | 9,837,230 | 123,706 | 89,077,484 | 99,136,469 |
| Expenses | ||||||
| Operating, general and administration | 14,902,029 | 585,836 | 8,714,090 | 210,211 | 9,806,967 | 34,219,133 |
| Share based payments | 13,210,103 | - | - | - | 13,210,103 | |
| Depreciation - property, plant and equipment | - | - | 1,563 | - | 103 | 1,666 |
| Amortization - right-of-use asset | - | - | - | - | 207,328 | 207,328 |
| Amortization - intangibles | 1,286,479 | - | 5,291 | 39,811 | - | 1,331,581 |
| Fees and commissions | 19,707 | - | 938,361 | - | 5,242,613 | 6,200,681 |
| Foreign exchange (gain) loss | (291,840) | - | (1,109) | 5,911 | (2,271,481) | (2,558,519) |
| Total operating expenses | 29,126,478 | 585,836 | 9,658,196 | 255,933 | 12,985,530 | 52,611,973 |
| Operating (loss) income | (29,527,885) | (86,380) | 179,034 | (132,227) | 76,091,954 | 46,524,496 |
| Realized (loss) on investments, net | (482,026) | - | (55,320) | - | 118,253 | (419,093) |
| Unrealized (loss) on investments, net | (16,501,202) | - | - | - | - | (16,501,202) |
| Interest income | 504,084 | - | 2,023 | 33,278 | 3,237 | 542,622 |
| Finance costs | (935) | - | (1,401) | (582) | 776,162 | 773,244 |
| Financing expense | (4,677,123) | - | - | - | - | (4,677,123) |
| Gain on deconsolidation | - | - | - | 583,966 | - | 583,966 |
| Loss on investment in associate | (75,506) | - | - | - | - | (75,506) |
| Change in fair value of warrant liabilities | 39,595,879 | - | - | - | - | 39,595,879 |
| Bad debt expense | (478,240) | - | - | - | (248,000) | (726,240) |
| Impairment loss | - | (2,077,585) | - | - | - | (2,077,585) |
| Total other income (expenses) | 17,884,931 | (2,077,585) | (54,698) | 616,662 | 649,652 | 17,018,962 |
| Net (loss) income for the year before taxes | (11,642,954) | (2,163,965) | 124,336 | 484,435 | 76,741,606 | 63,543,458 |
| Current taxes | 403,546 | (1,972) | 732,823 | 779 | 2,555 | 1,137,731 |
| Net (loss) income after tax | (12,046,500) | (2,161,993) | (608,487) | 483,656 | 76,739,051 | 62,405,727 |
| Other comprehensive income (loss) | ||||||
| Foreign currency translation (loss) gain | - | - | - | - | 294,045 | 294,045 |
| Net (loss) income and comprehensive (loss) income for the period | (12,046,500) | (2,161,993) | (608,487) | 483,656 | 77,033,096 | 62,699,772 |
| For the year ended December 31, 2024 | DeFi | Reflexivity | Stillman Digital | Valour Inc. | Total |
|---|---|---|---|---|---|
| Staking and lending income | - | - | - | 13,014,797 | 13,014,797 |
| Management fees | - | - | - | 6,443,983 | 6,443,983 |
| Trading commissions | - | - | 2,106,286 | - | 2,106,286 |
| Research revenue | - | 1,433,378 | - | - | 1,433,378 |
| Revenues excluding realized and net change in unrealized gains (losses) | - | 1,433,378 | 2,106,286 | 19,458,780 | 22,998,444 |
| Realized and net change in unrealized gains and (losses) on digital assets | 165,358 | 54,158 | - | 251,820,857 | 252,040,373 |
| Unrealized gain on equity investments | - | - | - | 108,915,688 | 108,915,688 |
| Realized and net change in unrealized gains and (losses) on ETP payables | - | - | - | (352,528,754) | (352,528,754) |
| Revenues from realized and net change in unrealized gains (losses) | 165,358 | 54,158 | - | 8,207,791 | 8,427,307 |
| Total revenues | 165,358 | 1,487,536 | 2,106,286 | 27,666,571 | 31,425,751 |
| Expenses | |||||
| Operating, general and administration | 8,486,775 | 1,216,107 | 1,154,579 | 25,878,204 | 36,735,665 |
| Share based payments | 12,924,154 | - | - | 6,325,531 | 19,249,685 |
| Depreciation - property, plant and equipment | 4,168 | - | - | 1,822 | 5,990 |
| Amortization - intangibles | 1,543,995 | - | - | - | 1,543,995 |
| Fees and commissions | 32,753 | - | 251,319 | 3,823,030 | 4,107,102 |
| Foreign exchange (gain) loss | 91,484 | - | (348,048) | (64,758) | (321,322) |
| Total operating expenses | 23,083,329 | 1,216,107 | 1,057,850 | 35,963,829 | 61,321,115 |
| Operating income (loss) | (22,917,971) | 271,429 | 1,048,436 | (8,297,258) | (29,895,364) |
| Realized (loss) on investments, net | - | - | - | 112,984 | 112,984 |
| Unrealized (loss) on investments, net | 3,553,228 | - | - | 4,355,603 | 7,908,831 |
| Interest income | 3,926 | - | 611 | - | 4,537 |
| Finance costs | - | - | 953 | (2,825,045) | (2,824,092) |
| Provision on accounts receivable | 93,814 | - | (310,449) | - | (216,635) |
| Impairment loss | (3,622,456) | - | - | - | (3,622,456) |
| Total other income (expenses) | 28,512 | - | (308,885) | 1,643,542 | 1,363,169 |
| Net income (loss) for the period | (22,889,459) | 271,429 | 739,551 | (6,653,716) | (28,532,195) |
| Other comprehensive income (loss) | |||||
| Foreign currency translation (loss) gain | 10,602 | (21,587) | 336,058 | 590,261 | 915,334 |
| Net (loss) income and comprehensive (loss) income for the period | (22,878,857) | 249,842 | 1,075,609 | (6,063,455) | (27,616,861) |
DeFi Alpha is a division within Valour focused on arbitrage trading opportunities. It does not have its own statement of financial position but leverages Valour’s equity for its trades. The CODM only reviews DeFi Alpha’s trading operating results as part of its consolidated review of Valour and hence it has not been presented separately in the table above. The comparative period has been restated to align with the current period presentation.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.