DeFi Technologies reports Q3 revenue of $18.3 million as Valour pulls in $26.1 million

DeFi Technologies had a quarter that depends on which line of the income statement you read first. Revenue for the three months ending September 30, 2026 came in at $18.3 million, down from $22.3 million in the same quarter of 2025.

Yet net income landed at $22.3 million, which is more than the company booked in revenue. That kind of math usually means something other than day-to-day operations did the heavy lifting.

The Nasdaq-listed firm (ticker: DEFT) also reported that its exchange-traded product subsidiary, Valour, recorded $26.1 million in net inflows during the quarter. For a company whose business model rests on people wanting crypto exposure through regulated wrappers, that last number may matter more than the headline revenue miss.

The numbers behind the quarter

Start with the top line. Total revenue fell to $18.3 million from $22.3 million a year earlier.

The more telling figure is what the company calls core operating revenue. This strips out unrealized gains and losses, meaning paper profits or losses on assets the company holds but has not sold.

On that cleaner measure, DeFi Technologies brought in $6.1 million, down from $10.3 million in the prior-year quarter.

Operating income followed the same direction, slipping to $7.0 million from $9.0 million.

Then there is the $22.3 million in net income. The company’s results reflect significant gains tied to asset management, which pushed the bottom line well above what operations alone produced.

The trading arm, Stillman Digital, contributed $2.2 million in commissions during the quarter. Over the first nine months of 2026, its commissions totaled $7.6 million, up about 22% compared with the same stretch a year earlier.

Valour does the heavy lifting

Valour is the part of the business that issues digital asset ETPs. These are listed products that let investors get exposure to crypto through a traditional brokerage account, without managing wallets or private keys.

During the third quarter, Valour drew $26.1 million in net inflows. Average assets under management for the period stood at $492.8 million.

That asset base generated $3.8 million in combined fees. The split: $2.6 million came from staking and lending, and $1.2 million from management fees.

By September 30, total assets under management had climbed to $643.7 million. That represents growth of approximately 62% from the previous quarter.

For the first nine months of 2026, Valour’s net inflows reached $48.9 million. The third quarter alone accounted for more than half of that figure, suggesting momentum built as the year went on.

CEO Johan Wattenström pointed to improving conditions across digital asset markets. He also argued that positive net inflows are a key gauge of demand, one that holds regardless of where asset prices happen to be moving.

Balance sheet and what came next

DeFi Technologies ended the quarter with approximately $159 million in liquid assets and investments. That pool includes cash, USDT and USDC stablecoins, treasury digital assets of roughly $48.2 million, preferred shares and other holdings.

Shareholders’ equity stood at $165.8 million as of September 30.

The company did not sit still after the quarter closed. It launched eight new ETPs and introduced the Valour Funds SPC, a new structure under the Valour brand.

What this means for DeFi Technologies and its shareholders

Core operating revenue dropping from $10.3 million to $6.1 million is the number skeptical investors will likely focus on. It is the closest proxy for what the business earns when markets go nowhere. A net income figure propped up by asset gains can reverse just as quickly when prices fall.

On the other side of the ledger, Valour’s numbers point to genuine demand. Positive inflows, a roughly 62% jump in assets under management and a growing staking and lending fee stream suggest the product business is gaining traction.

Stillman Digital adds a modest but growing contribution. Nine-month commissions up about 22% year over year show the trading desk is expanding, though at $2.2 million for the quarter it remains a supporting act.

The roughly $159 million in liquid assets gives the company room to keep launching products without immediately needing outside capital. Part of that cushion, however, sits in treasury digital assets, so its value moves with the market.

The key metrics to watch are straightforward: Valour’s quarterly net inflows, the trajectory of core operating revenue, and whether fee income grows alongside the expanding asset base.