DeFi Technologies (DEFI) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered adjusted revenues of $32.1M, adjusted EBITDA of $21.6M, and adjusted net income of $17.4M, reflecting strong scalability and operational performance across market conditions.

• Asset management AUM rose to $772.8M as of June 30, 2025, and further to $947M by July 31, with net inflows of $77.4M in H1 2025.

• Institutional ownership expanded, with 95 institutional owners holding over 33M shares.

• Strategic developments included Nasdaq uplisting, expansion into Africa and Türkiye, and new product launches.

Financial highlights

• Q2 adjusted revenue was $32.1M, up from $25.3M in Q2 2024, driven by staking income, management fees, and a significant arbitrage trade.

• Adjusted EBITDA for Q2 was $21.6M, with a strong focus on profitability.

• Adjusted net income was $17.4M, reversing a loss of $6.1M in Q2 2024.

• Ended Q2 with $26.4M in cash and $26M in digital assets, totaling $52.4M in liquid assets.

• Share buybacks totaled 675,900 shares for $1.88M.

Outlook and guidance

• 2025 annualized operating revenue guidance raised to $218.6M, reflecting strong asset management performance and favorable market conditions.

• Monetization rates are expected to reach all-time highs in H2 due to improved AUM composition and stronger altcoin performance.

• High conviction in achieving full-year targets, with alpha trades expected to contribute significantly.

• Stillman Digital expects C$12M–C$16M in 2025 revenue, with net margins of 25%–50%.

• Continued AUM growth and new ETP launches expected to drive further revenue increases.