DeFi Technologies Expands into Brazil’s Booming Digital Asset Market

DeFi Technologies CA24464X1069

DeFi Technologies has marked a significant milestone in its global expansion strategy by entering Brazil, a leading cryptocurrency market. Starting today, Brazilian Depositary Receipts (BDRs) representing the company's shares, alongside several crypto-focused exchange-traded products (ETPs) from its subsidiary, will be listed for trading on São Paulo's B3 exchange.

The company's move targets Latin America's largest and most integrated financial market. Brazil's unified regulatory and capital market system encompasses over 213 million people. The nation's crypto economy is particularly dynamic, with an estimated $318.8 to $319 billion in cryptocurrency transaction volume recorded between July 2024 and June 2025. This figure represents nearly one-third of all regional crypto activity.

Johan Wattenström, CEO and Executive Chairman of DeFi Technologies, characterized the B3 listing of the DEFT31 BDRs as a "critical next step" in the firm's international capital markets strategy. He highlighted Brazil as one of the most progressive and rapidly expanding markets for digital assets, noting that the BDRs provide local institutional investors with a straightforward, domestically traded avenue to access the company's growth narrative.

Dual Listing: BDRs and Crypto ETPs Go Live

The Brazilian Securities Commission (CVM) and B3 have granted approval for the listings, which involve two parallel initiatives:

1. BDR Listing: Trading for the BDRs, ticker symbol DEFT31, commences today. These instruments enable Brazilian institutional investors to gain exposure to DeFi Technologies' share performance using the local currency, the Brazilian Real (BRL). A ceremonial Closing Bell event is scheduled at B3 for December 17 to mark the launch.

2. Valour ETP Launch: Simultaneously, the company's subsidiary, Valour Inc., has received approval to list four of its digital asset ETPs on the same exchange. The products, available for trading immediately, are:

   • Valour Bitcoin (BTCV)
   • Valour Ethereum (ETHV)
   • Valour XRP (XRPV)
   • Valour SUI (VSUI)

This dual offering grants Brazilian investors access to both the company's equity and major cryptocurrency tokens through familiar domestic brokerage and custodial infrastructure.

Business Overview and Revised Financial Outlook

DeFi Technologies operates as a Nasdaq-listed, specialized digital asset manager. Its ecosystem provides investor access to the decentralized economy through several business units:
* Valour: Issues regulated ETPs tracking over 100 digital assets.
* Stillman Digital: Offers prime brokerage services with a focus on institutional execution and custody.
* Reflexivity Research: A dedicated digital asset research platform.
* DeFi Alpha: Manages internal arbitrage and proprietary trading activities.

The company recently reported solid third-quarter 2025 results, generating $22.5 million in revenue and $9 million in operating income. As of September 30, 2025, Valour's assets under management (AUM) for its ETPs stood at approximately $989.1 million. The corporation's combined cash and digital asset position totaled $165.7 million.

However, alongside these results, management issued a substantial downward revision to its full-year 2025 revenue guidance. The forecast was adjusted from $218.6 million to approximately $116.6 million. This correction was attributed to delays within the DeFi Alpha arbitrage business and narrower trading spreads experienced in the second half of 2025.

Leadership Transition Amid Expansion

This strategic expansion into Brazil coincides with a recent executive transition. In November 2025, co-founder Johan Wattenström assumed the roles of CEO and Executive Chairman. His predecessor, Olivier Roussy Newton, stepped down and moved into a strategic advisory position. These leadership changes were disclosed in conjunction with the Q3 2025 earnings report.

Global Footprint and Forward Focus

Securing a listing on B3 extends DeFi Technologies' exchange presence to a pivotal Latin American hub. Coupled with the new Valour ETP listings, this development strengthens the firm's global footprint in digital asset trading.

In the immediate term, market attention will center on the trading debut of the BDRs and the four crypto ETPs. Subsequently, the company's operational performance—specifically progress in its arbitrage operations and Valour's AUM growth—will serve as the next test for its updated annual revenue forecast.