DeFi Technologies Approves Reverse Split and Strengthens Governance Defenses Amid Stock Plunge

Shareholders vote 73% for reverse split to maintain Nasdaq listing, despite record Q1 profit of $4.9M and 2025 revenue of $99M; stock near 52-week low amid crypto winter.

Shareholders of DeFi Technologies have voted overwhelmingly in favor of a reverse stock split, handing management a tool to keep the company’s Nasdaq listing alive. More than 73% of votes cast at the 2026 annual meeting backed the consolidation, though the exact ratio and implementation date have yet to be disclosed. The move comes as the stock trades at €0.44, barely above the 52-week low of €0.41 hit earlier this week and a staggering 85% below the €2.98 peak seen a year ago.

Alongside the split, investors also approved an advance notice by-law with 64% support. The new regulation tightens the window for shareholders to nominate board candidates, requiring earlier and more detailed filings. Market observers view the rule as a classic defense mechanism against activist investors—a tactic increasingly common among small-cap listed firms. Board members Jonathan Dimitry and Johan Wattenstrom were re-elected with 95% and 76% approval respectively, although voter turnout stood at just 31.7% of outstanding shares.

The corporate governance overhaul arrives at a moment when DeFi Technologies’ financial performance could hardly be stronger. For the first quarter of 2026, the company posted net income of $4.9 million on total revenue of $11.2 million. The core operating revenue reached $6.3 million, with its Valour subsidiary contributing $3.3 million from management and staking fees. Valour’s assets under management stood at $533.6 million, while the group’s average AUM across the quarter climbed to roughly $809 million. The balance sheet showed $156 million in cash and digital assets at the end of March.

Those numbers build on a record 2025, when DeFi Technologies generated nearly $99 million in revenue and $62.7 million in net profit. Yet the stock has fallen more than 40% since the start of the year alone, and sits 48% below its 200-day moving average of €0.83. A relative strength index reading of 38.4 signals nervousness rather than outright capitulation, suggesting the selling pressure could still intensify.

The disconnect between earnings and the share price reflects a broader chill in the crypto sector. DeFi Technologies generates most of its income through crypto-linked exchange-traded products via Valour and trading revenues from Stillman Digital. The business thrives when investors pile into digital assets indirectly, but sentiment has soured since the ETP peak in October 2025. Europe’s full implementation of the MiCA regulatory framework has added compliance costs, while institutional appetite for crypto exposure has waned. Analysts now speak of a fresh crypto winter that is weighing on the very asset class the company depends on.

Without concrete details on the reverse split’s timing and ratio, the stock lacks a technical floor. The reverse consolidation can artificially lift the per-share price above Nasdaq’s minimum threshold, but it does nothing to alter the operational reality or the macro headwinds. The next quarterly report will be the real test: whether the market finally rewards the underlying profit growth or continues to price DeFi Technologies in line with the skeptical broader environment.