Valour inflows hit $107M as DEFT pitches full-stack digital asset platform
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Valour delivered record net inflows of $107 million in 2025 and briefly reached roughly $1.2 billion AUM, operating about 102 ETPs (≈75 single-asset) and reporting majority net inflows month-over-month despite market volatility.
DeFi Technologies presents itself as a fully integrated digital asset infrastructure company—combining Valour, Stillman Digital, DeFi Alpha and research—with in-house issuance, trading, market making and staking that management says creates operational leverage and earns roughly 5–7% on Valour AUM.
Management is targeting institutional expansion with plans for a spot-crypto UCITS fund and other institutional structures, while Stillman Digital (OTC/liquidity) expects strong growth after completing over $60 billion in transactions and projecting ~20% year-over-year growth.
Executives from DeFi Technologies (NASDAQ:DEFT) used a long-form discussion hosted by Canaccord Genuity’s Cooper Jefferson to frame the company as a “fully integrated digital asset infrastructure” business that aims to bridge decentralized finance and traditional capital markets through multiple operating units, including Valour, Stillman Digital, DeFi Alpha, and Reflexivity Research.
President and Chief Growth Officer Andrew Forson said the company’s core focus is making it “very, very easy and transparent” for institutions to connect with digital assets and decentralized finance through familiar capital markets infrastructure. Forson pointed to the growth of stablecoins and what he described as a broader transition toward fiat moving on “digital asset rails,” arguing the firm’s platform approach supports “the next generation of finance.”
Vice President of Marketing and Communications Curtis Schlaufman contrasted the company with other North American crypto-related equities, saying DeFi Technologies provides broader exposure through its Valour asset management business. Schlaufman said Valour offers access to “75+ different digital assets” and described it as “the most diversified digital asset manager globally.” He also emphasized that Valour’s model extends beyond management fees through in-house issuance infrastructure, trading flows, market making, and staking, which he said creates operational leverage. Schlaufman said the company generates “anywhere from 5%-7%” on Valour’s assets under management (AUM), with additional contributions from other business lines.
Jefferson noted Valour delivered record net inflows of $107 million during 2025 despite market volatility, prompting a discussion on how management evaluates growth. Schlaufman said net inflows are a key indicator because they reflect “management efficiency” across market conditions, while AUM can be heavily influenced by underlying asset prices. Forson added that Valour’s ETP lineup can offer exposure to assets that may not be widely accessible elsewhere, citing examples such as an ETP linked to “HYPE” and a Tether Gold ETP.
Schlaufman said Valour’s AUM reached an all-time high of roughly $1.2 billion in August 2025 for a brief period. He added that even after what he described as a major liquidation event on “10/10” and subsequent market declines, Valour continued to see “majority net inflows month-over-month.” He argued that inflows can provide leverage when digital asset prices recover and said Valour has recorded net inflows year-over-year regardless of market conditions.
Looking ahead, management indicated it does not expect a dramatic shift away from its broad ETP shelf, noting the company has approximately 102 ETPs, with about 75 offering single-asset exposure plus basket products. Schlaufman said the firm has “pretty much filled out the top 75 by market cap cryptos,” while noting an evolving market narrative that emphasizes protocols generating meaningful revenue and user activity, alongside reduced venture funding for new projects.
A major near-term focus, according to Schlaufman, is launching more institutional-oriented products, including a UCITS fund. He described UCITS as the “gold standard” for institutional frameworks in the EU and said the company expects to launch what he believes will be the first UCITS fund with spot crypto underlying, combining exposure to crypto, Valour ETPs, and equity exposure that could include DeFi Technologies stock. He also cited additional structures under consideration, including actively managed certificates, hedge fund structures, and fund-of-funds offerings, which he said could attract more institutional capital than Valour’s existing ETP format, which he characterized as “about 90%-95% retail-driven.”
Forson added that tokenization trends could lead to a re-rating of certain blockchain networks. He argued that portfolio managers may need to reconcile holding “risk-free” instruments issued on platforms that are treated as “risk-on,” which he suggested could be supportive for major digital assets such as Ethereum and Solana—an outcome he said would benefit the company’s ETPs. He also said the liquidity and efficiency of Valour’s products could make them building blocks for third parties seeking to create tokenized instruments using combinations of ETPs.
The discussion also addressed the potential impact of U.S. regulatory developments, including the “Clarity Act,” which Jefferson described as moving through the process. Forson said regulatory clarity typically increases demand by allowing “safe capital” to flow into instruments deemed acceptable, which could lift both asset prices and AUM across the company’s product set. He added that DeFi Technologies’ efforts around institutional products and custody could expand its total addressable market, and that greater clarity in U.S. markets would likely benefit Valour and Stillman Digital.
On Stillman Digital, the company’s OTC trading and liquidity provisioning platform, Schlaufman said the business expects to report its “best year ever” in 2025 and projected “20% year-over-year growth” in 2026. He described Stillman as “market agnostic,” saying it is not dependent on crypto volatility and can operate as long as trading opportunities exist. He also said the firm is pursuing expansion into new jurisdictions and broader service offerings, citing ongoing efforts to increase reach and liquidity access.
Forson emphasized Stillman’s global relevance, noting demand for stablecoin liquidity across markets and describing conversations with investors in Brazil who were interested in onboarding to Stillman. He said Stillman has completed “over $60 billion in transactions” since inception and that its technology is developed in-house. Forson added that Stillman is regulated in Bermuda and “other important” North American markets, and he characterized the team as young and hungry with an offering he believes applies across regions including Latin America, Africa, and Asia.
Management also discussed elements of the company’s venture portfolio. Forson highlighted Neuronomics, described as a Swiss-based asset manager staffed by PhDs specializing in algorithms, AI, and machine learning. He said Neuronomics’ systems can support the creation of structured instruments designed to generate “algorithmically alpha returns” and build strategies for hedge funds, family offices, and portfolio managers, noting the approach is not limited to digital assets.
Schlaufman said the company’s venture investment approach increasingly centers on integrating portfolio company capabilities into its own infrastructure to monetize them. He cited investments in Stablecorp, which he said is launching Canada’s first regulated stablecoin “in QCAD,” and cNGN, which he described as an Africa-localized stablecoin. He said Stillman Digital would be a preferred liquidity provider for those stablecoins and added the company could launch structured products around them.
In closing remarks, Forson said decentralized finance can be confusing due to its mix of technology, asset management, and finance, but argued DeFi Technologies operates “profitably,” “at scale,” and with a “very, very risk averse” posture. He said the company’s revenue streams include passive and recurring components, while Stillman Digital and Neuronomics could provide growth that is “somewhat insulated” from volatility. Schlaufman encouraged investors to contact the company directly via curtis@defi.tech or IR@defi.tech.
DeFi Technologies Inc is a Vancouver-based company focused on decentralized finance (DeFi) and digital asset investments. Through strategic equity stakes and token allocations, the company aims to provide investors with exposure to leading DeFi protocols, applications, and infrastructure projects. Its core activities include sourcing, evaluating and acquiring positions in blockchain-based platforms that facilitate decentralized lending, trading, yield farming and liquidity provision.
In addition to its investment portfolio, DeFi Technologies works to develop and distribute tokenized products that bridge traditional capital markets with emerging DeFi ecosystems.
