DeFi Technologies Inc. Announces Third Quarter 2026 Financial Results with Revenue of $18.3 Million, Operating Income of $7.0 Million, and Net Income of $22.3 Million - PR Newswire
DeFi Technologies Inc. announced third-quarter 2026 financial results, reporting revenue of $18.3 million, operating income of $7.0 million, and net income of $22.3 million.
The company reported $18.3 million in total revenue for the three months ended September 30, 2026, compared to $22.3 million in the same period the previous year. Core operating revenue, excluding realized and unrealized gains and losses, was $6.1 million, down from $10.3 million in Q3 2025. Operating income for the quarter stood at $7.0 million, compared to $9.0 million in Q3 2025, while total operating expenses decreased to $11.3 million from $13.2 million.
The company’s financial performance was bolstered by trading gains and investment revaluations, which contributed materially to its net income of $22.3 million. These one-time gains contrast with the core business metrics, which showed a decline from the prior year. The decrease in core revenue and operating income reflects the ongoing volatility in digital asset markets, a factor the company attributes to the broader bear market environment.
DeFi Technologies’ subsidiaries contributed to the overall results, with Valour generating $3.8 million in management fees, staking, and lending income. Stillman Digital added $2.2 million in trading commissions revenue during the quarter. The company remains focused on expanding its distribution, bringing new products to market, and developing additional revenue streams to support future growth.
Valour assets under management grow 62%
Valour, a subsidiary of DeFi Technologies, reported a significant increase in assets under management (AUM) to $643.7 million as of September 30, 2026, a 62% rise from $397.2 million at the end of June. The company generated $26.1 million in net inflows into its exchange traded products (ETPs) during the quarter, bringing year-to-date net inflows to $48.9 million. Despite the overall decline in AUM from the prior year's $950.7 million, the growth from the previous quarter highlights strong investor confidence in the face of market headwinds.
Investors continued to allocate capital to our products through difficult market conditions, and I see that demand as an important foundation for growth.
Since quarter-end, Valour launched eight additional ETPs, each carrying a 1.9% management fee, and introduced Valour Funds SPC and its Smart Crypto Fund SP to cater to professional and qualified investors. The company is also developing additional institutional offerings. These new products aim to expand the ways investors can access the platform and generate revenue for the parent company.
Strong balance sheet and liquidity position
DeFi Technologies maintains a robust balance sheet with approximately $159 million in total cash, treasury assets, and investments as of September 30, 2026. The company holds $53.4 million in combined cash and USDT/USDC, $48.2 million in digital asset treasury holdings, and $25.5 million in venture and private investments. It also holds $20.0 million in Strategy preferred shares (STRC) and $2.0 million in RWUSD.
The company’s total shareholders' equity stood at $165.8 million, with a recent market capitalization of approximately $130 million. This disparity between the company’s valuation and its balance sheet holdings has led the CEO to argue that the market currently understates the company’s value and earnings potential. The company regularly allocates a portion of its digital asset treasury reserve to support ETP market risk hedging and strategic capital allocation.
Stillman Digital, the company’s trading business, generated $7.6 million in trading commissions through the first nine months of 2026, a 22% increase year over year. The company is focused on expanding Stillman’s institutional reach and client relationships to further leverage its profitable trading operations.
Outlook and next steps
Looking ahead, DeFi Technologies is optimistic that the lows of the current bear market may be behind us. The company believes it is entering a recovery phase with a broader revenue opportunity than in previous cycles. Higher AUM can increase management fees and staking income, while greater trading activity supports the institutional business. The company’s focus is on attracting capital, expanding distribution, and bringing new offerings to market.
DeFi Technologies will host a shareholder call on Friday, November 13, 2026, at 11:00 AM Eastern Time to discuss its Q3 2026 financial results. The company is confident in its direction and excited about the potential to deliver substantially stronger results in a sustained recovery than in previous bull market cycles.
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