DeFi Technologies Inc., a technology company and the first and only publicly traded company that bridges the gap between traditional capital markets, Web3 and decentralised finance, announces its financial performance for the nine months ended September 30, 2023.

Key Highlights of Q3 2023:

The Company reported a cash balance at September 30, 2023 of $2.1 million compared to $4.9 million at December 31, 2022.
The Company’s venture portfolio investments were valued at $41.3 million by the end of the quarter.
AUM grew 69% to approximately $179 million as of September 30, 2023, up from $107 million as of December 31, 2023, and currently sits at $339 million as of November 13th, 2023.
Total revenues were $5.9 million for the nine months ended September 30, 2023. This is a significant improvement from the revenues of $(3.1) million for the respective period in 2022.
The net loss for the nine months ended September 30, 2023 was $(16.2) million. This shows a noteworthy recovery from the net loss of $(36.1) million for the same period in 2022.
Adjusted net loss (net loss excluding unrealized loss on investments and share based payments) was $4.6 million and $12.2 million for the three and nine months ended September 30, 2023 compared to $6.0 million and $17.0 million during the same period in 2022. The year over year improvement is due to a combination of increased revenues along with lower expenses.
The Company’s commitment to prudent financial management is evident from its lower operating, general, and administrative costs in 2023. Operating, general, and administration costs for the nine months ended September 30, 2023 were $7.2 million, down from $11.7 million in 2022.
Total expenses for the nine months ending September 30, 2023 stood at $21.9 million, a decrease of 33% YoY. This decrease reflects from $33.0 million for the same period in 2022.
DeFi Technologies and its subsidiary Valour Inc. (“Valour”) Announce Closing of $3 Million Private Placement of Convertible Notes.
DeFi Technologies Inc. and Neuronomics AG entered into a landmark Joint Venture Agreement to develop AI-based digital asset exchange traded products, actively managed certificates, and asset-backed tokens for global distribution.
Valour introduced three EUR denominated products on NGM: Valour Ethereum Zero EUR, Valour Solana EUR and Valour Digital Asset Basket 10 (VDAB10) EUR.
Valour introduced its innovative Ethereum Physical Staking ETP under the EU-wide issuance platform, Valour Digital Securities Limited (VDSL) on XETRA.
Valour entered into a collaboration with Bitcoin Suisse AG, the Swiss crypto-finance and technology pioneer. The product partnership aims to issue Exchange Traded Products (“ETPs”) backed 1:1 by digital assets, leveraging both Valour’s and Bitcoin Suisse AG’s unique capabilities and long standing expertise in the digital asset market.
Valour launched the Valour Digital Asset Basket 10 (ETP) on Nordic Growth Market

“DeFi Technologies has demonstrated robust growth in assets under management and our venture portfolio, in a year that’s been challenging for digital assets,” stated Olivier Roussy Newton, CEO of DeFi Technologies. “In an environment of market volatility and dwindling trust in centralized exchanges, retail and institutional investors have had to navigate a landscape rife with bad actors. Over the last six years, we’ve built a regulated market infrastructure, emphasizing trust and transparent digital asset offerings, which have seen increasingly more demand. Our strategic partnership with Bitcoin Suisse, coupled with our advances in product innovation, are crucial in fortifying our market position. As we continue to expand our ETPs and delve into AI-based asset management with Neuronomics AG, we remain dedicated to maintaining our role as leaders in innovative, regulated financial solutions.”